Macquarie raises the ante on deposits

  • By Zilla Efrat

Macquarie is hoping to boost its stake in the savings market by lifting the interest rate on its transaction accounts to the same level as its ongoing high-interest savings account rates.

Macquarie transaction account customers will earn 1.50 per cent a year in interest on balances up to $250,000 – more than 145 basis points above the industry average for transaction accounts.

Customers with balances above this amount will be offered highly competitive stepped interest rates.

The new rates are effective from 17 June 2022.

According to Macquarie, the industry-first move gives customers the confidence they are earning higher interest regardless of what account their money is in. Macquarie’s transaction account also has no minimum balance or deposit requirements, no transaction conditions and no need to lock money away for a set period to receive the interest rate.

“The concept of having to shuffle your money between separate online savings accounts just to earn competitive interest felt outdated and inefficient,” says Macquarie’s head of payments and deposits, Olivia McArdle.

“We wanted to redesign the whole experience based around the needs of our customers.

“We’ve also completely rethought and rebuilt the account opening experience and the feedback we’ve received from customers so far has been very positive.  In as little as a minute, you can apply for an account, verify your identity, load your new debit card into your digital wallet and start saving or spending right away.”

Macquarie says it is the first Australian bank of size, and one of just a handful globally, running its core banking platform on the public cloud, which unlocks far greater speed and processing power for its customers.

In addition to the higher transaction account interest rate, new Macquarie customers will also receive the welcome rate of 1.80 per cent a year on their first savings account for four months on balances up to $250,000.

The new 1.50 per cent rate will also be applied to Macquarie’s existing customers with a transaction account.