Before you start your application

To open a Term Deposit account, you’ll need to complete an online application. We’ve designed this process to be as quick and easy as possible.

If you’re applying as an individual, you must first have (or open) a Macquarie Transaction account (excluding Macquarie Offset Account).

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
  • 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 Acceperator 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.

Find your Macquarie ID

If you are an existing Macquarie customer, you can find your Macquarie ID via the Macquarie Mobile Banking app by selecting Menu and View and edit profile, or on Macquarie Online Banking by selecting your profile on the top right of the screen.

If you have forgotten your Macquarie ID, you can retrieve it by selecting Forgot log in details on the login screen. See Your Macquarie ID and password for more information on accessing your accounts.

How to apply for a Macquarie Term Deposit

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 a Term Deposit. Once you’ve opened and funded your Transaction account, login to your account, select Accounts and click 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.


For our latest Term Deposit rates, please visit Macquarie Term Deposits.

Make a deposit into your Term Deposit account

All deposits to a Term Deposit account are made via direct debit from your nominated bank account, in accordance with the direct debit request (DDR) you submitted when you opened your account.

Funds will be direct debited from your nominated bank account details on the day we open our account and will appear in your Term Deposit the following business day.

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.

How long it takes to open a Term Deposit

We aim to open your Term Deposit within 24 hours of receiving your application, provided 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.

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

To help avoid delays, please follow the tips below.

 

Provide complete and correct information

Under our Anti Money Laundering and Counter Terrorism Financing (AML/CTF) regulatory requirements, we can’t open any account if there are discrepancies with the information you provide in the application. 

We recommend you carefully check the information you provide to ensure it’s as complete and accurate as possible. If we do identify any discrepancies, we may need to contact you or your adviser to resolve the discrepancy which may delay the account opening process.

 

Common causes of discrepancies 

Material discrepancies relate to information that appears as suspicious or fraudulent, for example:

  • Information that appears on a regulatory body search that is different from what’s been provided on an application 
  • Signatures not matching
  • Inconsistent address details 
  • Photographs that don’t appear to be of the same person.

Immaterial discrepancies generally relate to minor spelling errors or abbreviations, for example: 

  • A postcode provided in an application doesn’t match your driver licence
  • Spelling errors in a street name. 

Immaterial discrepancies can normally be resolved through confirmation from yourself or your adviser, including providing additional documentation if required.

 

Correctly certify verification documents

To certify a copy of an original verification document, please follow the standards below: 

  • The certification must include the mandatory certification elements, which are listed below:
    • Certifier’s full name 
    • Certifier’s qualification/capacity to certify documents, including their years of service where relevant
    • Certifier’s signature (digital signature is not permitted) 
    • Date; and
    • Certification statement – to the effect of “I certify this is a true copy of the original document which I have sighted.” (written or stamped) 
  • The certifier must sight the original document in person (not over video conference)
  • A verification document must not be expired (unless it’s a passport in which case the expiration date must not be older than two years) 
  • The copy of the document must be fresh (meaning it must not be certified on the same copy as a previously certified document)
  • If certified by an employee of an adviser firm and the adviser firm holds an Australian Financial Services Licence, the employee can certify the document providing they have been employed at the firm for at least two or more consecutive years. 

For more information please visit our client identity verification FAQs.

 

Correctly determine beneficial owners (for non-individual entity applications)

To comply with the Anti‐Money Laundering/Counter‐Terrorism Financing (AML/CTF) legislation, we need to collect and verify information about each beneficial owner. 

A beneficial owner is an individual who ultimately ‘owns’ or ‘controls’ an entity.

This includes the individual, or individuals, who directly or indirectly, ‘owns’ 25% or more of the entity, or ‘controls’ the entity through decision making including an appointor, protector, trustee, director or a senior managing official. 

A beneficial owner is always a natural person. Therefore, if another entity is a beneficial owner of the entity (including corporate trustees), the beneficial owner requirement (defined above) must be applied to that respective entity and so on until a natural person or persons can be identified.

 

Types of beneficial ownership 

For the purpose of determining beneficial ownership:

  • ‘Owns’ means owning 25% or more of the entity. This can be directly (such as through shareholdings) or indirectly (such as through another company’s ownership) or a combination of both direct and indirect holdings 
  • ‘Controls' includes control as a result of, or by means of, trusts, agreements, arrangements, understandings and practices, and includes exercising control through the capacity to determine decisions about financial and operating policies.

More information on Term Deposits

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Log in to Macquarie Online Banking or the Macquarie Mobile Banking app and chat with a consultant in real time, Monday to Friday, 9am to 5pm Sydney time (excluding public holidays).

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