The following overview can help you better understand the difference between our Transaction and Savings Accounts and see which one best suits your needs.
Before you open an account, please note:
- you can open a stand-alone Transaction Account, but you’ll need to first open (and keep open) a Transaction Account to open a Savings Account
- these accounts are digital-only accounts, so you must have internet access and an electronic device to operate them
- each type of account has further eligibility requirements which form part of the application process.
| Product summary | Transaction Account | Savings Account |
|---|
| Rates | - View all our Interest rates
- High interest account with no minimum balance, deposit or transaction conditions.
| - View all our Interest rates
- Welcome rate applies for the first 4 months on your first savings account
- High interest account with no minimum balance, deposit or transaction conditions.
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| Eligibility | - Be at least 12 years old
- Have a permanent Australian residential address, email and mobile number
- Be applying as an individual (single or joint applications), not available to businesses, trusts or SMSFs.
| - Eligibility requirements for Savings Accounts are the same as those for Transaction Accounts.
- You must open and keep open a Transaction Account.
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| Debit card |  Debit card
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| How can I make deposits? | - Electronic deposits
- Direct credit and salary credits
- Real-time payments (NPP)
| - Electronic deposits
- Direct credit and salary credits
- Real-time payments (NPP)
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| How can I access funds? | - Debit card
- Mobile payments
- Internal transfers
- Pay Anyone payments (including scheduled and recurring payments)
- BPAY®
- Direct debits
| - Internal transfers
- Pay Anyone payments (including scheduled and recurring payments)
- BPAY®
- Direct debits
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| Interest rate calculation | - Calculated daily, paid monthly
| - Calculated daily, paid monthly
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| Online access | - Macquarie Online Banking
- Macquarie Mobile Banking
| - Macquarie Online Banking
- Macquarie Mobile Banking
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| Mobile payments | - Apple Pay
- Google Pay
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| Additional benefits |
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| Monthly/Annual Macquarie fees |
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Please follow the links to find more information about:
® Registered to BPAY Pty Ltd ABN 69 079 137 518
