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 driver 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 for an individual or joint term deposit, you’ll first need to have a Macquarie Transaction or Savings Account in the same name(s) as the term deposit you’re applying for. Note, a Macquarie Offset Account is not considered to be a Macquarie Transaction Account.
• if you’re applying for a term deposit as a company or trust, you must nominate a bank account to fund your term deposit and complete a direct debit request 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.

You can open an individual or joint term deposit online via the Macquarie Mobile Banking app or Macquarie Online Banking.

• Macquarie Mobile Banking app
  1. Scroll to the bottom of your accounts table and select Open an account
  2. Find the term deposit option and click Open an account

• Macquarie Online Banking
  1. Click Open an account on the top right of the screen
  2. Find the term deposit option and click Open an account

Note: To open an individual or joint term deposit you’ll need to have a Macquarie Transaction or Savings Account in the same name(s), prior to opening your Term Deposit.

To open a term deposit in another structure e.g. on behalf of a company or trust:

1. Go to Macquarie Term Deposits
2. Select Apply now
3. Select Company or Trust to be taken to our online application form
4. Each applicant must complete their application and read and agree to our terms and conditions before the application is submitted for processing.

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.