Opening a Business Savings Account

Our Business Savings Account is an online savings account with a great interest rate – created to help small businesses grow their savings, with no fees and the flexibility to make deposits and withdrawals whenever you want.

A Business Savings Account offers:

• a simple online application process (with no paper forms) and seamless account set up
• a great ongoing variable interest rate
• flexibility to access your funds whenever you need
• the ability to manage your accounts online 
• the ability to send and receive payments from your account to other Macquarie accounts or other Australian banks
• protection under the Government Guarantee for deposits up to $250k.

A Business Savings Account does not include:

• a debit card
• eftpos facilities
• a dedicated relationship manager
• access to bank feeds, including Xero integration.

The Business Savings Account is for eligible small and medium Australian businesses, including: 

• Sole traders; and
• Proprietary companies.

To open (and keep open) a Business Savings Account, you must be over 15 years of age and have:

• a permanent Australian residential address 
• an Australia mobile phone number
• a valid email address
• a registered ABN that operates within Australia.

You’re currently not eligible to apply for a Business Savings Account if you’re an existing Macquarie Personal Banking customer and hold any of these Macquarie products:

• Transaction or Savings Account
• Cash Management Account
• Term Deposit
• Home or car loan
• Credit card
• Macquarie Online Trading account, or
• Macquarie Wrap account.

This product is not offered to any AFS licence holders, Australian Credit licence holders or authorised representatives and is not yet available to companies with non-beneficial shareholders, or those which have a significant shareholder who is not also a director.

We’re also unable to accept applications made on behalf of others, including if you have a Power of Attorney or Enduring Power of Attorney.

Our online application is quick and simple – apply online or download the Macquarie Mobile Banking app.

To streamline your application, make sure your details are up to date with ASIC before your start. Only one account is available per ABN. To apply, you’ll need to meet the eligibility criteria. 

For application requirements, please refer to What you need to open a Business Savings Account.

Consider the terms and conditions before applying.

If your business has directors, you’ll need to invite them when setting up the account and give equal account entitlements.  The details you provide in the application will need to match the details they’ve provided to us, and those on the ASIC company record. If we cannot contact the invited customer due to incorrect contact details, you’ll need to cancel your existing application and start a new one.

If you’re applying with an additional director that is a Macquarie Business Banking customer, they should be added to the application as 'new' and will be issued with a new Macquarie ID.

If your ABN isn’t recognised and you can’t apply for a Business Savings Account online, please call us on 1800 620 673.

Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) we’re required to verify your identity before providing you with any financial services. 

How long it takes to open your account will depend on whether we can verify your identity electronically. If electronic verification fails, we’ll ask you to verify your identity via certified documents.

Your application may be unsuccessful if you don’t meet our eligibility and acceptance criteria, or if we didn’t receive all the required documentation.

If you aren't currently eligible for the business savings account you may wish to consider the Macquarie Cash Management Accelerator Account (Accelerator), a high interest savings account, with no account fees or minimum balance requirements, available to companies, trusts and other entities.

The Accelerator account offers a great ongoing variable interest rate with the flexibility to access your funds when you need them, and you can apply online today. To open an Accelerator account, you’ll need to open a Macquarie Cash Management Account at the same time.