In a significant innovation to the way Australians manage their money, Macquarie Bank is increasing the variable interest rates on its everyday transaction account to be the same as its high interest savings account – a move which will help more Australians meet their savings goals.
Macquarie Bank customers will now earn the same interest rate on their transaction accounts as Macquarie’s ongoing high interest savings account rate. For balances up to $250,000, the interest rate is more than 145 basis points above the industry average for transaction accounts – with highly competitive stepped interest rates for balances above this amount. The new rates are effective 17 June, 2022.
The industry first move gives customers the confidence they are earning higher interest regardless of what account their money is in. Macquarie’s transaction account also has no minimum balance or deposit requirements, no transaction conditions, and no need to lock money away for a set period to receive the interest rate.
The account is supported by Australia’s fastest digital account opening experience, which allows customers to apply for an account, have their identity verified and start banking online in as little as one minute. Customers can instantly load their new debit card into their Apple or Google wallet so they can start using their account straight away.
This capability is powered by Macquarie’s industry leading digital banking platform, which facilitates faster and more intuitive digital experiences for customers. Macquarie is the first Australian bank of size, and one of just a handful globally, running its core banking platform on the public cloud, which unlocks far greater speed and processing power for its customers.
Macquarie’s Head of Payments and Deposits, Olivia McArdle, said Macquarie wanted to transform what a bank account looked like to reward customers for banking with Macquarie.
“We saw a real opportunity to transform what the everyday banking experience looks like for Australians,” Ms McArdle said.
“It’s time Australians earned interest on their everyday bank accounts. That’s why we’re now applying the higher ongoing savings account interest rate to our transaction accounts. The concept of having to shuffle your money between separate online savings accounts just to earn competitive interest felt outdated and inefficient. We wanted to redesign the whole experience based around the needs of our customers.
“We’ve also completely rethought and rebuilt the account opening experience and the feedback we’ve received from customers so far has been very positive. In as little as a minute, you can apply for an account, verify your identity, load your new debit card into your digital wallet and start saving or spending right away.”
Ms McArdle said in the rapidly evolving interest rate environment, customers were rightly focused on the interest rates they received on their deposits.
“We know that there are hundreds of billions of dollars sitting in everyday transaction accounts across Australia earning close to 0% p.a. in interest. By comparison, Macquarie will pay 1.50% p.a. on its transaction accounts and importantly, we won’t make customers jump through hoops to get the higher rate – there’s no charges, fees or deposit conditions.”
“Our focus is on making banking more seamless and intuitive, and that means empowering our customers to manage their money in a way that best suits them. Whether you want to keep funds in your easy-to-access transaction account or organise it into multiple savings accounts or buckets, we’re giving customers the confidence to manage their money their way and still earn a great ongoing interest rate.”
In addition to the higher transaction account interest rate, new Macquarie customers will also receive the welcome rate of 1.80% p.a. on their first savings account for four months on balances up to $250,000.
The new 1.50% rate will also be applied to Macquarie’s existing customers with a transaction account.
Additional information:
Since mid-May, Macquarie’s one year term deposit rate has been 2.75%, and two year term deposit rate has been 3.3%. So far this year, Macquarie has increased some of its term deposit rates by between 0.85% and 2.7%.
