If interest is payable on your Account, it is 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 specified in this article.

Stepped interest is payable on deposits in Macquarie Transaction & 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 a calendar month and on the day that the 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:

Balance Interest Rate
Up to $250,000 X% p.a.
$250,000.01-$1,000,000 Y% p.a.
$1,000,000.01 and above Z% p.a.

The customer would receive:
  • X% p.a. interest on the first $250,000
  • Y% p.a. interest on the amount between $250,000.01 and $1,000,000 and
  • Z% p.a. interest on the amount over $1,000,000.01.
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Thank you. If you’d like to provide further feedback about your recent experience, please head to our Feedback and Complaints page.

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