Thumbnail icon for Macquarie

Macquarie Transaction Account

Account fee
$0.00
Payment options
Apple Pay, Google Pay, PayID, Garmin Pay, FitBit Pay
Interest rate
0.35% p.a.

Mozo editorial review Macquarie Transaction Account

Last updated: 24 March 2020.

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What's hot
  • Multiple Mozo Experts Choice Awards - 2019 and 2020
  • $0 ongoing account fees
  • No international transaction fees
What's not
  • No interest on balances under $5,000
Mozo snapshot

If fee-free banking is the aim of your game, then the multi-award-winning Macquarie Transaction Account could be the match for you. Not only was it crowned one of Australia's Exceptional Everyday Accounts in the 2020 Mozo Experts Choice Awards, but it also took out a best Travel Debit Card Award in 2019 too.

On top of this, this account comes with no account-keeping or international transaction fees, and unlike many bank accounts, you’ll also be able to earn 0.35% p.a. interest on all balances. And if you love the ease of online banking then you'll be thrilled to know that Macquarie also won the 2019 Mozo Experts Choice Award for best Internet Banking.

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Key features

The Macquarie Transaction Account keeps hits the ground running with no ongoing account fees and unlimited free transactions via a number of mediums including BPAY, direct debit, EFTPOS, phone or online.

With the Macquarie Transaction Account, you’ll also be able to make the most of one of Australia’s largest ATM networks thanks to free withdrawals from over 3,000 rediATMs. Not to mention, Macquarie will even refund you if you're charged a network fee for using other ATM networks.

On top of all this, having a Macquarie Transaction Account means you can leave your wallet and linked Mastercard debit card at home, thanks to the different cardless payment options on offer, such as Apple Pay, Google Pay, PayID, Garmin Pay and FitBit Pay.

Need access to your cash overseas? With the Mastercard debit card that’s linked to your Macquarie Transaction Account, you’ll be able to shop abroad or online at international stores without incurring any international transaction fees - whether over the counter or at an ATM.

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Who is it good for

The Macquarie Transaction Account could be a handy choice for anyone looking to ditch bank account fees while having plenty of access to their cash through an extensive Australian ATM network, and possibly for travellers or online shoppers looking to avoid international transaction fees altogether.

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Any catches

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.

Details

Rates and fees information correct as at 1 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.35% p.a.
    Balances from $5,000: 0.35% p.a.

  • n/a

  • n/a

Fees
  • $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

Other financial bits
  • $0.00

  • $0.00

Features
  • $2,000.00

  • no

  • yes

  • no

  • yes

  • no

  • yes

  • no

  • Available to customers 14 years old and over.

  • ATM fees rebated for non-network ATMs in Australia.

Atm card
  • none

  • none

  • none

Debit card
  • $0.00

  • $0.00

  • 0%

Payment options

Apple Pay, Google Pay, PayID, Garmin Pay, FitBit Pay

Customer Reviews

How are Macquarie bank accounts rated by the Mozo community?

Overall
7.9/10
Price
7.9/10
Features
7.1/10
Customer service
8.3/10
Convenience
7.3/10
Trust
8.5/10

Latest reviews of Macquarie Transaction Account

  • Overall 10/10
    Amazing product, great customer service.

    Easily the best bank I've ever dealt with, as previous switching from Westpac, Macquarie Bank was a breath of fresh air. Their signup process was stupid simple, the product offers great features especially for travellers and I love how easy their support team are to deal with. For simple enquiries I can even just send them an email. They also offer the best mobile and desktop banking of any bank I've ever seen, cannot rate or recommend them any higher. I've already converted over 3 other friends and my entire family.

    Read full review

    Easily the best bank I've ever dealt with, as previous switching from Westpac, Macquarie Bank was a breath of fresh air. Their signup process was stupid simple, the product offers great features especially for travellers and I love how easy their support team are to deal with. For simple enquiries I can even just send them an email. They also offer the best mobile and desktop banking of any bank I've ever seen, cannot rate or recommend them any higher. I've already converted over 3 other friends and my entire family.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Josh, Victoria reviewed 4 months ago
  • Overall 8/10
    Low currency conversion fees, no monthly fees.

    Macquarie Bank are easy to contact, and have local staff available to chat. We used their transaction account as a travel account as they had the lowest currency exchange rates when we signed up, and we had no trouble overseas using our cards anywhere. The app is easy to use and understand, and there was no monthly ongoing fees or minimum to deposit to keep it going.

    Read full review

    Macquarie Bank are easy to contact, and have local staff available to chat. We used their transaction account as a travel account as they had the lowest currency exchange rates when we signed up, and we had no trouble overseas using our cards anywhere. The app is easy to use and understand, and there was no monthly ongoing fees or minimum to deposit to keep it going.

    Price
    9/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Kylie, Queensland reviewed 6 months ago
  • Overall 6/10
    No local branches.

    Macquarie is a good bank but the lack of branches isn't good.

    Read full review

    Macquarie is a good bank but the lack of branches isn't good.

    Price
    7/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    1/10
    Trust
    8/10
    Less
    Tammy, New South Wales reviewed 7 months ago
  • Overall 8/10
    Excellent call centre support.

    The best customer call centre I have ever dealt with, for any product. Every time they have been helpful, able to solve any issues, offer solutions, and it's so quick and easy to get through to them. None of those stupid 'press 1 for..., press 2 for..., press 157 for...'

    Read full review

    The best customer call centre I have ever dealt with, for any product. Every time they have been helpful, able to solve any issues, offer solutions, and it's so quick and easy to get through to them. None of those stupid 'press 1 for..., press 2 for..., press 157 for...'

    Price
    9/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    6/10
    Trust
    8/10
    Less
    Natalie, Western Australia reviewed 8 months ago
  • Overall 10/10
    Wonderful.

    They are great, they refund all my eftpos charges, customer service is great as well.

    Read full review

    They are great, they refund all my eftpos charges, customer service is great as well.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Christine, New South Wales reviewed 10 months ago
Macquarie

About Macquarie

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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