Macquarie Bank Savings Accounts

Macquarie Bank is a provider of a range of retail banking products including savings accounts, transaction accounts, term deposits, home loans, credit cards and vehicle finance.

What savings accounts does Macquarie Bank offer?

At the time of writing, Macquarie Bank offers one savings account product. Features of Macquarie Bank’s Savings Account include:

  • Welcome variable rate for the first four months on deposits up to $250,000
  • No fees
  • Ability to set up multiple savings buckets

You can view the current interest rates on Macquarie Bank’s Savings Account in Canstar’s comparison tables.

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Does Macquarie Bank’s savings account require a linked transaction account?

Yes, Macquarie Bank says its Savings Account product is only available with a Macquarie Transaction Account.

If you are looking to compare transaction accounts, you can compare Macquarie’s Transaction Account as well as other accounts using Canstar’s comparison table.

Does Macquarie Bank charge fees on its savings account?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, Macquarie Bank says it charges no fees on its savings account. For more details, check the information available on Macquarie Bank’s website.

What does Macquarie Bank offer in terms of mobile banking for its savings account?

Macquarie Bank offers a Mobile Banking App that is available for download through the App Store and Google Play store. Macquarie Bank says the app features real time notifications which alert you each time you make a transaction on your Macquarie credit or debit card.

How do I apply for a Macquarie Bank savings account?

To open a Macquarie Savings Account, you’ll need to link it to a Macquarie Transaction Account. There’s no need to complete a separate application, you can select to open a Savings Account in the Macquarie Transaction Account application.

Before applying for a Macquarie Bank savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you.

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If you decide to open a Macquarie Bank savings account, you will need to meet the following criteria:

  • Be at least 14 years old
  • Be a permanent Australian resident
  • Have an Australian address, email and mobile number
  • Be applying as an individual or joint application

Macquarie Bank says you’ll also have to have the following information handy:

  • Personal details about yourself
  • Your Tax File Number

Macquarie Bank says the application process will typically take you five minutes.

About Macquarie Bank

Macquarie Bank was founded in 1969 with just three staff members in a Sydney office. Today, it is a multinational financial group that provides a wide range of financial services in consumer and business banking in over 25 countries.

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Written by: Tamika Seeto | Last updated: June 3, 2020