Savings account

To open a joint or shared Savings account, first you’ll need to open a joint Macquarie Transaction Account.

On the last step of the application form you’ll be asked if you want the Macquarie Transaction Account to be a single or joint account.

If you select joint account, you can either invite a second applicant to complete the application in their own time or complete the application together.

If the second applicant is already a Macquarie customer, they’ll receive a push notification in mobile or online banking and an email to approve or deny the application.

We don’t have any deposit conditions on Transaction Accounts, Offset Accounts or Savings Accounts, to get access to our great benefits and earn interest.

For example, you don’t need to make a minimum monthly deposit to use the platinum benefits or make free ATM withdrawals.

Where you haven’t held a Macquarie Savings Account before, the welcome rate applies for four months from account opening, up to $250,000. On balances greater than $250,000 standard stepped variable interest rates apply. The four-month welcome rate period is 121 days inclusive of the account opening date. Interest is credited to your Account at the end of a calendar month and on the day that the Account is closed.

The welcome rate applies instead of (not in addition to), the standard stepped variable rate that would otherwise apply to that portion of the balance of your Savings Account. There are no withdrawal or deposit conditions to receive the welcome rate.

After four months, the standard stepped variable interest rates apply to your Savings Account balance. You can find out more about interest and our current interest rates on our website.

The welcome rate may change from time-to-time and any bonus offer may be removed by us at any time. Offer available on one Savings Account per person (whether the Account is in single or joint names). For example, if you receive the welcome rate on a joint account you won’t be eligible to receive the rate again on an individual account.

We don’t charge fees on Transaction Accounts, Offset Accounts or Savings Accounts.

We provide a refund on fees incurred at all ATMs in Australia.

We don’t charge fees to withdraw cash overseas or make international purchases. Other financial institutions, such as the banks of international merchants and international ATM operators, may charge you fees for these transactions.

If interest is payable on your Account, it is calculated on a daily basis using the following formula:

Daily Closing Balance X interest rate applicable to your Account/365

The Daily Closing Balance is the credit balance of your Account at the end of a day. It includes all cleared and uncleared funds that have been deposited into your Account within the lodgement times specified in this article.

Stepped interest is payable on deposits in Macquarie Transaction & Savings Accounts based on your balance. Rates are variable and subject to change. Each rate applies to the portion of the total balance that falls within that balance bracket.

Interest is credited to your Account monthly at the end of a calendar month and on the day that the Account is closed. There is no interest paid on deposits in Macquarie Offset Accounts.

Interest calculations are rounded to the nearest cent. All current interest rates are available on our website.

Where we tell you that stepped interest applies to your Account, there may be different interest rates applicable to different portions of your Account balance. This is described further in the example below.

For example, a customer has a Savings Account with a Daily Closing Balance of $1,100,000 and the following stepped interest rates apply:

The customer would receive:

• X% p.a. interest on the first $250,000
• Y% p.a. interest on the amount between $250,000.01 and $1,000,000 and
• Z% p.a. interest on the amount over $1,000,000.01.

If you already hold a Macquarie Transaction Account, you will not need to open another transaction account to open a Macquarie Savings Account. You can apply for a Macquarie Savings Account from either the Macquarie Mobile Banking app, or Macquarie Online Banking.

The exception is if you wish to open a joint or shared savings account, then you will need to first open a joint or shared Macquarie Transaction Account.

Yes. The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Macquarie Bank, of up to $A250,000.

The Financial Claims Scheme (FCS) is an Australian Government scheme that was established during the 2008 global financial crisis to provide financial protection for consumers in the unlikely event of a failure of a bank, credit union, building society or general insurer.

The FCS provides protection for depositors of banks, credit unions and building societies that are incorporated in Australia (also known as authorised deposit-taking institutions or ADIs), for deposits up to $250,000 per account holder per ADI. The scheme aims to return deposits to account holders within seven days of activation of the FCS.

The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails.

Once activated, the FCS will be administered by APRA.

The objectives of the FCS are to:

• protect depositors of ADIs, and claimants of general insurers, from potential loss in the unlikely event of the failure of these institutions;
• provide depositors with prompt access to their deposits that are protected under the FCS; and
• support the stability of the Australian financial system.

Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au.

A Macquarie Savings Account is available if you hold a Macquarie Transaction Account.

You can add one or more Macquarie Savings Accounts to your Macquarie Transaction Account during the application process, or in real time once the Macquarie Transaction Account has been opened.

For more information, please read our terms and conditions.

To add a Macquarie Savings Account once you’ve logged into Macquarie Online Banking:

1. Click on the Open an account button on the right, above your accounts table
2. Find the Savings Account option and click Open an account
3. Select Account type (single or joint)
4. Select Linked account
5. Add your tax file number if required, and select Open account.

Alternatively, you can:

1. Hover over the Transaction account on the accounts table
2. Click on I want to
3. Click on Open a savings account

To add a Macquarie Savings Account from the Macquarie Mobile Banking app:

1. Select the menu icon in the icon bar from the bottom right corner
2. Select Open an account
3. Select Let's do it
4. Select Account type (single or joint)
5. Select Linked account
6. Add your tax file number if required and select Open savings.

Alternatively, you can:

1. Select your Transaction account from the account list
2. Select the I want to button
3. Click on Open a savings account.