Macquarie Bank savings account review
Account features
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Interest Rates: Macquarie Bank savings accounts have a tiered interest rate structure. A variable 'welcome’ interest rate applies for the first four months after a customer opens an account. This applies to a maximum balance of $250,000.
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Ongoing Rate: Once this introductory period is up, the savings account reverts to the standard variable base rate which applies to balances up to $1,000,000. Another lower rates applies to balances that exceed $1,000,000.
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Monthly Fees: There are no monthly account-keeping fees associated with the account.
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Minimum Balance: No minimum balance is required to maintain the account.
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Access and Withdrawals: The account doesn't offer direct ATM or EFTPOS access and must be linked to a Macquarie Transaction Account for fund access. There are no penalties for withdrawals.
Savings accounts with Macquarie
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Application Process: You’ll need a Macquarie Transaction Account to open one of these savings accounts. Customers can easily open a savings account through the online banking platform or mobile app.
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Flexibility: Customers can open multiple savings accounts within the mobile banking app, allowing for a "bucketing" approach to manage various savings goals.
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Digital Banking: The account offers a robust digital banking experience that customers have praised for ease of use and convenience.
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Debit Card: The linked debit card uses the Mastercard platform and has no international transaction or ATM fees.
- Authenticator App: The Macquarie Authenticator app adds an additional layer of security, enabling transfers to new payees, online purchases and more.
