Understanding interest rates and fees for Bank Accounts

You can find information about our interest rates on the following pages:

• Transaction Accounts
• Savings Accounts (including welcome rates)
• Business Savings Accounts
• Cash Management Accounts
• Cash Management Accelerator Accounts
• Wrap cash hubs

Already have a Macquarie account?

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

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

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.

For Cash Management and Cash Management Accelerator Accounts, and Wrap cash Hubs, this will be 366 if it is a leap year.

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 to your account within that day, but excludes any interest amounts credited.

Stepped interest is payable on deposits in Macquarie Transaction, Savings,  Business Savings Accounts and Cash Management Accelerator Accounts based on your balance. See How does stepped interest work?

Interest calculations are rounded to the nearest cent.

Interest is credited to your account monthly at the end of each calendar month for Transaction, Savings and Business Savings Accounts. For Cash Management, Cash Management Accelerator Accounts and Wrap cash hubs, interest is credited on the last business day of each month. If any of the last days of the month are not business days then any interest accrued on those remaining days will be credited the following 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.

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.

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

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
• 2.50% p.a. interest on the amount over $1,000,000.01 and above.

Rates are variable and subject to change. Each rate applies to the portion of the total balance that falls within that balance bracket.

When you open your first Macquarie Savings Account, a welcome rate will apply for four months from account opening, on funds 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 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 on the welcome rate, 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.

Welcome rates are not applicable to these accounts.