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Macquarie Bank Savings Accounts

Name: Macquarie Bank Savings Accounts
Creator: Savvy
Published: 2022-05-26T17:03:42+09:30

Read Savvy’s review of Macquarie Bank’s savings accounts to compare and find the right one for you.

Written by , updated on August 8th, 2023

Macquarie Bank is one of the world’s leading financial services companies, now operating across 33 markets. Starting as a subsidiary of a UK investment house in 1969, Macquarie has expanded across the globe into cities including New York, Hong Kong and London.

They have a few branches scattered across Australia and while they don’t boast the extensive range of some of their competitors, Macquarie does offer savings options to customers.

If you’re tossing up whether Macquarie Bank is right for you, Savvy can help with our simple product review. Comparing options with us will help you make an informed call on which account is best for you and allow you to get back to the more important things, like reaching your savings goals.

*Please note that Savvy does not represent More about Macquarie Bank for their banking products. All product information and rates are correct as of May, 2022.

More about Macquarie Bank savings accounts

What type of savings products does Macquarie Bank offer customers?

Macquarie Bank offers several savings accounts to customers. These include:

Savings Account

This is Macquarie’s only standard savings product. The online savings account comes with no monthly fees or account conditions, allowing you unlimited access to your funds via the bank's mobile app.

The online saver comes with an introductory interest rate of 1.50% p.a. on balances under $250,000. This applies for the initial four months after opening your account. Once this ends, tiered interest applies to your account. Under tiered or stepped interest, different rates apply to the different portions of your balance under each bracket. These rates include:

1.00% p.a. – portion of balance up to $250,000
0.70% p.a. – portion of balance between $250,000 to $1 million
0.60% p.a. – portion of balance over $1 million

Macquarie’s mobile app has a few features which work in sync with this account, including two-factor authentication and budget tools. You can also receive ‘real time’ notifications whenever direct debit payments are made out of your account.

Cash Management Account

Designed for an investor who needs quick access to their funds, Macquarie’s cash management account acts as a ‘cash hub’ between your different investments whether they be property, shares or term deposits. This investment savings account comes with no fees and the ability for your financial advisor to make deposits on your behalf.

When you open a Cash Management Account (CMA), a linked ‘Accelerator’ account will be opened as well. You can deposit into your ‘Accelerator’ account to earn higher interest while you await investment opportunities. When an opportunity lands, you can transfer to your CMA and invest your money.

For the standard Cash Management Account, you’ll receive an interest rate of 0.05% p.a. for all balances. Non-advised accounts don’t earn any interest. However, under the ‘Accelerated’ option, your rates are:

$0 to $9,999,999 – 0.60% p.a.
$10,000,000 or more – 0.40% p.a.

Term Deposit

Tailored to the long-term saver, Macquarie’s term deposits allow you to lock your money away to earn a high fixed interest rate over a set term. You can choose between terms of one month to five years, with a minimum investment of $5,000. In most cases, locked savings accounts come without set-up or ongoing fees and Macquarie’s is no different.

Interest rates for balances of up to $1 million range from 0.05% p.a. to 3.50% p.a. depending on how frequently interest is paid, as well as your term. Some of the rates and term lengths include:

0.05% p.a. – one-month term (interest paid monthly)
1.25% p.a. – three-month term (interest paid quarterly)
1.90% p.a. – six-month term (interest paid quarterly)
2.75% p.a. – 12-month term (interest paid annually)
3.35% p.a. – 36-month term (interest paid annually)
3.50% p.a. – 60-month term (interest paid annually)

How do I open a Macquarie Bank savings account?

If you find a savings account from Macquarie which appeals to you, you can apply online to open one in your name. Macquarie has a secure portal where you can submit your details and open a savings account. Steps to opening an account include:

Create login: Create a login and password. Because all communication about your account will be digital, this will be your one-stop shop to check statements and balances.
Personal details: Enter your name, birth date, address and contact details. Your name must match the one on your identity documents.
ID verification: You’ll be asked to provide a form of ID to verify your identity. This can include a driver’s licence, passport, Medicare card or birth certificate.
Legal requirements: You’ll be asked to digitally sign and agree to the terms of the savings account you’re opening.

It’s worth also double-checking the eligibility criteria of these accounts. While you generally must be at least 14 years old to open a savings account by yourself, this can vary between options. For example, some business savings accounts and term deposits require you to be over 18 years old. You will have to be an Australian resident, for tax purposes.

Pros and cons of Macquarie Bank savings accounts

PROS

Competitive interest rates

Interest rates on Macquarie’s term deposit and savings accounts are very competitive compared to some of its competitors. You can earn more than 3% p.a. on a term deposit, while the savings account has an introductory rate of 1.50% p.a.

Discounts on popular brands

If you open a Macquarie savings account, you’ll unlock a raft of discounts on gift cards which you can use on popular brands and global companies.

Fee-free accounts

These accounts come with no ongoing fees, giving you the peace of mind your interest won’t be eaten up by tiny costs and charges.

CONS

Fewer options

Compared to some of Macquarie’s main competitors who have a wide range of savings products, the bank has relatively few savings accounts on offer.

Almost no physical locations

Macquarie hardly has any branch presence across Australia due to its focus on cashless banking and finance, making it harder to get in-person assistance if you need it.

One account, one goal

It’s becoming more common for institutions to allow customers to split their accounts for multiple savings goals, but this isn’t the case with Macquarie

Common Macquarie Bank savings accounts questions

What’s the difference between Macquarie savings and bank accounts?

Transaction accounts and savings accounts provided by Macquarie have many differences. One option is for spending and the other is for savings, while transaction accounts come with a debit card to access your funds directly (which savings accounts don’t do). An everyday account also allows you to set up direct debits and use BPay and Apple Pay. However, transaction accounts won’t earn you interest, which is one of the main benefits of savings accounts.

Can I open a joint savings account?

Yes – when you apply online, you get the option of setting up a single or joint savings account. Joint savings accounts can be a great way to fast-track a shared savings goal, but it’s important to discuss what happens to the money in the account if you have to close it unexpectedly.

How is interest calculated on Macquarie Bank savings accounts?

While rates vary across institutions, the way interest is calculated on savings accounts is no different on Macquarie’s products. If you want to avoid using messy formulas and processes, though, you can use Savvy’s savings calculator to gain a rough idea of what you might earn in interest.

What is the Financial Claims Scheme?

Under the federal government’s Financial Claims Scheme, your savings are guaranteed up to $250,000 if your bank, credit union or building society collapses. This means you won’t have to worry about losing all your hard-earned money in the very unlikely event your institution folds.