• long running

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

3080
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 (3274 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

  • TheJoker on 14/10/2024 - 13:36
    +4

    Just remember, if you have an owner occupied home loan this money is better in your offset/redraw.

  • capslock janitor on 14/10/2024 - 15:01
    +1

    seems kiiinda meh when mebank is 5.55 + ubank and ing 5.50

    • capslock janitor on 14/10/2024 - 15:03
      +2

      boq is 5.50 also

      • Yola on 16/10/2024 - 08:27

        Only for up to 35 years old.

    • Dauphin3 on 14/10/2024 - 15:24
      +5

      ING is only 5.5% up to $100k.
      This is 5% up to $1M. For a 'no hoops' savings account it's pretty good. Even on par/better than most term deposits with easier access to money.

      • neonlight on 17/10/2024 - 08:26

        Agree however remember this is on variable rate and if RBA decides to lower interest bank will just follow. One idea is open a savings account for 4 months with 5.35% rate when it's about to drop off decide putting some in fixed term deposit. Otherwise for those have home loan drop it back to your offset account

        • Mugsy on 17/10/2024 - 08:43
          +2

          I would not take money out of an offset account to put in a savings account until the loan was fully offset. I have not seen a single home loan with less than 5.5% interest to make keeping money in a savings account the better choice (especially after tax is factored in).

          IMHO, the priority with accounts…

          • offset account until loan is fully offset
          • ubank for 5.5% interest and a $500/mth deposit (not growth) requirement (easily automated by bouncing $500 in then out or vice versa with another bank. One can park $100k here before having to consider another savings account
          • ME Bank for 5.55%… $2000 deposit is again easily satisfied with scheduled automated transactions. Just need to ensure some growth. One can consider a further $100k parked here before having to consider another savings account
          • next option is a bit contentious… if one doesn't mind setting up 5x direct debits (even if $1 each) in addition to bouncing $1k in and out, then ING would be the go with 5.5% interest. Otherwise, AMP Saver's 5.2% with only the $1000 deposit requirement and no growth requirement is good but what makes this option outshine the other half dozen or so options with higher interest rate that I haven't listed here yet is that the savings account will allow you to transfer money out to other banks. You can't do that with ubank and I believe it cannot be done with ME Bank's HomeME account either. To make automation via scheduled transfers doable, an AMP Saver with $10k or so in it to bounce to other banks is well worth having.
          • neonlight on 17/10/2024 - 09:24
            +1

            @Mugsy: Yes this is true however this is more for those blokes who have some stash without letting the wife know. This is the only option

            If it's on the joint home loan account you will have no personal stash or being visible on your own money aside. Too hard to distinguish all mixed all

            I know it gets taxed but not much you can do

            Current offset account is 6% for us

            • Mugsy on 17/10/2024 - 10:20

              @neonlight: Fair enough… my wife and I throw all our funds into our offset but then again, we have two loans and arguably over leveraged whilst our house is being finished off. With some luck (for us… if this crazy property market keeps rising) we may have the house fully offset by the time we sell the place we're living in and we can each have a ubank account earning 5.5% and we're able to keep our purchases secret from one another - lol (not that we care… we have no kids so we each save for our own needs and wants).

              • neonlight on 17/10/2024 - 11:41

                @Mugsy: Different situation I guess, we have a family here so its hard to justify sometimes on discretionary spending. But I get your point

          • bbinc on 18/10/2024 - 10:19

            @Mugsy: Nice summary.
            But what a Bank Salad that could be. Hold the anchovies.

    • BigBirdy on 15/10/2024 - 09:51
      +1

      5.5% is only for less than $100K

  • BatmanAU on 14/10/2024 - 15:10

    Seems low, having said that, a lot of banks are dropping there interest rates as of November. This may be a sign of the RBA dropping the official interest rate soon and they are getting a head of the drop.

  • desperate on 14/10/2024 - 15:20

    I do wonder what is happening with Macquarie's current welcome rate of 5.35% on new savings accounts? It could increase to 5.5% which would match ubanks current interest rate or could disappear. I could see any reference above.

    • neonlight on 16/10/2024 - 23:44

      Nothing will happen it will drop back to regular 5% usually 4.75% after welcome 4 months

      • desperate on 17/10/2024 - 18:34
        +2

        It has now gone up to 5.5%.

  • sihyonkim on 14/10/2024 - 15:46

    What is the best way to transfer from ubank to this account? Is there a large lump sum that can be transferred from ubank?

