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 $2,100,000 and the following stepped interest rates apply:

The customer would receive:

• 5.00% p.a. interest on the first $250,000
• 5.00% p.a. interest on the amount between $250,000.01 and $2,000,000, and
• 2.75% p.a. interest on the amount over $2,000,000.01 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.

Our welcome rate applies to your first savings account on balances up to and including $250,000.

Our welcome rate:

• applies for four months, from the date the account is opened;
• is variable, so it may change during the period; and
• will remain at or above the savings account variable ongoing rates.

The welcome rate offer shown on our website changes from time to time. Customers may receive different welcome rates depending on when they apply for their account. Once you’ve opened your first savings account, your welcome rate can be found by logging into Macquarie Online Banking or the Macquarie Mobile Banking app.

Our variable ongoing rates will apply:

• to balances above $250,000 during the welcome rate period;
• after the welcome rate period; and
• for any other savings accounts you hold.

If you hold, or have held, a savings account individually or jointly, the welcome rate won’t apply to any other savings account you open.

The welcome rate offer may be removed by us at any time.

Welcome rates are not applicable to these accounts.