Opening a Term Deposit

A Macquarie Term Deposit is a simple, secure investment to help boost your savings with a competitive fixed interest rate.

You can lock in a great rate for a term that suits your needs and investment strategies. You can also choose how often you receive interest payments for added flexibility.

Macquarie Term Deposits up to $250,000 are protected by the Government Guarantee.

To open (and keep open) a Term Deposit, you’ll need to:

• be at least 18 years old
  
• be a permanent Australian resident and have an Australian drivers licence or passport
• provide your email address, an Australian mobile number and an Australian residential or business address
• have a minimum investment of $5,000
• if you're applying as an individual, you must first have (or open) a Macquarie Transaction Account (note a Macquarie Offset Account is not considered to be a 'Macquarie Transaction Account')
• nominate a bank account to fund your Term Deposit and complete a direct debit request (DDR) to authorise us to debit funds from your nominated bank account. This account:
  • must be the same account name and structure as your Term Deposit
  • must be able to accept both direct debits and credits
  • must contain sufficient cleared funds for the investment amount, and
  • cannot be a Macquarie Cash Management Accelerator Account or Macquarie Vision Savings Account.

For full requirements based on the type of account you’d like to open, visit What you need to open a Term Deposit or read the application guide.

To apply for a Macquarie Term Deposit account:

1. Go to Macquarie Term Deposits
2. Select Apply now
3. Follow the prompts and select your account type 
   • If you are applying as an individual, you’ll need to have a Macquarie Transaction Account prior to opening your Term Deposit. Once you’ve opened and deposited funds into your Transaction Account, login to your account, select Accounts and select Open an account to open a Term Deposit.
   • If you're applying as an individual and already have a funded Macquarie Transaction Account, login in to your account, select Accounts and select Open an account to open a Term Deposit.
   • If you are applying for an account in another structure e.g. as a joint account, or on behalf of a business, SMSF or trust, select this option on the screen to be taken to our online application form.
     

Each applicant must read and agree to our terms and conditions before the application is submitted. If you need to pause your application partway through, we’ll send you an email so you can resume it when you’re ready.

We aim to open your Term Deposit within 24 hours of receiving your application, provided the Term Deposit has been funded and all required information and documents are provided.

The interest rate applicable on your account is set when your account is opened, once all application conditions have been satisfied. Any interest will be earned from the time funds are credited to your account.

You will receive a confirmation email as soon as your account is set up. 

You must make a deposit at account opening to fund your Term Deposit. Funds will be deposited into your Term Deposit account via direct debit from your nominated bank account, in accordance with the direct debit request (DDR) you submitted when you applied for your account.

You must ensure that your nominated bank account details are correct and there are sufficient cleared funds for your investment amount.

If the direct debit fails and your Term Deposit is not funded within a reasonable period after account opening, we may close your Term Deposit, and you will be required to start a new application.

Once your Term Deposit is open and funded, you can’t deposit more funds into that same account. Instead, you’ll need to open a new Term Deposit.