    • spaceflight on 14/10/2024 - 17:18
      +1

      Call ubank and ask for a transfer limit increase

  • Iluvfreebies on 14/10/2024 - 16:41

    How does this deal has 100+ votes?
    Ubank is 5.50% and AMP 5.20% with only one hoop of depositing $500/$1000.
    What am I missing here?

    • timhn on 14/10/2024 - 17:52
      +3

      5% up to $1mill

      • Iluvfreebies on 14/10/2024 - 18:21
        +1

        Ozb have saved 1 mill from this website

  • awangsap007 on 14/10/2024 - 17:09

    As an ex Citibank customer, I am getting 5.60% from NAB.

    • HyperZ on 14/10/2024 - 23:56

      What account is with NAB with 5.6%?

      • neonlight on 15/10/2024 - 07:55

        Lol yeah we get nothing 0.01 here citibank to nab account

      • Frosty17 on 15/10/2024 - 09:33

        Maybe a grandfathered arrangement? That won't last long for sure

        • Yola on 16/10/2024 - 08:29
          +1

          It has been going since Feb this year.

    • timhn on 15/10/2024 - 18:38

      Saving accounts opened in Citibank and then they carried over to NAB. Lucky for few people didn't choice to close their accounts the merge.

  • getk on 14/10/2024 - 18:28

    Do they have physical debit card or just App based card?

    • SolidlyIrresponsible on 14/10/2024 - 19:45
      +1

      Both

    • bamzero on 17/10/2024 - 12:06

      Just be aware that their card doesn't have EFTPOS so everything will go through as a credit card transaction.

  • lookingforTV on 14/10/2024 - 19:05
    +6

    I rather sacrifice 0.25% of interest rate to have the convenience of not transferring money in and out of savings account :/ this was a disappointing move for me.

    • timhn on 14/10/2024 - 21:19

      Isn’t the transaction acc rate at 2.75% effective from Thursday 17th ?

  • neonlight on 15/10/2024 - 07:54
    +1

    If you open savings account it's 5.35% p.a for first 3 months then drop to 5%

    • basketcase86 on 19/10/2024 - 12:35

      Looks to be 5.50% for the first 4 months the drops.

  • Hils on 15/10/2024 - 08:05

    I can't see anything on the website about the new rate, nor do I have the email. Does anyone have a link that gives this info please? It would be so tidy to transfer $ to Macquarie than have to jump through hoops to get interest rates.

    • timhn on 15/10/2024 - 21:49

      Wait 2 more days then you will see that on their website.

      I have the email told about the new rates.

  • TilacVIP on 15/10/2024 - 08:26

    hmmmmm, haven't got that email yet.

    • Mugsy on 15/10/2024 - 08:32

      Me neither… good thing forums on the internet talk about this stuff so we can be prepared.

  • Mugsy on 15/10/2024 - 08:31

    Wish could they have reduced the transaction account interest rate further and have the savings account interest rate higher at at least 5.5%. Would have made banking less troublesome.

  • souljah on 15/10/2024 - 09:33
    +5

    Part 1 of my master plan is complete!

    Just need $1mil for part 2 and I'm set.

  • anna tucker on 15/10/2024 - 12:01

    Can this be opened for kids U-18 ?

    • NIICCCKKKK on 16/10/2024 - 10:59

      Yes but there is extra hassle for ID verification

      • bbinc on 18/10/2024 - 10:26
        +1

        Photo ID I did this week to verify passport: Face the light, remove your glasses and hold the camera steady, follow the instructions. Put glasses back on to read the instructions, Now it just says remove your glasses.
        ID is easy, sigh …

  • AlienC on 15/10/2024 - 13:25

    Anyone know what westpac default savings account is? Trying to figure out if this is worth the extra 1-2%

    Edit:

    Westpac eSaver savings account
    An account that offers an introductory bonus interest rate with access to funds through a linked transaction account via Online Banking and the Westpac App.

    Total introductory rate 4.65% p.a. for the first 5 months (new eSaver customers only)
    Standard variable rate 1.10% p.a.
    Introductory fixed rate Total introductory rate includes fixed introductory rate of 3.55% p.a. for the first 5 months for new eSaver customers

  • falcine on 15/10/2024 - 14:11
    +1

    I don't get why Commbank, Westpac etc savings accounts are still so popular when something like this blows them out of the water. Isn't it simple arithmetic, 5% beats 2% interest? What's the rationale for going with Commbank over this if you're looking to open a bank account to park your money?

