Savings Account 5.00% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank

3040
Savings Account 5.00% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank
Go to Deal
Wadiyatalkinabowt on 14/10/2024 - 11:20 macquarie.com.au (2617 clicks)
Last edited 14/10/2024 - 11:36

Via an e-mail received from Macquarie:
"We're increasing the interest rate on our Macquarie Savings Account to 5.00% p.a. for balances up to $1m.
You’ll continue to enjoy no deposit conditions, an award-winning digital experience and supercharged account security.
There’s nothing you need to do – this new rate will be automatically applied to your savings account from Thursday 17 October 2024.

Alongside the increased savings rate, we're reducing the interest rate for our Macquarie Transaction Account. The new rate of 2.75% p.a. is market-leading for our award-winning transaction account and will be effective from Thursday 17 October 2024."

Macquarie Savings Account new interest rates:
Balances up to $1m 5.00% p.a.
Balances above $1m 2.75% p.a.

Macquarie Transaction Account new interest rate:
2.75% p.a.

Financial Bank Account Savings Account

Related Stores

Macquarie Bank
Macquarie Bank

Comments

  • Gdsamp on 14/10/2024 - 11:23
    +8

    Good for anyone up to $10,00,000

    • xrailgun on 14/10/2024 - 11:52
      +43

      what if i have $100,0,0,00

      • Tyler Kwok on 14/10/2024 - 11:59
        +9

        lucky me having 10.000,000,000 not sure if im close enough XD

      • wavesgreen on 14/10/2024 - 11:59
        +25

        Gotta boost those numbers, I have $,1,0,0,0,0,0,0,

        • InfraRed on 14/10/2024 - 12:56
          +13

          I don't know why, but the comma right after the dollar sign made me snort laugh 😂

      • Cheap Gamer on 14/10/2024 - 15:35
        +3

        NT$1^000^000….fixed it for Northern Territorians. Do they even have that many dollarbucks?

      • SuperLate on 14/10/2024 - 17:26

        Lucky you're not in Europe.

    • pjm on 14/10/2024 - 19:42

      Do they have a card product that draws money from the savings account, or a credit card that is automatically paid off from the savings account when due?

      • su3050 on 15/10/2024 - 07:48

        Yes

  • Avi0001 on 14/10/2024 - 11:24
    +3

    How is that bank?
    Could anyome can share their experience in withdrawing or transferring the money? Is it easy with this bank?
    Thanks

    • Rail Rider95 on 14/10/2024 - 11:36
      +12

      Thus far, moving money between my MQ, HSBC, and Commbank accounts has been super easy. No issues whatsoever.

    • ruprectaus on 14/10/2024 - 11:42
      +33

      One of the best I have used, good app, mostly digital bank, can't deposit cash.

      No eftpos on debit card that comes with the transactiion account (i.e get charged credit card rates at places like Aldi) but it is fee free (from them) at overseas ATM withdrawals, and Aus ATM withdrawals are reimbursed if there is a fee. I've been a customer for decades, as I had a Margin Loan with them long ago.

      Plenty of posts on Whirlpool for further reading FYI.

      https://forums.whirlpool.net.au/thread/306q4753

      • 6079 Smith on 14/10/2024 - 11:49
        +12

        I’ll +1 this,
        I’ve been overseas for 9 months and using Macq as my main account and it’s been great. FX rates are pretty good and you get a transaction notification instantly

        Can move up to 100k via their Authenticator app which has been super handy rather than relying on SMS 2FA

        • ChunkyToast on 14/10/2024 - 11:55
          +3

          Ditto all of these! I changed over from CBA to MQG a while ago when they had their 3 month introductory savings rate offer and haven't used anyone else (CBA account still active). Been overseas a few times, been great, easy to xfer money and withdraws have no fees at any ATM in Straya.

      • OZKap on 14/10/2024 - 12:09
        +4

        No international transaction fees for card purchases (online or in person) either.

        Every time I've checked what I've been charged with the exchange rate via duckduckgo it's very close, under 0.5% difference

      • y2k on 14/10/2024 - 15:03
        +1

        Wait, what's this about it not being an EFTPOS card? I know you have to select "CR" when paying for stuff, but I didn't know you get charged interest. Or do you mean you are charged interest if you get cash out at an EFTPOS store?

