This bank account gives you easy access to your money while also paying 2.75% interest on your balance. There's no withdrawal restrictions or deposit requirements - you can access your money whenever you need using the Debit Mastercard, Apple Pay or Google Pay. You'll also have all Australian ATM fees refunded back into your account.
🏆 Finder award
Macquarie Transaction Account
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $0
Our verdict
Earn 2.75% on your transaction account balance and pay no account fees, no international fees and get refunds on all Australian ATM fees.
Finder Awards winner
This transaction account is quite unique because not only does it provide easy access to your money with very few fees, it also pays interest on your balance. Most transaction accounts don't offer any interest, so this is a great perk and helps you earn more money without having to do anything (there are no conditions to meet).
Pros
-
Earn interest on your balance
-
No ATM fees
-
No international purchase fees
-
No monthly account keeping fees
-
Convenient on-the-go banking with the mobile banking app
Cons
-
No branch access
Details
Key details
| Product Name | Macquarie Bank Transaction Account |
| Monthly account fee | $0 |
| Card access | Mastercard |
| Own network ATM fee | $0 |
| International ATM Fee | International ATM fee $0 |
| International transaction fee | 0% |
| Monthly deposit required to waive account fee | N/A |
| Contactless Payments | Apple Pay, Google Pay |
Eligibility
| Minimum Age | 12 |
| Joint account availability | Yes |
| Minimum opening deposit | N/A |
| Residency status | Permanent Australian residents with an Australian address |
Congratulations, Macquarie!
Macquarie Transaction Account received the following awards in the 2024 Product Awards:
- 'Transaction Account' - Winner
- 'Travel Debit Card' - Highly Commended
Key features
No monthly account keeping fee
You will not be charged any monthly account keeping fees.
Earn 2.75% on your balance
This transaction account is unique because it pays interest on your money, while also giving you compete access to it for day-to-day purchases. You'll earn 2.75% on your balance, with no conditions to meet.
Debit Mastercard
Your account is linked to a free Debit Mastercard which allows you to make withdrawals at ATMs as well as make purchases in store and online wherever Mastercard is accepted. This includes within Australia and overseas.
"With a Macquarie Bank account I get access to Macquarie Marketplace where I can purchase eGift cards at a discount of up to 10% at major retailers like Coles, Woolies, Bunnings, Myer and many more. The savings can really add up over time!"
Your reviews
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Alison Finder
Editor
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Sarah Megginson Finder
November 15, 2024
Hi Michaela,
No, Macquarie only allows accounts for children from 12 years of age. Macquarie states on their website:
Minors 12 years and older can apply for a Transaction and Savings account in their own name by completing an online application via Macquarie Online Banking or via the Macquarie Mobile Banking app. Before we can open an account, we’ll verify their identity and may ask for some additional information. A parent or guardian cannot open an account on behalf of a minor.
However, other banks will let grandparents open an account on behalf of a grandchild. You can learn more about it in this guide.
Hope this helps!
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Chelsea
October 30, 2024
I am a permanent resident and would like to open a joint account with my partner who is on working holiday visa – are we eligible?
Angus Kidman Finder
October 31, 2024
Hi Chelsea, Macquarie requires online applicants to have a permanent Australian address and an Australian passport or drivers licence. If your partner doesn’t meet those requirements, it could be fiddly. You can contact Macquarie directly on 133 174 to check the exact eligibility requirements.
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Angus Kidman Finder
September 23, 2024
Hi Penny, Macquarie isn’t one of the banks which takes part in Bank@Post, so that detail is correct. If you want to pay in store using this card, it will be processed as Mastercard Debit, not via the EFTPOS network. (This is true of many debit cards.) In practice, any store in Australia that accepts EFTPOS is also going to accept Mastercard Debit, and you can sometimes avoid any fees associated with the latter by swiping rather than tapping.
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Angus Kidman Finder
September 22, 2024
Hi Jo, As it’s an individual transaction account in your name, you wouldn’t be able to open multiple instances.
Cheng
July 27, 2024
Am I eligible to open a joint account if I am holding a international student visa (500) or graduation visa (485)?
Sarah Megginson Finder
July 29, 2024
Hi Cheng,
You must be an Australian resident with an Australian residential address in order to qualify for this account.
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Michaela West
November 14, 2024
Hi can I open a savings account for my 1 year old granddaughter