    • ChunkyToast on 15/10/2024 - 16:37

      You are assuming everyone thinks like you, difference is what makes the market.

      The Boomers are probably with the big 4 and have the most capital, they probably won't change for something like this and makes life easy for the Big 4, they already built their business and brand over time to not need these type of rates to survive, they probably make all their moolah from the mortgage rates.

      It is just like how boomers tend to own the big 4 shares where the fundamental valuations don't make sense anymore either, CBA is the most exxy bank in the world yet it keeps going up, like Oz property.

      • falcine on 15/10/2024 - 22:57

        If it's true that boomers are propping up the big 4 banks, then that sounds like a problem for them over the next 10-20 years. But the APRA statistics are, for the time being, still showing big4 hoovering up savings deposits, e.g. CBA gone from ~$500b total deposits in 2020 to ~$720b today. They've grown almost 1.5 times in just 4 years, despite offering substantially less than market leading rates. That's just insane to me.

        • ChunkyToast on 15/10/2024 - 23:25

          Yes but maybe it's also correlated with mortgage offset accounts since cba and the like are glorified building societies, potentially non boomer related too. That stat is pretty Cray Cray.

      • neonlight on 16/10/2024 - 23:40

        Most people don't check and if they got a loan they already put into offset account.

        Also Ozbargainer would go for bitcoin or eneloop investment instead

    • NIICCCKKKK on 17/10/2024 - 09:25
      +1

      most people are lazy and stick with the first bank account they open, which tends to be with a big 4 bank

  • Geekomatic on 15/10/2024 - 23:16

    Currently with Mebank earning nothing on the everyday acct & 4.25 on the savings (I never touch this acct). Must tap to pay 4 times a month, no other hoops. I'm slowly limiting my self-employed work due to misc health issues, so don't always earn/deposit a set amount each month. Sometimes, less than $500. I get paid cash most of the time, which I then go to the grocery shop & spend, usually on my way home from that job, lol. No need to deposit, really. And if I want to deposit, I can either go to my Bendigo bank, deposit, and shift it to MB or deposit at AuPost. Would love opinions on if Macquarie would suit?

    • Mugsy on 16/10/2024 - 07:39
      +2

      I would go with ubank for the 5.5% rate. You need to deposit $500/mth as the hoop but it's NOT a growth requirement meaning you can transfer out $500 to an external bank account like your ME Bank one, and then transfer it back in to satisfy the $500 deposit.

      ME Bank's HomeME is actually a better rate but they do have growth requirement. It's not the $2000 deposit though… again, that's just the deposit requirement meaning you can transfer out $2k and send it back in to satisfy. You just need to grow by $1/mth.

      • hellwolf on 16/10/2024 - 17:44
        +1

        I grow mine by 1c each month.

        • Mugsy on 16/10/2024 - 18:26

          Yeah, i couldn't remember which bank has issues with the 1c growth per month so i advise $1 just to be safe. It's not like $1 is going to break the bank.

  • Horacio on 16/10/2024 - 17:15

    Previously had a transaction account, so now just had to set up a savings account. That was easy but the hassle will be moving all my direct debits to the savings account, rather than trying to keep an eye on them to make sure there's enough balance in the transaction accounts before a bill arrives.

    • hellwolf on 16/10/2024 - 17:46

      Same. I opened my new savings account on Monday and moved my direct debits over as soon as I had the account details. Hopefully they don't follow uBank and kill off direct debits on savings accounts.

      • Horacio on 16/10/2024 - 18:02
        +1

        Oh god that would be a nightmare. I am actually not sure of their rationale for doing all this anyway

    • bamzero on 17/10/2024 - 12:16

      I normally kept my funds in the savings account but was handy when I forget to transfer to have the same interest rate.

      Creating accounts is quick and easy though. I have set up multiple for various services that require it (direct debits, deposits from cashback etc) so as to keep everything separate in case of seemingly endless data breaches.

  • jaypow on 17/10/2024 - 01:18

    Just about to pull the trigger and dump ING because of their sneaky tricks. Then I realised that I would have to pay ATM fees overseas which run at around $5. ING give me 5 per month fee-free. However I feel that ING are slugging us up to 3% on the exchange rate. We should all keep paying online and overseas purchases with credit card rather than debit and EFTPOS. Remember banks don’t really care if you lose YOUR money but they always manage to recover fraudulent credit card payments because that’s THEIR money.