        • HeWhoKnows on 14/10/2024 - 17:26
          +1

          There are different POS charges (where applicable) for EFTPOS vs Mastercard/Visa credit and debit cards

          Typically EFTPOS is the cheapest way to pay.

          However Tap & Go payments default to Mastercard/Visa
          Great way for banks to make more money out of every transaction.

          If your card includes EFTPOS you must swipe and select SAV account as the way to pay (where available).
          On my iPhone I can select EFTPOS as the default method of payment for my ANZ Visa Debit card..

          Look at your Debit card and see if it has the EFTPOS logo printed on it.

          • 2025 on 14/10/2024 - 22:53
            +1

            @HeWhoKnows: Have you actually tried this with the Macquarie Debit Card? It doesn't work with EFTPOS, therefore SAV or CHQ get declined.

            • HeWhoKnows on 15/10/2024 - 08:17
              +3

              @2025: I was explaining the difference in POS charges in general

              You are obviously aware that the Macq debit card is a Mastercard Debit card which does NOT have EFTPOS payment facility.
              Its only linked to your Macquarie transaction account and its just a debit card so you cannot select any other account.
              Hence Mastercard Debit Card POS charges will apply (if applicable)
              Thats the point being made about this account.

              From the ACCC
              As a guide, the Reserve Bank of Australia has estimated average costs for different payment types
              Eftpos: less than 0.5%
              Visa and Mastercard debit: between 0.5% and 1%
              Visa and Mastercard credit: between 1% and 1.5%.
              To accept these payment types, most businesses incur costs within these ranges.
              For some they may fall outside these ranges.

              End of todays lesson

        • bbinc on 18/10/2024 - 09:28
          +1

          Most banks have removed Eftpos from their debit cards, instead using Mastercard or Visa. Usually either when your debit card was renewed, or they upgraded you to a shiny new product. Thus enabling the ‘surcharge’ if the merchant wants that. I always thought paywave technology was Eftpos. Until the eftpos logo disappeared from all but one of my debit cards.

    • LeDangles on 14/10/2024 - 11:43
      +4

      I have a mortgage and offset account with them at the moment. Have been very good so far.

      They seem to be up there with the most digitally capable Aussie banks based on my experiences.

      Keep in mind they have no branches and are moving away from phone support towards chat support if that affects your thinking

      • Wiadro on 14/10/2024 - 11:50
        +1

        They seem to be up there with the most digitally capable Aussie banks based on my experiences.

        probably after CBA tbh

    • xrailgun on 14/10/2024 - 11:53
      +6

      Been my primary bank for ~7 years. Absolutely fantastic. No fees anywhere, using any atm, anywhere in the world (in the few countries I've been to, at least). Very fair FX rates too. Support hotline is always pretty fast and local.

      • BargainMe on 14/10/2024 - 11:58
        +1

        What number do you call? I find they make it almost impossible to call them

        • xrailgun on 14/10/2024 - 12:05
          +3

          133 174

        • moneymaker on 14/10/2024 - 12:05
          +1

          Try live chat on the app - very helpful for me in the past and super responsive.

      • HeWhoKnows on 14/10/2024 - 17:37
        +6

        Its a bummer that they are reducing the interest rate on thier transaction account from 4.75% to 2.75%

        Obviously they are now forcing you to pay more for having a transaction account.

        Alternatively from a marketing point of view…

        There wasnt any benefit in having a savings accouint as it paid the same interest as thier transaction account.

        Now you need to have both and move any spare cash into the savings account to get the higher rate of interest.

        For me overall its a move backwards as the net effect is a lowering by 2% on thier transaction account and so shuffling money around on a regular basis.

        • xrailgun on 14/10/2024 - 18:26
          +5

          macquarie allows direct external transactions to/from their savings account.

          salaries, bills, rent, mortgage, whatever, don't need to be shuffled.

          • GOB on 15/10/2024 - 08:41
            +1

            @xrailgun: I opened a Macq Plat Transaction Account after ubank stopped direct debits out of their Usaver and/or autosweep feature. It's 4.75% up to $1m.

