A term deposit is a cash investment that allows you to lock in a fixed interest over a set time period.
Macquarie offers two types of term deposits depending on your entity type:
For more information on which term deposit you need please see Understanding your term deposit options.
Macquarie Digital Term Deposits and Macquarie Term Deposits up to $250,000 are protected by the Government Guarantee.
To open (and keep open) a Macquarie Digital Term Deposit, you’ll need to:
Macquarie Digital Term Deposits can only be opened directly by the account holder or holders. If you hold a Power of Attorney or Enduring Power of Attorney you can’t open a term deposit account on behalf of the account holder.
To open (and keep open) a Macquarie Term Deposit, you’ll need to:
For full requirements based on the type of account you’d like to open, visit What you need to open a Term Deposit.
You can open an individual or joint term deposit online via the Macquarie Mobile Banking app or Macquarie Online Banking.
Note: To open a Macquarie Digital Term Deposit, you’ll need to have a Macquarie Transaction or Savings Account prior to opening your Term Deposit.
To open a term deposit in another structure e.g. on behalf of a company or trust:
Macquarie Digital Term Deposits can be opened and funded within a few minutes. Funds are transferred from the selected Macquarie Transaction or Savings Account on account opening.
The interest rate applicable on your account is set when your account is opened.
We aim to open your Macquarie Term Deposit within 1 business day of receiving your application, provided the Macquarie Term Deposit has been funded and all required information and documents are provided.
The interest rate applicable on your account is set when your account is opened, once all application conditions have been satisfied. Any interest will be earned from the time funds are credited to your account.
You will receive a confirmation email as soon as your account is set up.
Funds will be deposited directly into your term deposit from your Macquarie Transaction or Savings Account on account opening.
Once your Macquarie Digital Term Deposit is opened and funded, you can’t deposit additional funds.
You must make a deposit at account opening to fund your Macquarie Term Deposit. Funds will be deposited into your Macquarie Term Deposit account via direct debit from your nominated bank account, in accordance with the direct debit request (DDR) you submitted when you applied for your account.
You must ensure that your nominated bank account details are correct and there are sufficient cleared funds for your investment amount.
If the direct debit fails and your Macquarie Term Deposit is not funded within a reasonable period after account opening, we may close your Macquarie Term Deposit, and you will be required to start a new application.
Once your Macquarie Term Deposit is open and funded, you can’t deposit more funds into that same account. Instead, you’ll need to open a new Macquarie Term Deposit.
The number of days in each term can vary depending on the days of the month. The maturity date is based on the day of the month the account was opened. For example, if a 3-month term deposit is opened on the 15th March, the maturity date for this term deposit will be the 15th June.
The number of days in each term can vary depending on weekends and public holidays. For example, for a 9-month term deposit, the term length will be a minimum of 270 days (calculated as 30 days x 9). In some cases, the number of days in a 9-month term may be longer than 270 days. This is due to the fact that Macquarie Term Deposits cannot mature on days that are not State Business Days; in such circumstances, the maturity date will fall on the next State Business Day. State Business Day is defined in the Macquarie Banking Terms and Conditions.
Note: the term length for a Macquarie Term Deposit that is 1-year or longer, will be calculated as ‘365 x number of years'. For example, a 2-year Macquarie Term Deposit will be a minimum of 730 days (calculated as 365 days x 2).
Input search
You can contact us anytime via Q in the Macquarie Mobile Banking app or Macquarie Online Banking.
Please get in touch as soon as possible so we can work together to find the right solution for you.
Everyone at Macquarie is committed to providing our clients with the highest standard of products and services available. If you have feedback we would like you to tell us about it.
