A savings account is a basic financial tool that allows you to deposit and earn interest on your money while keeping it safe and easily accessible. With so many savings account options available, it can be overwhelming to choose the right one for your needs. This is where Macquarie Bank’s Savings Account comes in. Macquarie Bank is a leading financial institution in Australia, established in 1969, and known for its innovative financial products and services. In this article, we will take a closer look at the Macquarie Savings Account, its features, benefits, and how it compares to other savings accounts available in the Australian market.
Macquarie Savings Account features
The Macquarie Savings Account is a high-interest savings account offered by Macquarie Bank in Australia. It offers a competitive interest rate that is currently higher than the average interest rates offered by other banks in Australia. The account comes with a range of features, including:
- High-interest rate: The account offers a competitive interest rate that is higher than the average rate offered by other banks in Australia.
- No minimum balance: There is no minimum balance required to open or maintain the account, making it accessible to a wide range of customers.
- No fees: There are no account-keeping fees or transaction fees associated with the account.
- Unlimited withdrawals: Customers can make unlimited withdrawals from the account without incurring any fees or penalties.
- Online and mobile banking: Customers can manage their accounts online or through the Macquarie Bank mobile app, allowing for convenient and easy access to their savings.
- Linked accounts: The account can be linked to other Macquarie Bank accounts, making it easy to transfer funds between accounts.
- FDIC insured: The account is FDIC insured up to $250,000 per depositor, providing an added layer of protection for customers’ savings.
Interest rates offered by the Macquarie savings account and how they compare to other savings accounts in Australia.
The Macquarie savings account offers a competitive interest rate compared to other savings accounts in Australia. As of September 2021, the standard variable interest rate is 0.95% p.a. for balances up to $250,000. However, this rate is subject to change at any time, as it is a variable rate. Macquarie Bank also offers bonus interest rates for customers who meet certain criteria, such as making regular deposits and not making any withdrawals. This bonus interest rate can bring the total interest rate up to 1.35% p.a., making it a very attractive option for savers. It’s always important to compare the interest rates of different savings accounts before making a decision, as rates can vary widely between banks and accounts.
Fees and charges associated with the Macquarie savings account and how they compare to other savings accounts in Australia.
Macquarie savings account has no monthly account-keeping fees, transaction fees, or fees for using Macquarie online banking. Additionally, there are no fees for deposits or withdrawals, whether they are made in person, online, or over the phone. This makes it a good option for those who want to avoid fees.
However, there are certain fees associated with the account, including fees for international transactions, dishonored payments, and certain types of electronic transactions. It is important to review the account’s Product Information Statement (PIS) for a full list of applicable fees.
When compared to other savings accounts in Australia, Macquarie’s fees and charges are generally competitive, although some other providers may offer lower fees or no fees at all.
It is worth noting that the Macquarie savings account requires a minimum deposit of $5,000 to open the account. Additionally, customers must maintain a minimum balance of $5,000 to earn the maximum interest rate. If the balance falls below this amount, the interest rate will drop.
Requirements to open and maintain a Macquarie savings account
To maintain the account, there are no specific ongoing requirements such as minimum deposits or account balances. However, it’s important to keep in mind that the interest rate is tiered based on your account balance. So, maintaining a higher balance will result in a higher interest rate.
It’s also important to note that the Macquarie savings account is only available to individuals and not to businesses or organizations.
How the Macquarie savings account can be managed?
The Macquarie savings account can be easily managed through online and mobile banking options. Customers can access their account information, view transactions, and transfer funds between accounts through Macquarie’s online banking platform. The mobile app also provides a convenient way to manage the account, allowing customers to check their balance, view transactions, and transfer funds on the go.
Macquarie Bank also offers customer support through various channels, including phone, email, and online chat. Customers can contact the bank’s support team for any questions or concerns related to their savings account.
In addition, the Macquarie savings account comes with several other features, such as the ability to set up automatic savings plans and track savings goals. The account also provides access to Macquarie’s market insights and research, which can be helpful for customers looking to make informed investment decisions.
Overall, the Macquarie savings account provides customers with a convenient and user-friendly way to manage their savings, with access to helpful features and customer support.
Pros and Cons of the Macquarie savings account
Pros:
- High-interest rate compared to other savings accounts in Australia.
- No account-keeping fees.
- No minimum balance requirement.
- Free and unlimited online transactions.
- Access to Macquarie’s award-winning banking app.
- 24/7 customer support.
Cons:
- Limited branch network.
- Limited ATM network.
- No physical branches, which may not be suitable for those who prefer in-person banking.
- No option to link to an everyday transaction account.
Overall, the Macquarie savings account offers a competitive interest rate and no account-keeping fees, making it a good option for those looking to grow their savings. However, the limited branch and ATM network may not be suitable for everyone, and the lack of an option to link to an everyday transaction account may be inconvenient for some.
Macquarie savings account Comparison to other popular savings accounts in Australia
Here are some popular savings accounts in Australia that can be compared to the Macquarie savings account:
- ING Savings Maximiser: This account offers a high variable interest rate for balances up to $100,000 and no fees. It also has a linked transaction account and offers mobile banking, however, it does require customers to deposit at least $1,000 per month and make 5 or more card purchases.
- UBank USaver: This account offers a competitive interest rate with no fees and allows unlimited transactions. It also offers a linked transaction account and has mobile banking, but does require customers to deposit at least $200 per month.
- Commonwealth Bank NetBank Saver: This account offers a high variable interest rate for balances up to $5 million and no fees. It also has a linked transaction account and offers mobile banking, but requires customers to link it to a Commonwealth Bank transaction account.
Compared to these accounts, the Macquarie savings account offers a competitive interest rate with no fees or account-keeping requirements, making it a good option for those who want a simple and low-maintenance savings account. However, it does not offer a linked transaction account or mobile banking, which may be a drawback for some customers. It also has a minimum balance requirement of $5,000, which may be a limitation for those who want to start with a lower balance.
Final thoughts
The Macquarie savings account offers competitive interest rates and a range of convenient features for savers looking for a high-yield, low-fee savings account. While there are some account requirements to be aware of, such as the minimum balance and the need to link an external transaction account, the benefits of the account may outweigh any potential drawbacks for many savers.
When compared to other popular savings accounts in Australia, the Macquarie savings account stands out for its attractive interest rates and range of features. Overall, the Macquarie savings account is a strong option for savers looking for a reliable and convenient way to grow their savings. However, as with any financial product, it’s important to carefully consider your own financial goals and needs before choosing a savings account.