            • Frosty17 on 15/10/2024 - 09:27
              +2

              @GOB: I didn't mind ubank stopping the feature to pay externally from their savings accounts at first, as I thought it's a good security measure in hindsight (if you accidentally transfer more than you wanted etc.). But after a few weeks it got so annoying, am heavily considering switching to Mac just for that feature along. Ubank still has the upper hand interest rate wise, but not by a heap, and only up to $100k.

            • bbinc on 18/10/2024 - 09:31

              @GOB: Not since Thursday. Just 2.75%.

              • GOB on 18/10/2024 - 09:36
                +1

                @bbinc: Gee that annoys me… i've just changed over all my banking to Macq transaction for that purpose and they go and do this. Fek!

    • purple1 on 14/10/2024 - 12:00
      -1

      No SamsungPay, no dynamic CVV, no cheque deposit on their transaction account.
      There are multiple other banks out there with savings interest rate above 5%.

      • OZKap on 14/10/2024 - 12:29
        +4

        Compatible with google pay though.

      • OzzyBrak on 14/10/2024 - 14:01

        Can you provide some details for banks that pay 5% or more for balances above 250K?

        • Camm90 on 14/10/2024 - 14:10
          +1

          St George incentive saver is 5.15% under 250k and 5% for anything over, with no limit.
          Only downside is the balance has to grow by $50 per month.

          • OzzyBrak on 14/10/2024 - 14:15

            @Camm90: Thanks, it looks like a good account.

            Says no debit card available, I assume you need to open a St George Freedom account to get the debit cash and transfer between them?

        • purple1 on 14/10/2024 - 14:14
          +2

          Would it be better to split the amounts over $250k across multiple authorised deposit-taking institution (ADI) as the Financial Claims Scheme (FCS) only provides protection of deposits up to $250k per account holder per ADI, or consider other low risk financial instruments.
          Otherwise, might I suggest engaging a financial advisor if you have amounts over $10m.

          • OzzyBrak on 14/10/2024 - 14:19

            @purple1: You're not wrong, however if you believe in the ADI as a safety net it is just as likely that the government doesn't allow the bank to fail at all and everyone gets all of their money back. Banks fail due to short-term money gaps which can cause a run on that bank. If the government steps in with money to shore them up and stops withdrawals the run stops and the bank survives. The only real risk as I see it is non-bank lenders who aren't part of the ADI scheme at all.

            • Igaf on 14/10/2024 - 16:03
              +1

              @OzzyBrak: Even the millionaires factory was on the brink before being underwritten by the fed govt: https://www.abc.net.au/news/2014-11-10/verrender-bank-bailou…

              Didn't check but chances are executive bonuses didn't go backwards.

              • OzzyBrak on 14/10/2024 - 16:42
                +2

                @Igaf: I’m of the view that we may need a government bank again. We are forced as workers to create a private business relationship with a commercial entity just to be paid for our labour.

                These private banks are also so large and so important that they are guaranteed by the government to be bailed out when they stuff up.

                Taxpayer's underwrite the risk and are forced to use them while the executives and shareholders (our superannuation in some cases) pocket large bonuses/profits.

                • Igaf on 14/10/2024 - 16:53
                  +1

                  @OzzyBrak: Not happening in our lifetime. Banks and conservative reps would howl everything on a spectrum from unfair/inefficient/socialism/communism, but you aren't on your pat there. When someone with national vision and charisma comes along (lol) they might also look at returning Snowy Hydro, MBP and CSL (among others) to majority public ownership. Pigs will have pilots' licences first.

                  • Cheapskate Paul on 14/10/2024 - 19:00
                    +1

                    @Igaf: Snowy Hydro is 100% owned by the federal government.

                    • Igaf on 14/10/2024 - 19:16
                      +1

                      @Cheapskate Paul: Thanks. Was thinking of Red Energy (owned by SH) and the fact that they play the energy market even with full dams during La Ninas. No doubt Australian taxpayers would be shocked to know they provide only 2-3% of our energy and pay execs >$7M annually.

          • donotuse on 19/10/2024 - 16:44

            @purple1: I have bigger things to worry about before even contemplating a collapse of Australian ADIs. An also, I'd rather invest any amount >$250k

      • HeWhoKnows on 14/10/2024 - 17:40
        +7

        @purple1

        Name them pls..
        Especially the ones which have NO CONDITIONS WHATSOEVER to earn the full 5% rate?

