Macquarie Bank

In 1969, Hill Samuel Australia Limited was established with just three staff members.

In 1985, the bank obtained an Australian Banking licence as Macquarie Bank Limited, which is now a vital cog in financial services institution and international behemoth Macquarie Group.

From a small Sydney business, Macquarie is now regarded as one of the premier advisory and investment banking services on the Australian market. It boasts a deep knowledge of the Asia Pacific environment.

Macquarie operates in over 31 markets and provides specialist expertise in resources, agriculture and commodities, energy and infrastructure. Its expertise also covers advisory and capital markets, trading and hedging, funds management, asset finance, financing, research and retail financial services.

While Macquarie is predominantly an award winning investment bank, it does offer a good range of personal financial products.

Macquarie’s savings products are designed to build on its customers’ personal wealth.

Macquarie offers competitive interest rates, no monthly fees on its accounts and good online accessibility.

Macquarie fits the bill for customers looking for a high performance bank. With its strong capital position and robust risk management framework, the bank has maintained its 51-year record of unbroken profitability.

Macquarie’s retail banking and financial services businesses come under the Banking and Financial Services (BFS) arm of the business.

It is here where customers will find a range of personal banking, wealth management, business banking and vehicle finance products.

Macquarie Bank

In 1969, Hill Samuel Australia Limited was established with just three staff members.

In 1985, the bank obtained an Australian Banking licence as Macquarie Bank Limited, which is now a vital cog in financial services institution and international behemoth Macquarie Group.

From a small Sydney business, Macquarie is now regarded as one of the premier advisory and investment banking services on the Australian market. It boasts a deep knowledge of the Asia Pacific environment.

Macquarie operates in over 31 markets and provides specialist expertise in resources, agriculture and commodities, energy and infrastructure. Its expertise also covers advisory and capital markets, trading and hedging, funds management, asset finance, financing, research and retail financial services.

While Macquarie is predominantly an award winning investment bank, it does offer a good range of personal financial products.

Macquarie’s savings products are designed to build on its customers’ personal wealth.

Macquarie offers competitive interest rates, no monthly fees on its accounts and good online accessibility.

Macquarie fits the bill for customers looking for a high performance bank. With its strong capital position and robust risk management framework, the bank has maintained its 51-year record of unbroken profitability.

Macquarie’s retail banking and financial services businesses come under the Banking and Financial Services (BFS) arm of the business.

It is here where customers will find a range of personal banking, wealth management, business banking and vehicle finance products.

Macquarie Black Card with Macquarie Points

Purchase
Rate 20.70
Annual
Fee $149.00

Macquarie Black Card with Qantas Points

Purchase
Rate 20.70
Annual
Fee $149.00

Macquarie Platinum Card with Qantas Points

Purchase
Rate 20.70
Annual
Fee $99.00

Macquarie RateSaver Card

Purchase
Rate 15.95
Annual
Fee $69.00

Macquarie Cash Management Account

Max Interest rate($10,000) 5000 Base Interest rate($10,000) 0.12

Macquarie Savings Account

Max Interest rate($10,000) Base Interest rate($10,000) 1.10

Macquarie Transaction Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.20

Macquarie Bank Term Deposit

90 Days

0.35
1 Yr Paid
Annually 0.45

Macquarie Bank Term Deposit

90 Days

0.35
1 Yr Paid
Annually 0.45

Macquarie Bank Term Deposit

90 Days

0.35
1 Yr Paid
Annually 0.45

Everyday Accounts

1. Transaction Account

This is an everyday bank account where you can deposit your salary, withdraw cash, pay bills as well as receive extra benefits. There are no minimum monthly deposits necessary, and no international purchase fees or transaction or dishonour fees. You can also use ATM’s for free. Enjoy platinum benefits such as the Mastercard foreign exchange rate, with no additional fees or charges and have 24/7 access to Macquarie’s concierge service.

2. Savings Account

This online savings account earns you high interest with the added benefit of no monthly fees and easy access to funds. Once you have opened your first Macquarie Transaction Account, you can instantly open as many savings accounts as you like to help you save. Banking can be done easily through the Macquarie Mobile Banking app and you can also receive real time notifications when direct debits are taken out of your savings account. For that extra layer of security, the Macquarie Authenticator makes sure your money is safe.

Credit Cards

While Macquarie likes to keep things simple for customers, it does offer a range of products to meet certain needs. It offers five different credit cards to ensure customers’ needs are met.

