What term deposits does Macquarie bank offer?
Macquarie Bank offers a broad range of term deposit products to its customers with competitive fixed interest rates.
Macquarie’s Head of Payments and Deposits Olivia McArdle said Macquarie customers can choose from a wide range of term deposit products based on their individual circumstances and how they choose to manage their money.
“We offer shorter term options, which provide people with the opportunity to put their money into an account for periods from one month up to one year, all the way through to term deposits with a maturity date of up to five years for people who would like to set aside their money and guarantee their interest rate for a longer period of time,” Ms McArdle told Savings.com.au.
“When our customers invest in a Macquarie term deposit they can have peace of mind that their money is safe, secure and working for them to earn a competitive rate on their money.”
Compare some of Macquarie Bank’s term deposits in the table below.
| Bank | Term Deposit | Interest Rate | Interest Frequency | Term | Automatic Rollover | Maturity Alert | Early Withdrawal Available | Minimum Deposit | Maximum Deposit | Notice Period to Withdraw | Account Keeping Fee | Online Application | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4.95% p.a. | At Maturity | 3 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.90% p.a. | At Maturity | 6 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.90% p.a. | At Maturity | 4 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.85% p.a. | Annually | 12 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.85% p.a. | At Maturity | 9 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.79% p.a. | Semi-Annually | 12 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.76% p.a. | Quarterly | 12 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.75% p.a. | Monthly | 12 months | $5,000 | $1,000,000 | – | – | |||||||||||||
4.70% p.a. | At Maturity | 3 months | $1,000,001 | $10,000,000 | – | – | |||||||||||||
4.65% p.a. | At Maturity | 6 months | $1,000,001 | $10,000,000 | – | – |
Macquarie term deposit features
Flexible interest payments and investment terms
You have the freedom to choose how often you receive interest payments - monthly, quarterly, annually, or at maturity - across a range of term deposit lengths including 1, 2, 3, 4, 6, 9, 12, 24, 36, 48, and 60 months.
You’ll also have the option to automatically roll over your account into a new term deposit should you wish after the existing one reaches maturity.
Fee free
You don’t have to worry about establishment or account-keeping fees as there are none with Macquarie.
“With Macquarie’s award winning term deposits there are no start-up fees, and our customers can choose how often they receive interest payments to suit their needs and overall investment strategy,” Ms McArdle said.
However, if you close your account prior to maturity, you will be penalised via an interest adjustment. The interest adjustment is 25% of earned interest and will be deducted from the interest paid to you.
If you wish to withdraw funds prior to maturity, you must provide 31 days notice unless you’re experiencing financial hardship.
Award-winning SMSF solution
By linking Macquarie’s award-winning term deposit and cash solutions, you can simplify various aspects of your self-managed super fund (SMSF).
“For those customers who are using Macquarie term deposits as part of their SMSF strategy, they’re able to link their term deposit account directly to their Macquarie Cash Management Account (CMA), which gives them greater visibility of their investments, as well as increased flexibility and control over their overall cashflow,” Ms McArdle said.
“Additionally, by linking their term deposit to Macquarie’s other cash solutions, they are able to simplify a variety of SMSF processes such as their accounting and end of financial year reporting by utilising the Macquarie CMA’s market leading data feeds and connectivity features.”
Easy account management
If you’re an existing Macquarie client, you’ll have the ability to connect your term deposit account with your Macquarie Cash Management Account (CMA) to help you better manage your investments and cash flow.
“Once an account is opened, Macquarie customers can securely access and manage their term deposit within Macquarie’s award winning mobile banking app,” Ms McArdle said.
“This means they can quickly and easily view their balance, rate and maturity details, as well as being able to manage their term deposit instructions such as whether they would like to withdraw or reinvest their funds at maturity.”
Government guarantee
Deposits are protected under the Australian Government Guarantee up to a limit of $250,000 for each account holder at Macquarie Bank.
Interest paid
Customers have the option to have interest paid into any Australian Bank.
Macquarie term deposit eligibility
To open a Macquarie term deposit account, customers need to be:
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18 years or older
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a permanent resident of Australia; and
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have a minimum deposit of $5,000.
And if you’re busy during office hours and can’t get to a local Macquarie branch, setting up a term deposit can be as easy as going online. All you need to do is fill out an application form with electronic verification to open an account, which can be completed in as little as 10 minutes.
Required documents
Additionally, you’ll need to provide an Australian mobile number and the following types of Australian-issued forms of identification:
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Driver’s license or passport
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Tax File Number, ACN, or ABN (if applicable).
You will also need to provide personal details including your name, date of birth, Australian residential address, and email address.
Image by Melissa Walker Horn via Unsplash
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