Term deposit

If you’re applying as an individual, you must first open a Macquarie Transaction account. If you’re new to Macquarie you can open a Macquarie Transaction by completing the online application via Macquarie Online Banking or via the Macquarie Mobile Banking app. For more information on how to open a Transaction account, click here.  

Once you have opened your Transaction account, watch this short video on how to open your Term Deposit or read the steps below. 

Follow the steps below to open a term deposit via the Macquarie Mobile Banking app: 

1. Scroll down to the bottom of the accounts table and select Open an account.
2. Find the term deposit option and click Open an account. 
3. Input your investment amount (please note the minimum amount is $5000.00), your investment term and the frequency of interest payments
4. Nominate either your transaction or savings account to fund your term deposit 
5. Add your tax file number (if required)
6. Review your term deposit details and select Open account. 

Follow the steps below to open a term deposit via Macquarie Online Banking:

1. Click Open an account button on the right, above your accounts table
2. Find the term deposit option and click Open an account. 
3. Input your investment amount (noting the minimum amount is $5,000), Investment term and frequency of interest payment
4. Nominate either your transaction or savings account to fund your term deposit 
5. Add your tax file number (if required)
6. Review your term deposit details and select Open account.

Your nominated account must:

• Be in the same name and structure as your term deposit
• Be able to accept both direct debits and credits and
• Contain sufficient funds for the investment amount

You can open a Macquarie Term Deposit online. We’ve designed this process to be as quick and easy as possible. 

Before you begin your application, you’ll need to select your account type (e.g. joint account, company account, trust account). 

To open a term deposit, you need to: 

• be an Australian resident

• be at least 18 years old

• have a minimum investment of $5000.00

• have a driver’s licence or passport

• provide a nominated bank account for us to fund your term deposit

• provide your current email and mobile number.

As part of your application, you can elect the amount you want to invest, the frequency of your interest payments and which bank account your funds will be debited from and returned to when your term deposit reaches maturity. 

Your nominated account must:

• Be in the same name and structure as your term deposit

• Be able to accept both direct debits and credits and

• Contain sufficient funds for the investment amount

• Cannot be a Macquarie Cash Management Accelerator Account or Macquarie Vision Savings Account

If you’d like to open an additional term deposit, you can follow same steps above. 
For our latest term deposit rates, please visit macquarie.com.au/termdeposits.
 

Yes, you can open a Macquarie Term Deposit if you:

• are 18 years old or over
• are a permanent resident of Australia; and
• have a minimum investment of $5000.00.

If you'd like to open a term deposit in your own name, please refer to the FAQ above "How do I open a Macquarie Term Deposit as an individual?"

If you'd like to open a term deposit as a joint account holder, company or trust, please refer to the FAQ above "How do I open a Macquarie Term Deposit as a joint account holder, company or trust?"

You can apply online to open a term deposit. We’ve designed this process to be as quick and easy as possible. To apply for a Macquarie Term Deposit:

1. go to macquarie.com.au/everyday-banking/term-deposits

2. select Apply now.

Before we open your account, we’ll verify your identity, and we may ask you for some additional information as part of this process. 

If you need to pause your application partway through, we’ll send you an email so you can resume it when you’re ready.

When your application has been approved, we’ll direct debit the funds from the account that you nominate on your application. We recommend reading our Term Deposit Account Terms and Conditions before applying.

If you’d like to open another Macquarie Term Deposit, you can follow the same steps above. 

For our latest term deposit rates, please visit macquarie.com.au/termdeposits.

Before the maturity date of your Term Deposit, you can provide maturity instructions via Macquarie Online Banking or Macquarie Mobile Banking app. This will tell us whether you want to:   

• reinvest principal and interest 

• reinvest principal only, or  

• close your account and withdraw funds. 

If you don't provide maturity instructions by the maturity date, your Term Deposit funds will be automatically reinvested for the same term. 

After your Term Deposit has matured, you will have a grace period of 5 business days or 7 calendar days (whichever is longer) to make certain changes to your Term Deposit details or close your account and withdraw funds. After this time, if you don't update your maturity instructions, your Term Deposit funds will be reinvested, and you will need to provide 31 days’ notice to withdraw it.

To provide maturity instructions in Macquarie Online Banking:

1. Hover on your Term Deposit account in the account list

2. Select I want to
   Select View account details in the menu drop-down
   Select Update maturity instructions under the Maturity instructions section.

Alternatively, you can:

1. Select your Term Deposit account from the account list

2. Select I want to in the banner near your account product name (or account nickname)
   Select View account details in the menu drop-down
   Select Update maturity instructions under the Maturity instructions section.

To provide maturity instructions in the Macquarie Mobile Banking app:

1. Select your Term Deposit account from the account list

2. Select the I want to button
   Select View account details in the menu
   Scroll down and select Update maturity instructions under the Maturity instructions section.

If you need to change the linked bank account for your Term Deposit, please see How do I change my nominated account on my Term Deposit?

All deposits to a Macquarie Term Deposit account are made via direct debit from a nominated bank account. The direct debit and nominated bank account are established during the account opening process.

Your term deposit will be funded overnight from the bank account that you nominated during the online application, and funds will appear in your account on the day after your Term Deposit has been opened.

Funds may be withdrawn on maturity and will be electronically paid to the nominated bank account. If no instructions are received by the maturity date, your term deposit will automatically roll over for the same term at the applicable interest rate offered on that maturity date. For our latest Term Deposit rates, please visit macquarie.com.au/termdeposits.

If you wish to withdraw funds prior to maturity, you must provide us with at least 31 day’s notice and a break fee may apply. If you have less than 31 days remaining of your term, the earliest you can access your funds is at maturity.  

We may waive the notice period and/or break fee if you are experiencing hardship.  

Examples of circumstances which constitute hardship: 

• Financial hardship
• Medical emergencies.

Examples of circumstances which don’t constitute hardship: 

• Property settlement, unless further hardship can be evidenced due to property not settling
• Tax/ATO bill, unless further hardship can be evidenced due to the tax bill.

For more information about accessing your funds before maturity, please contact your financial adviser, or get in touch with a Macquarie consultant using live chat. 

If you’re experiencing hardship, learn more about our approach to financial assistance. 

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.