Macquarie transaction and savings accounts interest rates, fees, limits and lodgement times

We're updating the terms and conditions for Macquarie transaction and savings accounts. These changes also apply to offset accounts. The changes will be effective from 31 July 2019 and are outlined in the variation notice.

This document provides a summary of the interest rates, fees, limits and lodgement times applicable to the:

  • Macquarie Platinum Transaction Account
  • Macquarie Transaction Account
  • Macquarie Offset Account, and
  • Macquarie Savings Account.

Terms used in this document have the same meaning given to those terms in the Macquarie transaction and savings accounts terms and conditions.

You can ask us for more information on interest rates and fees.

Effective 17 January 2019

Interest rates

All interest rates below are current as at 5 July 2019, variable and subject to change. Refer to section 3 of the Macquarie transaction and savings accounts terms and conditions for further information on interest.

Macquarie Transaction and Platinum Transaction Accounts

Stepped interest is payable on deposits in Macquarie Transaction and Platinum Transaction Accounts based on your balance as follows:

BalanceVariable Interest Rate
Up to $4,999.99 0.00% pa
$5,000 - $24,999.99 0.60% pa
$25,000 - $99,999.99 0.60% pa
$100,000.00 - $249,999.99 0.60% pa
$250,000 - $999,999.99 0.60% pa
$1,000,000 and above 0.60% pa

Rates are variable and subject to change. Each rate applies to the portion of the total balance that falls within that balance bracket. See section 3 of the Macquarie transaction and savings accounts terms and conditions for more information.

Macquarie Offset Account

There is no interest paid on deposits in Macquarie Offset Accounts.

Savings Account

Stepped interest is payable on deposits in Macquarie Savings Accounts based on your balance as follows:  

BalanceVariable Interest Rate
$0.00 ‐ $24,999.99 0.60% pa
$25,000 - $99,999.99 1.60% pa
$100,000.00 - $249,999.99 1.60% pa
$250,000.00 – $999,999.99 1.60% pa
$1,000,000 and above 0.60% pa

Rates are variable and subject to change. Each rate applies to the portion of the total balance that falls within that balance bracket. See section 3 of the Macquarie transaction and savings accounts terms and conditions for more information.   

Bonus offer for new Savings Account customers (applies for the first four months)

Subject to the conditions below, a welcome variable rate will apply as follows:

BalanceRate TypeVariable Interest Rate
Up to $250,000.00 Welcome variable rate 2.65% pa
$250,000.01 and above Standard stepped variable rate The standard stepped variable interest rates above apply.

Where you have not held a Macquarie Savings Account before, the welcome variable rate applies for four months from account opening, for the first $250,000 you deposit. The welcome variable rate applies instead of (not in addition to) the standard stepped variable rate that would otherwise apply to that portion of the balance of your Savings Account. Offer available on one Savings Account per person (whether the Account is in single or joint names). After four months, the standard stepped variable interest rates above apply to your Savings Account balance.

Overdrawing your Account

There is no overdraft facility offered on Macquarie Transaction, Platinum Transaction, Offset or Savings Accounts. If your Account has a negative balance, you will be charged interest at the overdrawn rate of 16.40% pa. Refer to section 13 (Overdrawing your Account) of the Macquarie transaction and savings accounts terms and conditions for further information.

We may debit any fees and charges payable under these Terms and Conditions to your Account.

If we incur any government tax, duty or other charge imposed by law in respect of your Account or its operation, you must pay us an amount equal to the charge. You authorise us to debit any such amount to your Account.

Macquarie Transaction, Platinum Transaction and Offset Accounts

Fee typeFee Amount
Monthly account fee Nil
Transactions within Australia

Electronic Banking transactions

  • Make Funds Transfers and BPAY® payments through Online Banking and Mobile Banking on an immediate or scheduled basis
Nil

Bank cheque

  • Purchase a bank cheque issued by Macquarie with funds drawn immediately from your Transaction Account
  • Bank cheques can be requested by phone or at a Macquarie Branch
$10 per cheque

Real Time Gross Settlement (RTGS)

  • Transfer funds within the same Business Day to another Australian financial institution (subject to cut off time below)
$30 per transfer

ATM transactions

rediATM withdrawal
rediATM balance enquiry
rediATM PIN change
Nil
Non-rediATM withdrawal/ balance enquiry

The ATM operator may charge you a fee, shown on screen before you complete the transaction.

From time-to-time, we may offer special promotions in connection with ATM fees - check macquarie.com/personal for details of any current offers.

International transactions

Access and transfer your funds overseas using a range of global services including Debit MasterCard transactions and real-time access.

ATM balance enquiry

  • Check your Account balance at an international ATM where MasterCard is accepted

The ATM operator or service provider may charge you a fee.

International cash withdrawal

  • at an ATM, or
  • over the counter

where MasterCard is accepted and the transaction is permitted by the ATM operator or service provider

$5 per withdrawal

The ATM operator or service provider may also charge you a fee.

From time-to-time, we may offer special promotions in connection with international fees – check macquarie.com/personal for details of any current offers.