1. Macquarie Black Card with Macquarie Rewards

The Macquarie Black Card with Macquarie Rewards comes with an annual fee of $149 and a range of highlights including:

  • Earn Macquarie Reward Points for every $1 spent
  • Redemption of eGift cards from over 50 Australian retailers
  • No international purchase fees when you shop overseas or with online international retailers
  • Up to 55 days interest free on purchases
  • Balance transfers available
  • Up to 4 free additional cardholders upon request
  • Overseas Travel Insurance included

2. Macquarie Black Card with Qantas Rewards

Like the Macquarie Black Card with Macquarie Rewards, the Macquarie Black Card with Qantas Rewards comes with an annual fee of $149. With this card you can earn Qantas Points on all eligible purchases. Further highlights include:

  • No international purchase fees
  • Up to 55 days interest free on purchases
  • Balance transfers available
  • Enjoy 24/7 access to Macquarie’s concierge service
  • Overseas Travel Insurance included

3. Macquarie Platinum Card with Macquarie Rewards

The annual fee is cheaper than other cards at $99 and, as with the Macquarie Black Card with Macquarie Rewards you can redeem eGift cards from over 50 popular Australian retailers. Highlights include:

  • No international purchase fees
  • Up to 55 days interest free on purchases
  • Balance transfers available
  • Up to 4 free additional cardholders upon request
  • You can earn Macquarie Reward Points for every $1 spent

4. Macquarie Platinum Card with Qantas Points

As with the Macquarie Platinum Card with Macquarie Rewards, the Macquarie Platinum Card with Qantas Points has a $99 annual fee. You can also earn Qantas points on eligible purchases. Highlights include:

  • No international purchase fees
  • Up to 55 days interest free on purchases
  • Balance transfers available
  • Enjoy 24/7 access to Macquarie’s concierge service
  • Overseas Travel Insurance included

5. Macquarie RateSaver Card

The Macquarie RateSaver Card has the lowest annual fee at just $69. It is a basic card with the following highlights:

  • Low interest rate and 55 days interest free on purchases
  • Balance transfer available
  • No international purchase fees

Term Deposit

Invest your money securely and receive a competitive fixed interest rate with Macquarie Bank’s Term Deposit. If you have an existing Macquarie Cash Management Account (CMA), you can apply for a Term Deposit online and link the two accounts. Invest anywhere from one month to five years and choose when to have your interest paid. You can select from monthly, quarterly, half yearly, yearly or at maturity pay outs. One of the highlights of the Term Deposit is you can link the Term Deposit with Macquarie’s cash solutions and simplify your self-managed super fund (SMSF) accounting, tax returns and end-of-year financial reporting. You can deposit anywhere from $10,000 to $2 million.

Macquarie Cash Management Account

The Macquarie Cash Management Account is designed specifically for investors to manage their money. This account provides quick access to your capital is predominantly for SMSF trustees, online traders and professional investors. It acts as a savings hub between investment opportunities. Macquarie labels this account as the “centre of your wealth ecosystem”. It offers transparency, detailed reporting and zero account keeping fees.

Home loans

There are two key home loan products to choose from to meet your needs, each with different product types.

1. Variable Rate home loans

With a Macquarie Bank variable home loan you can make additional repayments without having to pay any extra fees, therefore paying off your home loan faster and reducing the amount of interest you pay over the life of your home loan.
There are two options:

a. The offset home loan

  • Annual fee of $248
  • Allows you to open up to 10 offset accounts
  • You can opt in to receive Qantas points
  • No annual fee for your Macquarie credit card that is linked to your offset home loan
  • Pay $0 on any international purchase fees on your Macquarie Debit Mastercard and credit card.

b. The Basic Home loan

  • $0 annual fee but charges slightly higher interest than the offset loan
  • Enjoy a no fees on your redraw facility, allowing you to access any extra funds you may have paid into your account
  • You can opt in to receive Qantas points
  • You can also have up to 6 loan accounts.

2. Fixed rate home loans

Always know what your repayments will be with Macquarie’s Fixed Rate Home Loan.
Select from 1 to 5 year terms and when your fixed term rate ends, you may continue with a competitive variable rate. There are two options for fixed rate home loans:

a. The offset home loan

  • $248 annual fee
  • You can have up to 10 offsets
  • You can opt in to receive Qantas points
  • No annual fee for your Macquarie credit card that is linked to your offset home loan
  • Pay $0 on any international purchase fees on your Macquarie Debit Mastercard and credit card.

b. The Basic Home loan

  • $0 annual fee
  • Charges slightly higher interest than the offset loan
  • No fees on your redraw facility, allowing you to access any extra funds via online banking
  • You can opt in to receive Qantas points
  • You can also have up to 6 loan accounts.

Car loans

Macquarie offers flexible car loan solutions that are tailor made for you. They offer expert advice and have car-buying specialists to help you out.

Pros

  • Investment experts. This is a great bank if you are looking to use your savings as investment tools.
  • Easy to manage products. Macquarie savings products are easy to use and come with a range of benefits including advice from banking experts who can help customers make proper wealth building choices.
  • No fees. Most products contain no fees. However some annual fees do apply.
  • Online banking. Macquarie has one of the best user friendly online banking systems.

Cons

  • Small number of branches. Macquarie Bank is predominantly a cashless banking entity and only has three branches.
  • Fixed rate loans may be expensive. Interest rates can be expensive and may not be competitive with small deposit amounts.
  • Expensive LMI premiums. The bank has a conservative lending policy and will generally not allow borrowers to borrow more than 80% of the property value.
  • No guarantor. No guarantor loans are available.