    • Mugsy on 17/10/2024 - 01:31
      +2

      I got news for you… the only overseas ATM fee ING waive is the one they charge your for not jumping through their hoops. You still need to pay the operator's ATM fee if there is one.

      Some other banks like Macquarie or ubank won't charge you that fee for using their card overseas like ING do.

      • jaypow on 17/10/2024 - 01:43

        That’s really sneaky. So the atm charge notified on the atm screen is just ripped out of the transaction but not shown in my ING statement? Is that what you’re saying? Wow that’s a new low🤬

        • Mugsy on 17/10/2024 - 08:07

          No, if there's an ATM transaction fee imposed by the ATM operator, it should be shown on your statement with a corresponding rebate of the same amount. It's been a while since I've banked with ING so I'm not sure if that's how they show it but that is how ME Bank (when they use to rebate ATM withdrawal fees) and Macquarie do it.

          If there's no fee on your statement, I suspect that is the operator not charging you which does happen with some overseas ATMs. Definitely not ING being goodwilled and rebating you an international ATM operators fee… those days are long gone.

          • jaypow on 17/10/2024 - 09:27

            @Mugsy: Okay well, I have to disagree then. Because the ATMs I used in the Philippines were clear and unequivocal that there would be a 300 peso charge.. That’s around eight dollars. I did six in the month and five of them had a five dollar charge which was rebated. No other items on my statement the sixth one was not rebated.

            • Mugsy on 17/10/2024 - 10:26
              +2

              @jaypow: When was this? ING took away the rebating of international ATM withdrawals over a year ago:

              https://www.savings.com.au/news/ing-international-atm-operat…

              It's a well discussed matter and highly contributed towards ING losing favour from many as they were the only bank to rebate international ATM withdrawals and this feature made their excessive hoops bearable.

              If they're rebating your international ATM withdrawals still for what ever reason, don't close your account and keep quiet. You might be the only person in Australia getting international ATM withdrawals rebated.

  • Woody123 on 17/10/2024 - 09:31

    the higher rate than transaction account still only valid for 4 months?

    • jaypow on 17/10/2024 - 09:55

      I’m looking in the app now to open an account and it offers the high rate on the transaction account for the first four months. Then it cuts back to half. I’ve been with CBA for a million years so going to pop in for a quick meeting before I complete everything.

      • Mugsy on 17/10/2024 - 10:32
        +2

        To be clear, if today you opened:

        • a Macquarie transaction account, the interest rate you earn is 2.75%
        • a Macquarie savings account, you will get 5.5% intro rate for 4 months before it reverts to 5% assuming you don't already have a Macquarie savings account (or whatever the interest rate is then… Macquarie have the power to decrease these rates at any time).
  • noddypiper on 17/10/2024 - 11:50

    Can you make Bpay payments from the savings account, or do you also need a transaction account with Macquarie?

    • Cheapskate Paul on 17/10/2024 - 22:35

      Yes, you can.

      • noddypiper on 18/10/2024 - 08:07

        Thanks, what's the transaction account for. Is it to use a debit card. Or can you have a debit card linked to the savings account

        • hellwolf on 18/10/2024 - 08:47

          The savings account cannot have a debit card linked to it.

      • jaypow on 18/10/2024 - 11:07

        Can you have a savings account without a transaction account?

        • Cheapskate Paul on 18/10/2024 - 11:11

          No. All this information is on the Macquarie website.

  • Daniel Plainview on 18/10/2024 - 16:10
    +1

    As an ex-Ubank customer, Mac is a much more polished product offering in every way. I regret not having moved to them earlier

    • LLK on 19/10/2024 - 15:05

      whats bad about ubank ?

  • Terry Bull on 19/10/2024 - 13:54
    -2

    Go to Bank of Melbourne Incentive Saver, 5.15% if add $50/month. No minimum startup balance it seems. I've had it for 5 years.

  • PeeDee on 20/10/2024 - 12:51

    Sounds better than ETF lol

  • Jared17 on 29/10/2024 - 08:25

    I just realize Macquarie bank doesn’t do osko payments to other Aus banks. Abit annoying if you need fast bank transfers.

    • MicMac on 29/10/2024 - 18:24

      Sorry, I don't know what osko is. But,
      Payments from my MacQ account to my (one of the four) major bank account is usually instant
      - it's also just as fast for payments to my on-line banking account.

