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.
What's a Business Savings Account?
Benefits of a Business Savings Account
This account offers:
- A great ongoing variable interest rate
- Customisable security settings
- Flexibility to access your funds whenever you need
- Ability to manage your accounts online without a debit or credit card
- Simple online application process (with no paper forms) and seamless account set up
- Send and receive payments from your account to other Macquarie accounts or other Australian banks.
Who can open an account
This account is for eligible small and medium Australian businesses, including:
- Sole traders; and
- Proprietary companies.
You must:
- Be over 15 years of age,
- Have a permanent Australian residential address,
- Have an Australia mobile phone number,
- Have a valid email address,
- Have a registered ABN that operates within Australia.
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.
How to open an account
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.
If you’re an existing Macquarie Personal Banking customer and hold any of these Macquarie products: transaction, savings or cash management account, term deposit, home or car loan, credit card, online trading, or wealth account, you’re currently unable to apply.
We’re unable to accept applications made on behalf of others, including if you have a Power of Attorney or Enduring Power of Attorney.
Verifying your identity
We need to verify the identity of all applicants and assess your application before your account will be ready to use. How long it takes will depend on whether we have all the right documentation. If we require any additional information, we’ll let you know.
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.
Add directors (joint applications)
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.
Consider the terms and conditions before applying.
See what else you need to open a savings or bank account with us.