International funds transfer

  • Transfer to an international financial institution account by bank draft or telegraphic transfer – contact us to arrange
$30 per transfer

International purchases

  • Card purchases or transactions made or processed outside Australia (including where the transaction was made in Australia but the merchant is not in Australia)

Nil

Other fees

Special clearance

  • Fast track a cheque deposited into your Account – normal cheque clearance times can take up to three Business Days
$18 per cheque

Chargeback

  • You can dispute a payment made from your Card (please refer to section 7.10 of the Terms and Conditions)
$8 per request

Voucher request

  • Request a copy of a voucher/receipt for a payment you made using your Card
$8 per voucher

Dishonour fee

  • Failed Direct Debits or scheduled payments due to insufficient funds in your Account
Nil

Overdrawn fee

  • We may allow your Account to be debited even if there are insufficient funds to cover the amount of the debit either in full or in part

Nil

Interest will apply at the overdrawn rate – see the Interest Rates section

Transaction investigation fee

We can investigate a transaction on your Account.

Investigation fee

$60 for a complex investigation

$30 for a simple investigation

We will tell you which fee applies when you contact us

Statements

Statements are issued every six months and are available through Online Banking. You can also view your transaction history and perform transaction searches based on defined periods.

View and print statements online Nil
Requests for historical or reprints of statements

$7 for a mailed or emailed statement

 

Savings Account

Fee typeMacquarie Savings Account
Monthly account fee Nil

Electronic Banking transactions

  • Make Funds Transfers and BPAY® payments through Online Banking and Mobile Banking on an immediate or scheduled basis
Nil

Bank cheque

  • Purchase a bank cheque issued by Macquarie with funds drawn immediately from your Savings Account
  • Bank cheques can be requested by phone or at a Macquarie Branch
$10 per cheque

Real Time Gross Settlement (RTGS)

  • Transfer funds within the same Business Day to another Australian financial institution (subject to cut off time below)
$30 per transfer
Other fees  

Special clearance fee

  • Fast track a cheque deposited to your Account – normal cheque clearance times can take up to three Business Days
$18 per cheque

Dishonour fee

  • Failed Direct Debits or scheduled payments due to insufficient funds in your Account
Nil

Overdrawn fee

  • We may allow your Account to be debited even if there are insufficient funds to cover the amount of the debit either in full or in part
Nil
Interest will apply at the overdrawn rate - see the Interest Rates section

Transaction investigation fee

We can investigate a transaction on your Account.

Investigation fee

$60 for a complex investigation

$30 for a simple investigation

We will tell you which fee applies when you contact us

Statements

Statements are issued every six months and are available through Online Banking. You can also view your transaction history and perform transaction searches based on defined periods.

View and print statements online Nil
Requests for historical or reprints of statements $7 for a mailed or emailed statement

Account limits and lodgement times

Valid transaction requests must be submitted by the below lodgement times to allow for same day processing. If a request is unclear, incomplete or requires additional information, we may not be able to process it on the same day.

All times in the table below refer to Sydney time.

Transaction TypeCut off timeProcessed by usDaily Limit

Funds Transfer from your Transaction, Platinum Transaction, Offset or Savings Account to any of your Macquarie accounts available via Electronic Banking

n/a

Immediately

Up to the available balance of your Account

Funds Transfer from your Transaction, Platinum Transaction, Offset or Savings Account to another Australian bank account1

5:00pm on a Business Day

Same Business Day2

$20,0003

 

After 5:00pm or on a non-Business Day

Next Business Day2

 

BPAY® from your Transaction, Platinum Transaction, Offset or Savings Account1

5:00pm on a Business Day

Processed and treated as received by the Biller on same Business Day4

Up to the available balance of your Account5

 

After 5:00pm on a Business Day or on a non-Business Day

Processed and treated as received by the Biller on next Business Day4

 

Transfer through Real Time Gross Settlement

12:00pm on a Business Day

Same Business Day

$100,000

Bank cheques

Lodged by 9:00am on a Business Day

Collect after 11:30am on the same Business Day

Up to the available balance of your Account

 

Lodged by 12:00pm on a Business Day

Collect after 2:30pm on the same Business Day

 

Overseas telegraphic transfers6

12:00pm on a Business Day

Same Business Day

Up to the available balance of your Account

Overseas bank drafts6

12:00pm on a Business Day

Collect after:

  • 4:00pm on the same Business Day in Sydney; or
  • 10:00am the next Business Day in all other states.

Up to the available balance of your Account

Card limits

The limits set out in the table below apply per Card, per day, for a Card issued in connection with a Transaction Account, Platinum Transaction Account or Offset Account

 Transaction TypeLimit

Daily cash limit for:

  • domestic ATM or other cash withdrawals
  • purchases made by selecting 'savings' or 'EFTPOS savings' at EFT Terminals, and / or
  • cash out transactions made by selecting 'savings' or 'EFTPOS savings' at EFT Terminals
$2,000 daily

Daily debit MasterCard transaction limit – purchases made online, by telephone or when selecting 'MasterCard Debit', 'credit' or 'CR' in stores

Up to the available balance of your Account

MasterCard contactless limit with no PIN

$100 per transaction