      • Igaf on 29/10/2024 - 19:26

        Small or large transfers?

      • Jared17 on 30/10/2024 - 06:02

        I think Osko is one of those payment system that allows you to transfer money between Aus banks almost instantaneously. I started to use Macquarie transaction account as my main account recently. And found out my payment to another persons Aus account took 1-2 days to finalize.

    • Yola on 29/10/2024 - 18:49

      OSKO is wonderful.

  • eter on 02/11/2024 - 01:07

    I was going to sign up for this but saw that UBank has the same rate at 5.50% monthly unlike Macquarie Bank only 4 months honeymoon then drop down to 5.00% only.
    Caveat is you need to deposit $500 monthly and up to 100k only. Hope this helps.

    • Mugsy on 02/11/2024 - 11:09

      If highest interest rate is the aim (as it is for most people) then you wouldn't go for Macquarie.

      But benefits of Macquarie (IMHO at least)

      • much larger balance allowed before interest rate drops off
      • allows for direct debits from the savings account (ubank got rid of this earlier this year)
      • better apps
      • better security (they don't rely on SMS OTPs once you install the authenticator app… and it's the only authenticator app I've seen that allows for installation on multiple devices)
      • less frustrating security (just read up on ubank's implementation of passkeys and that every login into internet banking requires an SMS OTP because you can set your PC to a trusted device)

      But anyone wanting to open up a savings account should really review the savings comparison spreadsheet linked at the top of the following webpage before making a decision on any product.

      https://forums.whirlpool.net.au/thread/360w8x43

      • Igaf on 02/11/2024 - 21:24

        Macbank doesn't have instant transfers (OSKO etc) out according to their website. Big neg for me. However, MicMac claimed that transfers out were working instantly.

        • Mugsy on 03/11/2024 - 08:01
          +1

          Fast transfers out do work but the first one to a new payee won't be a fast transfer unless you use PayID.

          I can confirm fast transfers to HSBC and Suncorp. Haven't tested with send funds to my other transaction accounts as yet.

          • Igaf on 04/11/2024 - 11:11

            @Mugsy: Thanks Mugsy. There is PayID but according to Macbank it only works for incoming payments. If large transfers out work "instantly" after the initial transfer has been verified that would suffice for my purposes. I'm now more interested so I'll send them a message to confirm.

        • payton on 02/12/2024 - 14:17

          I've the same experience as you. Outbound transfers from Macq to CBA are not instant.

          Raised a feedback ticket and the response was:
          OSKO is an overlay service which operates using the New Payments Platform.
          OSKO has only been enabled for inbound payments made to Macquarie Transaction (including Offset) and Savings Accounts.
          For outgoing payments, we utilise the New Payments Platform as standard, which allows clients who hold eligible accounts at registered financial institutions to make and receive payments in real-time, 24 hours a day, 7 days a week.

    • Igaf on 02/11/2024 - 21:07
      +1

      With UBank you can have multiple savings accounts. A single $500 monthly deposit covers all of them. Interest is 5.5% up to $100K across all accounts, then 5% $100K-$250K.

  • Ave Maria on 02/11/2024 - 14:51

    I would definetely use the "revised" savings account, as it allows direct debits, keeping a small amount to cover paying my direct debits each month (e.g. Credit Card) without having to juggle money around. If other banks keep droping their rate, Macquarie would become a favourite again at 5% and no hoops + very high deposit limit.

  • Captain Hindsight on 04/11/2024 - 18:29

    I know this is hard to answer without know specifics but if I had say $100k and didn’t need to access it would I be better of putting it in super. Is the tax rate lower than in the bank or is there another reason why I’d do this? Thx

    • Igaf on 05/11/2024 - 00:17
      +2

      Your super fund probably has free (or minimal cost) financial advice for basic queries like that. They will (should) flesh out what your financial aims, risk profile, current financial status etc are. I suggest you ask them, not a deals website.

      In short - super is essentially a retirement fund.
      Returns on super long term usually outperform bank interest.
      There are tax benefits associated with super contributions.
      There are limits to what you can contribute to super.

      Every case is different and there are many variables involved. You should get professional advice.

  • payless69 on 06/11/2024 - 11:27
    -1

    Great deal!
    Dumb staff
    unable to replace eftpos card

    • timhn on 06/11/2024 - 17:19

      What do you mean? Couldn't you do the Replacement in the app?

Login or Join to leave a comment
Login Join