      • basketcase86 on 19/10/2024 - 12:27
        +1

        Name and shame the people who choose to use SamsungPay!

    • Cheap Gamer on 14/10/2024 - 15:49
      +2

      Great, but this is annoying. I'm going to miss this service.

      From 1 November 2024, you will no longer be able to use cheques or deposit cash into your Macquarie Accounts. Until November 2024, you will still be able to deposit cash and cheques at NAB branches (eligible products only), or you can post the cheque/s.

      https://www.macquarie.com.au/help/personal/payments-transfer…

      We also have accounts with ING and NAB which I'm too lazy to close. MAQ is just better and easier to use.

      • HeWhoKnows on 14/10/2024 - 17:43

        As you need to go to NAB to deposit cash or cheques just deposit into your NAB account then transfer to MAQ

    • HeWhoKnows on 14/10/2024 - 17:23

      Best ever !
      And much better than Commbank!

    • Radiskull on 14/10/2024 - 19:23
      -1

      It doesn’t work with Beem it

  • RichardL on 14/10/2024 - 11:27
    +20

    Previously was 4.75% p.a. on both savings and transaction.

    • neonlight on 14/10/2024 - 12:41
      -2

      And now only savings account got 5%. no good need to open another savings account just for interest and then move funds to transaction account for overseas payments…

  • focussash on 14/10/2024 - 11:35
    +20

    If true, I just changed over to Macquarie's transaction account as it was the best transaction account that also had interest, and now they're cutting the rate by ~half, quite annoying to say the least.

    • orangecarpet-22 on 14/10/2024 - 11:38
      +8

      Is it not still the best transaction account on the market even at 2.75%? Isn't 0% the norm?

      • starbearer on 14/10/2024 - 11:49
        -8

        yea, but its about convenience. If you have salary deposited in the transaction account, its a pain to remember to move it to the savings one.

        • soan papdi on 14/10/2024 - 12:02
          +17

          Have your salary deposited into the saving account directly. Not that hard.

        • orangecarpet-22 on 14/10/2024 - 14:48
          +4

          You missed the point - you went from a transaction account of presumably 0% to 2.75%. Isn't it still market leading?

          • Igaf on 14/10/2024 - 17:00

            @orangecarpet-22: Their point was that they've just joined and had their interest rate carved of 2% interest. Fair point. I considered opening a transaction account with them because of that one BIG difference, wouldn't give it a second thought now.

      • BargainMe on 14/10/2024 - 11:59
        +3

        As a transaction account it is terrible since they don't offer EFTPOS

        • soan papdi on 14/10/2024 - 12:04
          -1

          Unless you insert the card each time you pay, as of Sep 2024, merchants can route it however it is cheapest for them (eftpos/visa/mc/etc).

          • KangaDrew on 14/10/2024 - 12:23
            +2

            @soan papdi: Unfortunately, even if they are using least cost routing, many merchants are still making money off those fees charged to customers as they charge a higher rate. And there's nothing consumers can do about it as they'll never know.

            • spaceflight on 14/10/2024 - 12:44

              @KangaDrew:

              even if they are using least cost routing, many merchants are still making money off those fees

              That would be illegal

              And there's nothing consumers can do about it as they'll never know.

              They can take the card receipt and check

              • KangaDrew on 14/10/2024 - 13:03
                +3

                @spaceflight:

                That would be illegal

                How exactly would a consumer know whether the merchant was using least cost routing or not?

                They can take the card receipt and check

                There's nothing on the customers receipt to indicate that their method of payment utilised the cheapest possible route via the merchants payment gateway though. It simply shows what the surcharge incurred by the consumer is, nothing more. Merchants need to have a sign that states X method will incur Y surcharge. But unless I'm missing something, I can't see how there's anything stopping that same merchant from stating their surcharge is (for example) 1.4%, when behind the scenes, they're only being charge 1.15% by their payment gateway.

                • bbinc on 18/10/2024 - 09:41

                  @KangaDrew: No, they can’t charge 1.4% if the cost to them is 1.15% The rules. Of course all merchants follow the rules all the time. By all means have the discussion with the counter staff ….

