Macquarie's cloud tech means opening a savings account in under a minute
Macquarie Bank customers can now apply for transaction and savings accounts, have their identity verified and load their debit card instantly to Apple or Google wallet platforms all in 'under a minute'.
This new capability for Macquarie Bank is the latest innovation to be powered by Macquarie’s digital banking and cloud-native platform facilitating a faster and more intuitive digital experience for customers all in less time than it takes to boil the kettle.
Macquarie is the first Australian bank of its size and one of just a handful globally running its core banking platform on the public cloud.
This is believed to unlock greater speeds and processing powers for its customers.
Macquarie Bank’s Head of Deposits and Payments, Olivia McArdle, said customers have told Macquarie they are setting up their accounts from the comfort of their couch on a Sunday evening or out and about on the weekend.
"Many banks still require customers to visit a branch or wait days for the physical card to arrive in the mail," Ms McArdle said.
"Macquarie has reimagined the account opening experience to be almost instantaneous while delivering all of the same comprehensive security and identity checks."
The global bank has also launched one-click offset accounts to Australians, meaning home loan customers can instantly open and link up to 10 offset accounts to their home loan.
Read more: Macquarie Bank: A global heavyweight changing the home loan game
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
