Savers rejoice: Macquarie increases transaction account interest rate

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on June 09, 2022 Fact Checked
Savers rejoice: Macquarie increases transaction account interest rate

Dubbed an Australian first, Macquarie will increase the interest rates customers earn on their transaction account by 145 basis points to 1.50% p.a.

Macquarie Bank customers will be eligible to earn the same interest rate on their transaction accounts as Macquarie’s ongoing high interest savings account rate from 17 June.

The 1.50% p.a. transaction account interest rate is available for balances up to $250,000 for both new and existing customers.

Macquarie Bank's transaction account 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.

In addition, new Macquarie Bank customers will also receive the welcome rate of 1.80% p.a. on their first savings account for four months on balances up to $250,000.

The linked debit card also has no foreign transaction fees and Macquarie does not charge to use ATMs overseas - the host ATM may still charge a fee.

Macquarie’s Head of Payments and Deposits Olivia McArdle said Macquarie wanted to transform what a bank account looked like to reward customers for banking with Macquarie.

"It's time Australians earned interest on their everyday bank accounts," Ms McArdle said.

"The concept of having to shuffle your money between separate online savings accounts just to earn competitive interest felt outdated and inefficient.

“We know that there are hundreds of billions of dollars sitting in everyday transaction accounts across Australia earning close to 0% p.a. in interest.

"We won’t make customers jump through hoops to get the higher rate – there’s no charges, fees or deposit conditions.”

Claiming to be one of Australia's fastest account opening experiences, Macquarie Bank customers can apply for transaction and savings accounts, complete identity verification and load their debit card instantly to Apple or Google wallet platforms all in 'under a minute'.

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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.


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Online Saver (Amounts < $499999)

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    High Interest Savings Account (< $250k)

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver ($1-$100k)

        0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver

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          BU Savings Account

            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of June 29, 2022. View disclaimer.

            Image by Allan Mas via Unsplash

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            Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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