3.1 Who can open an Account?
To open (and keep open) an Account, you must be over 12 years of age, reside in Australia at the time of application and have:
- a permanent Australian residential address
- an Australian mobile phone number, and
- a valid email address.
This is a digital-only account and therefore you must have internet access and an electronic device to operate this product.
Each type of Account has further eligibility requirements, which you will be notified about during the application process.
3.2 Additional requirements for Savings Accounts
To open (and keep open) a Savings Account, you must hold a Transaction Account. Your Savings Account must:
- be in the same name(s) as your Transaction Account, or
- for joint Transaction Account holders, in any one Transaction Account holder’s name or combination of existing Transaction Account holders’ names.
3.3 Joint Accounts
If your Account is a joint Account you should understand:
- we will accept instructions to operate the joint Account from any holder
- all holders are liable, both jointly and severally, for any associated fees, charges, costs or overdrawn amounts in connection with your Account
- all holders are liable, both jointly and severally, for any transactions made on your Account
- in the event of death of one of the Account holders, the credit balance of the Account will be treated as owing to the remaining Account holder(s)
- we may accept a cheque into your joint Account which is payable to one or more of the Account holders.
Joint Accounts are not available to company or corporate trustee applicants.
If you have concerns with the way your joint Account is being operated, you can contact us. We may be able to place a stop on the Account. Refer to section 9.2 (Stopping your Account) for details.
If you are experiencing financial difficulty and you ask us to, we can discuss your financial situation and begin to assist you without involving the other Account holder.
3.4 Offset Accounts
You can open a new Offset Account or switch an existing Macquarie Transaction Account into an Offset Account if you hold an eligible Macquarie home loan and link your Transaction Account to that eligible home loan.
To be eligible for use in an Offset Arrangement, a Transaction Account must be held in:
- the same name(s) as the eligible home loan, or
- one or more of the name(s) in which the eligible home loan is held.
Offset Accounts can reduce the amount of interest you pay on your eligible home loan. However, Offset Accounts do not pay any credit interest (even if the balance in the Offset Account exceeds the balance in your eligible home loan).
You may close your Offset Account or switch your Offset Account to a Macquarie Transaction Account by giving us seven days’ written notice or by calling us. You may not operate an Offset Account that is not linked to an eligible home loan. If your Offset Account is not linked to an eligible home loan, it will become a Transaction Account.
3.5 Office Holders
This section 3.5 (Office Holders) only applies if you hold one of our eligible home loan accounts and your Transaction Account is held in the name of a company or a corporate trustee.
You authorise and instruct us to follow any instructions given by any Office Holder(s) at all times unless we have been notified of a dispute involving one or more of them, in which case we may take such steps as we consider reasonable in the circumstances, including by restricting your Account in accordance with section 9 (Stopping and closing your Account).
An Office Holder on an Account may:
- access information about the Account
- make withdrawals and payments from the Account using any method agreed by us (including, without limitation, Online Banking and Mobile Banking)
- subject to section 5 (Card conditions of use), be issued with a Card (where available for the Account type)
- change details on the Account
- add or remove third parties from the Account in accordance with section 8 (Data sharing and third parties) and/or
- close the Account.
3.6 Tax File Number (TFN)
You may need to pay tax on interest earned on your Account. We recommend that you seek independent tax advice.
If you have a TFN, you may quote it to us when you open an interest bearing Account or at a later time of your choosing. Macquarie is authorised to collect individual's TFNs under the Income Tax Assessment Act 1936 (Cth).
It is not compulsory for you to supply us with your TFN and it is not an offence if you decline to quote your TFN to us. However if you do not supply us with your TFN or an exemption status, then we are required by law to deduct withholding tax from any interest earned on your Account at the highest applicable marginal tax rate, plus the Medicare Levy, and forward this amount to the Australian Taxation Office (ATO).
If you tell us your TFN, we are required by law to pass it on to the ATO. We will not tell anyone else your TFN and will keep it confidential. We will comply with the guidelines set down by the Privacy Commissioner and we will not use your TFN for any purpose other than as required by this section 3.6 (Tax File Number).
Where the ATO is satisfied that a TFN is not the correct one, the ATO may notify us of that fact and:
- substitute the correct TFN, or
- remove the incorrect TFN.
Where the TFN is removed, withholding tax may be charged until the correct TFN is provided.
If we deduct withholding tax in error from your investment distribution or interest income (for example, you quoted your TFN but we failed to record it) and this is discovered before 30 June of the current tax year, we may refund to you the amount of withholding tax previously deducted and correct all reporting provided to the ATO for tax purposes.
If we deduct withholding tax from your investment distribution or interest income because you chose not to quote your TFN, you forgot to do so, or an error was discovered post 30 June of the relevant tax year, we will not refund you the amount of withholding tax previously deducted. In these circumstances you may be able to claim a credit for the withholding tax in your income tax return and we recommend you seek independent financial advice.
Where you are not a resident of Australia for income tax purposes or you have an address outside of Australia recorded, we will deduct withholding tax from interest earned on your Account at the rate of 10%.