Macquarie has come out guns blazing with its Platinum Transaction Account. You'll have free access to rediATMs, get a refund on fees incurred at all other ATMs in Australia and be charged no international transaction fees and no monthly account keeping fees. Plus you'll gain access to a range of platinum features including 90 day theft and damage protection and a concierge service when you deposit over $4,000 a month.
Yep, it's easy to see why the Platinum Transaction Account was awarded a 2021 Mozo Experts Choice Award for Exceptional Everyday Account. Not to mention the fact that Macquarie itself was crowned Mozo's Everyday & Savings Bank of the Year for 2021 and received another Mozo Experts Choice Award for its Exceptional Banking App!
With the Platinum Transaction Account you'll pay no account keeping, EFTPOS, debit, phone, internet or over the counter deposit and withdrawal fees. Add to this free withdrawals from rediATMs, one of the largest ATM networks in Australia and it's truly a great value bank account. There's also no currency conversion fee to worry about.
So far it sounds like a great fee free bank account right? But what makes it deserve the title of "platinum"? Well, now we are onto the good stuff - the perks. When you deposit over $4,000 each month, you'll gain access to complimentary:
- 90 day theft and damage protection on eligible purchases you make using the linked debit card
- Platinum 24/7 concierge services
- Cover against theft of your handbag or wallet up to $500
- Emergency travel assistance services (e.g medical evacuation, essential medicine)
- MasterCard Platinum privileges including PricelessCities, which gives you access to discount tourist experiences in the location of your choice.
Phew, that's a whole lot of complimentary features!
The Platinum Transaction Account is the ideal match for someone looking for a fee free bank account, with the added touch of platinum perks.
Do you tend to let your bank account balance go into negative? Well, keep in mind Macquarie charges a high overdrawn rate of 16.40% pa.
Balances from $0: 0.20% p.a.
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n/a
$0.00
n/a
Unlimited free transactions from any Australian ATMs, EFTPOS, phone, internet, BPAY and direct debits
$0.00
rediATM (other ATM network fees refunded)
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
n/a
$0.00
0%
$0.00 monthly
$0.00
$0.00
$2,000.00
no
yes
no
yes
no
yes
no
Minimum deposit for Platinum is $4,000 per month.
ATM fees rebated for non-network ATMs in Australia. Includes benefits of 90 day theft and damage protection, Platinum Concierge services.
none
none
none
$0.00
$0.00
0%
Apple Pay, Google Pay, PayID
Had enough of banking with Macquarie for a number of reasons Firstly the bank has never bothered to initiate NPP since its mandate in 2017. Unlike the other banks both australian and foreign Macquarie refuses to launch NPP offering instant payments to other bank accounts meaning I do not receive money transfers from friends and family until 24 hours later or more on weekends meanwhile others receive their funds instantly Secondly Macquarie have removed eftpos payment enablement from all their debit cards meaning cashouts during shopping are impossible and now the peer to peer payment app Beem it is incompatible for Macquarie cards. Macquarie have done this to maximise their interchange revenue from merchants. For those unfamiliar this means when I tap and pay for my coffee the coffee shop pays maximum merchant acquiring fees to the issuer (Macquarie bank) as all transactions to route via Mastercard. Whilst this has no effect on me as the consumer the small business is left footing a higher bill as they have no opportunity to explore cheaper payment acceptance rails Not interested in banking with an institution that maximises revenue at the cost of supporting australian businesses
Read full reviewHad enough of banking with Macquarie for a number of reasons Firstly the bank has never bothered to initiate NPP since its mandate in 2017. Unlike the other banks both australian and foreign Macquarie refuses to launch NPP offering instant payments to other bank accounts meaning I do not receive money transfers from friends and family until 24 hours later or more on weekends meanwhile others receive their funds instantly Secondly Macquarie have removed eftpos payment enablement from all their debit cards meaning cashouts during shopping are impossible and now the peer to peer payment app Beem it is incompatible for Macquarie cards. Macquarie have done this to maximise their interchange revenue from merchants. For those unfamiliar this means when I tap and pay for my coffee the coffee shop pays maximum merchant acquiring fees to the issuer (Macquarie bank) as all transactions to route via Mastercard. Whilst this has no effect on me as the consumer the small business is left footing a higher bill as they have no opportunity to explore cheaper payment acceptance rails Not interested in banking with an institution that maximises revenue at the cost of supporting australian businesses
I absolutely love the ease of use of their app. I love travelling overseas and it has the best features for travellers. I love how hassle free this bank is.
Read full reviewI absolutely love the ease of use of their app. I love travelling overseas and it has the best features for travellers. I love how hassle free this bank is.
I am generally happy with Macquarie, but find their app a bit frustrating in terms of trying to track my spending - items stay 'pending' for ages and the balance isn't always up to date, so you don't have an accurate gauge unless you go in and add up your transactions manually.
Read full reviewI am generally happy with Macquarie, but find their app a bit frustrating in terms of trying to track my spending - items stay 'pending' for ages and the balance isn't always up to date, so you don't have an accurate gauge unless you go in and add up your transactions manually.
Refunds for any ATM immediately back into your account, added bonus features with the Platinum account if you deposit enough each month, and no account fees. Use the servo ATM, use the pub ATM, and don't worry about the ridiculous fees, it's all coming back to you!
Read full reviewRefunds for any ATM immediately back into your account, added bonus features with the Platinum account if you deposit enough each month, and no account fees. Use the servo ATM, use the pub ATM, and don't worry about the ridiculous fees, it's all coming back to you!
Good phone support, low fees and little physical branches.
Read full reviewGood phone support, low fees and little physical branches.
Macquarie a global financial provider offers a variety of services to its clients. Macquarie provides a variety of products including banking, financial, advisory, investment and funds management services. Since its founding in 1969 Macquarie has become one of Australia's largest companies today.
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