The banks make too much extra on long term deposits. With banks making huge profits the difference between lending and borrowing interest rates should be closer together. They seem to want your money, pay you not much for them to make a big profit.
Always read the fine print and always ask if unsure about anything. The main thing I found was that they were not very pro-active when it came to things that a first-timer would not understand.
I did not encounter any problems since I opened an account with Macquarie. I do all my transactions and dealings online with their user friendly platform its a breeze. The interest rate on their is very attractive and terms are flexible which suits my needs. I would recommend anyone with savings in mind to look at Macquarie.
It seems very hard to find a financial institution where you can invest super funds from your own self managed fund and get a good rate. Super funds are treated like a business and there seems to be a difference to private funds, even though money is the same. I have had this argument with a number of banks, but Macquarie give me a good rate for these funds. I am happy with the service.
With the crash last year, everyone was trying to withdraw all their savings. Macquarie were very helpful with their advice and forthcoming with the overall situation.
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