Macquarie Bank Term deposits review

If you’re looking for the secure, long term returns a term deposit can provide, Macquarie has a wide range of products available to choose from.

Product details

  • Term Lengths: Term lengths at Macquarie range from 1 month to 5 years.

  • Interest Rates: Macquarie Bank term deposit rates vary depending on the term length and deposit amount. Depending on how the economy is trending, shorter or longer products might have higher returns.

  • Deposit Limits: Macquarie advertises these products for deposits between $5,000 and $1,000,000.

Account Features and Benefits:

  • Interest Payment Options: Interest payments can be made monthly, quarterly, semi-annually, annually, or at maturity. In general, there are slightly discounted rates for more frequent interest payments.

  • Automatic Rollover: At maturity, term deposits can be automatically rolled over. It's important to review the rates each time this happens as they are likely to have changed.

  • Fund Management: Your term deposit account can be linked with a Macquarie Cash Management Account (CMA) to make it easier to manage.

  • Account Keeping Fees: There are no account keeping fees on Macquarie Bank term deposits.

Eligibility and Application:

  • To apply, individuals must be Australian residents and at least 18 years old. A valid driver’s license or passport is required for identification.

  • The application process is online, and applicants need to have an Australian bank account for the direct debit to fund the term deposit.

Withdrawals and Penalties:

  • Early Withdrawal: Withdrawing funds before maturity typically requires at least 31 days' notice and interest rate sacrifices apply. This notice period can sometimes be waived if you can show evidence of financial hardship.

  • Maturity Instructions: Funds are automatically reinvested at maturity unless otherwise instructed. Customers have a grace period to change their investment or withdraw funds.