Macquarie Bank simplifies banking for Australian businesses with the removal of fees from business deposit accounts

Macquarie Bank has announced its business customers will no longer pay any fees for account keeping or electronic transactions.

The launch of fee-free transaction, savings, at call investment and trust accounts for businesses means Macquarie’s clients will pay no monthly account keeping, electronic transaction or dishonour fees from this week. Macquarie’s decision to remove the fees has been enabled by its continued investments focused on digitising its banking platform and processes, with productivity savings increasingly being shared with customers.  

Dean Firth, Head of Business Banking at Macquarie Bank, said: “Business owners repeatedly tell us that the fees many banks charge are often confusing and they’re left wondering what they’re actually paying for. We think Australians deserve more transparency and a fairer deal when it comes to their banking arrangements. The fee-free and no hoops transaction and savings account offering enjoyed by our personal banking customers continues to resonate strongly, so we wanted to leverage the efficiencies offered by our digital platform to expand this simpler banking experience to business customers too.”

The decision will align Macquarie’s business accounts with its existing offering to personal banking customers who pay no fees on personal transaction and savings accounts. Macquarie refunds any fees charged to its customers when they withdraw money from an ATM or participating retailer in Australia using their debit card and charges no Macquarie fees on withdrawals from ATMs overseas. Macquarie also charges no international fees on overseas purchases, both in-store and online.

Macquarie has approximately two million customers across Australia and has grown to become Australia’s fifth largest household lender and deposit holder.¹ Macquarie’s high-interest and no hoops savings account offering has helped the bank grow deposits from households by approximately 28% over the past year.¹

Firth added, “The investment we have made in digitising our banking platform and processes continues to deliver productivity gains for us and we want share that benefit with our customers.”

1. APRA Monthly Authorised Deposit-taking Institution Statistics for MBL, May 2025