          • Ryk on 14/10/2024 - 13:17
            +3

            @soan papdi: there is no option for eftpos, even with LCR, even with card insert. This card does not support eftpos. It's mastercard only

            • soan papdi on 14/10/2024 - 13:20

              @Ryk: Yes, I understand that but hardly does anyone ever insert to pay. So even though the option is there, it's not used as widely as it should. Just making it clear to the person that tapping with an eftpos enabled card won't automatically give them savings.

          • y2k on 14/10/2024 - 15:10

            @soan papdi: I'm trying to get my head around the real life impact that their debit card isn't an EFTPOS card. Does this mean if I use it to pay for anything (say at Coles, ALDI, Myer etc), I'll be charged interest? But if I insert the card, I don't get charged?

            • soan papdi on 14/10/2024 - 16:17
              +3

              @y2k: So when you insert and choose SAV to pay, you are choosing EFTPOS which usually does not incur any additional fee. Insert-to-pay only applies to EFTPOS enabled cards (Up, ING, CBA, etc).

              Any card, when you tap on the POS terminal, you are allowing the merchant to route it how they see fit, even if the card is EFTPOS enabled. This will incur charges which the merchant can choose to pass on, ranging from 0.5 to 2.5%. The Macquarie Transaction account does not have EFTPOS at all (it is Mastercard only). So you won't get any benefit by inserting it in the POS terminal. The account and app are great but the card being MC only is not great.

              EDIT: Not all merchants pass on the fee (Coles, Woolies, MYER, etc) but many small businesses do (cafes, tradies, car parks, etc). It's luck of the draw really and should be made illegal

              • Bystander on 14/10/2024 - 20:07

                @soan papdi: Trying to work out how I should set my payments up so that I pay minimal fees.

                I have Macquarie and Up. Both are great. Up has the EFTPOS logo on it but I never carry cards and just use my phone to tap and go.

                If I select EFTPOS and use Up via Google Pay and wave my phone at the terminal am I going to be charged the minimum fees?

                • soan papdi on 14/10/2024 - 20:22
                  +1

                  @Bystander:

                  If I select EFTPOS and use Up via Google Pay and wave my phone at the terminal am I going to be charged the minimum fees?

                  https://www.ozbargain.com.au/node/867884
                  As of Sep 2024, it doesn't matter what you choose on your phone if you tap-to-pay. The EFTPOS trick only applies if you insert the bank card and press SAV (maybe CHQ too but not sure). I don't know how it works ith MQ card since they don't have EFTPOS. However Up does have EFTPOS, so go to Aldi and insert your Up card and pay for something, see if you are charged. Repeat with Macquarie debit.

                • timhn on 14/10/2024 - 21:12
                  +4

                  @Bystander: HSBC Debit account gives you 2% cash back for tap payment under $100 if you wanted to minimised paying for surcharge fees.

            • BargainMe on 14/10/2024 - 18:41

              @y2k: Because of no EFTPOS when you go to Aldi you can't avoid card fees.

            • 2025 on 14/10/2024 - 23:06

              @y2k: You wont get charged interest. The shop may charge extra for using CR (which is the only one this supports) instead of SAV or CHQ, eg Aldi will. CR tells it to route through Mastercard, SAV and CHQ through EFTPOS. The one gotcha is cash out, I couldn't get cash out.

          • angywoo on 02/11/2024 - 22:16

            @soan papdi: I always insert it. Would this account suit me? I have been wanting to leave NAB for ages.

            • soan papdi on 03/11/2024 - 11:42

              @angywoo: https://www.macquarie.com.au/help/personal/payments-transfer…

              When you insert or swipe your Debit Mastercard to pay in-store you need to select credit to ensure it’s correctly routed to Mastercard. If you press the cheque and savings then your transaction may be declined.

              So my reading is that it won't be charged as EFTPOS (the card doesn't have the network at all), so you will likely be paying a fee. You can try another bank like ING or Beyond Bank, essentially ensure you get a dual network card (EFTPOS + VISA/MC)

              • angywoo on 03/11/2024 - 15:56

                @soan papdi: Thank you for your reply. I really need to find a bank other than NAB

        • xrailgun on 14/10/2024 - 12:07

          Been with them 7 years, TIL. Never had any issues getting my card/google pay accepted anywhere.

