Steps to view interest rate

To view your interest rate information on the Macquarie Mobile Banking app or Macquarie Online Banking:

  1. Select your transaction or savings account from the account list
  2. Select the I want to button
  3. Select View account details in the menu
  4. All interest rate details including your interest rate and total interest earned is listed under the Interest details section.

How is interest calculated?

If interest is payable on your account, it’s calculated on a daily basis using the following formula:

Daily closing balance X interest rate applicable to your Account/365.

The daily closing balance is the credit balance of your account at the end of a day. It includes all cleared and uncleared funds that have been deposited into your account within the lodgement times.

Stepped interest is payable on deposits in Macquarie Transaction, Savings and Business Savings Accounts based on your balance. Rates are variable and subject to change. Each rate applies to the portion of the total balance that falls within that balance bracket.

Interest is credited to your account monthly at the end of each calendar month. If you close your account, we’ll pay you any interest you’ve accrued on the day your account is closed. There is no interest paid on deposits in Macquarie Offset accounts.

Interest calculations are rounded to the nearest cent. All current interest rates are available on our website.

Where we tell you that stepped interest applies to your account, there may be different interest rates applicable to different portions of your account balance. This is described further in the example below.

For example, a customer has a savings account with a daily closing balance of $1,100,000 and the following stepped interest rates apply:

BalanceInterest rate
Up to $250,0004.75% p.a.
$250,000.01 – $1,000,0004.75% p.a.
$1,000,000.01 and above3.35% p.a.

The customer would receive:

  • 4.75% p.a. interest on the first $250,000
  • 4.75% p.a. interest on the amount between $250,000.01 and $1,000,000, and
  • 3.35% p.a. interest on the amount over $1,000,000.01. 

What about welcome rates?

Where you haven’t held a Macquarie Savings Account before, the welcome rate applies for four months from account opening, up to $250,000. On balances greater than $250,000 standard stepped variable interest rates apply. The four-month welcome rate period is 121 days inclusive of the account opening date. Interest is credited to your Account at the end of a calendar month and on the day that the Account is closed.

The welcome rate applies instead of (not in addition to), the standard stepped variable rate that would otherwise apply to that portion of the balance of your Savings Account. There are no withdrawal or deposit conditions to receive the welcome rate.

After four months and on additional Savings Accounts, the standard stepped variable interest rates apply to your Savings Account balance. You can find out more about interest and our current interest rates on our website.

The welcome rate may change from time-to-time and any bonus offer may be removed by us at any time. Offer available on one Savings Account per person (whether the Account is in single or joint names). For example, if you receive the welcome rate on a joint account, you won’t be eligible to receive the rate again on an individual account. Please note, welcome rates are not applicable to the Business Savings Account.

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