          • OZKap on 14/10/2024 - 12:30
            +2

            @xrailgun: Only issue off the top of my head is aldi will charge the 0.5% fee, which you can bypass with an EFTPOS card

    • neonlight on 14/10/2024 - 12:53
      +2

      So yeah now you need to open savings account just to earn interest right? Then put money to transaction for actually spending it….

    • ChunkyToast on 14/10/2024 - 11:56
      +5

      It takes a second to transfer from their savings account to their transaction account, I don't see the issue?

      • DoubleWookie on 14/10/2024 - 13:32
        +5

        That's great if you're in a perfect environment where you have no connection issues. After UBank got rid of their sweep functionality I found myself in situations multiple times where I needed to transfer money to the card and I either had poor overall reception or the app itself was just not responding.

        Macquarie transaction account was perfect for dealing with that as you still got a decent 4.75% on the money kept in their while letting you keep the rest in another account with a better rate.

        • ChunkyToast on 14/10/2024 - 13:50

          Fair!!! I keep it within Macq accounts and haven't had reception issues so far so did not think of that.

      • chyawala on 14/10/2024 - 14:52

        Actually it's not straightforward to transfer between your own accounts. Far from it.

        To log in requires 2FA, which requires open notification, select task, scroll down to verify location, click verify, authorise with pin or biometric.

        To transfer internally, click through a couple of confirmation screens, finally proceed, only to need all the above 2FA all over again to authorise the internal transfer.

        PITA

        • 2025 on 14/10/2024 - 23:10
          +2

          Strange, I don't encounter that 2FA to login via the app/face ID, or when transferring internally. If its external I do. Painless for me.

        • Horacio on 16/10/2024 - 16:58
          +1

          Yes for me it is a lot of fiddling about

    • xrailgun on 14/10/2024 - 11:58
      +7

      Why? Who cares if the account is named "Savings" or "Transaction"?

      FYI Macquarie Savings accounts can directly send and receive money externally, or be direct debited. It's not restricted to only moving into your own transaction account like other banks.

      • Nalar on 14/10/2024 - 13:04
        +8

        This is key info that should be the headline. UBank just removed this facility and it's annoying as it requires more money management then simple set and forget from the savings account.

      • Pistoll on 14/10/2024 - 13:29

        Legend. I'll look into this. I recently moved from UBank to Macquarie for this. Now I'll have to update all the direct debits again to a savings account.

      • Hargain Bunter on 14/10/2024 - 14:55
        +1

        The Transaction account has a debit card with free international transactions. No card for the Savings account.

        After cancelling my 28 Degrees I was keeping a chunk of money in Macquarie Transaction account for international transactions. Now I’ll have to manage the balance. It’s less set and forget.

      • y2k on 14/10/2024 - 22:50

        Zounds, I didn't realise their savings accounts could do that. I took one glance at their honeymoon rate (I hate those), assumed shuffling my money to uBank etc would be better, and didn't look any further. Thanks for this - it means we need only retain a Macquarie account for ATM withdrawals, since we don't use their debit card for purchases anyway.

    • bargain_knight on 14/10/2024 - 12:11
      +2

      There are capital reasons banks structure their accounts this way. Banks principally borrow money off you and lend it elsewhere. But depending on how easy the money is to withdraw/spend a larger percentage of that money will need to be held as capital as cash/bonds. Hence, that earns the bank less money on those deposits and is reflected in the rate they pay you.

  • aparasher on 14/10/2024 - 11:52
    +3

    Could be worth it if you don't want hassle of depositing every month and 6+ purchases every moth to get 5.5%.

    • starbearer on 14/10/2024 - 11:56
      +2

      don't forget the increasing balance month on month requirement: https://www.reddit.com/r/AusFinance/comments/y54ega/ing_requ…

      which was the biggest reason I moved from them

      • cakesyy on 14/10/2024 - 14:26
        +1

        Moving $1 a month put you off?

        • starbearer on 14/10/2024 - 16:11
          +7

          yes, its an added hoop i need to jump through.

          Also, if I have a lot of expenses that month, and don't increase the balance, i end up forgoing the full bonus interest.

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