Disclosure: This article is not intended to be financial advice and information should be taken as educational only. Read the disclaimer
I've been a Macquarie Bank customer for 3 years since we moved into our current home.
Quick verdict: Macquarie's multiple offset accounts save me thousands in interest while keeping my savings organised, but their app feels like wearing a business suit when competitors offer fun loungewear —functional but no fun.
I'll share my actual experience using their home loan, multiple offset accounts, online banking, transaction features, and credit card.
By the end of this article, you'll know if Macquarie's “premium” online banking experience actually delivers—or if you're better off with one of the digital neo-banks or traditional Big Four options.
My Macquarie Banking Setup
Before diving in, here's my current setup with Macquarie:
- Home loan package with variable rate (currently at 6%, which is about 0.25% above the lowest available rates)
- Multiple offset accounts that I use for different savings goals
- Platinum credit card with their rewards program
- Daily banking through their app and online platform
I've used this setup since 2022, so I've experienced the good and frustrating aspects of banking with Macquarie.
What Makes Macquarie Different From Other Banks?
Macquarie positions itself as a premium banking option that bridges the gap between traditional banks and digital-first neo-banks.
Key selling points include:
- Competitive interest rates on savings and home loans
- Multiple offset accounts against your home loan (a feature I particularly value)
- Sophisticated digital banking with their app and online platform
- Premium credit card options with rewards programs
- Exceptional customer service that combines responsive local support with streamlined digital processes
This last point deserves special attention.
While sorting out my home loan, I found their hybrid approach brilliant—they provided personalised Australian-based customer service over the phone while maintaining an impressive digital-first application process.
Unlike the Big Four, where you're often bounced between departments, Macquarie assigned me a specific person who handled my entire application. And unlike neo-banks, I could actually talk to a human who understood mortgage products when I had questions.
This combination gave me the confidence of human support with the convenience of digital efficiency, something that neither traditional banks nor pure digital players get quite right.
The Macquarie Online Banking & App Experience
Macquarie's online banking platform and app feels like it was designed by bankers who hired designers, rather than designers who understand banking. It's functional, but has quirks that range from mildly annoying to genuinely frustrating:
What Works Well
- Clean interface for easy account access
- Fast transaction processing with near-instant notifications
- Secure login options including biometrics
- Easy transfers between accounts and to external accounts
- 24/7 access to all your accounts and transaction history
What's Frustrating
- Mandatory profile picture requirement feels unnecessary and slightly awkward
- Black and white color scheme creates a clinical, corporate feel that lacks the personality of upBank‘s vibrant orange or uBank's teal accents
- Separate authentication app required for two-factor authentication that adds friction to common tasks like setting up new payees
- Categorisation features exist but pale in comparison to some bank's merchant recognition and detailed spending insights
The online banking and app screams “we're a serious bank” while competitors prove banking can be both secure AND delightful.
Compared to upBank's vibrant, gesture-based interface or uBank‘s colorful design, Macquarie feels more corporate and less user-friendly. It works, but it doesn't delight.
Multiple Offset Accounts
If Macquarie were a superhero, multiple offset accounts would be its secret power.
This feature alone has saved me thousands in interest while keeping my savings organized in a way that no other bank has matched.
This has been genuinely useful for:
- Creating separate savings buckets for different goals
- Keeping emergency funds separate from vacation savings
- Maximizing interest savings on my home loan while maintaining liquidity
Every dollar in these accounts offsets my home loan interest while remaining completely accessible.
With my current loan balance, this setup saves me approximately $2,500 annually in interest compared to having just one offset account that I might be tempted to dip into for non-emergencies.
Unlike some banks that limit you to one offset account or charge for additional ones, Macquarie lets you create multiple offsets at no extra cost.
This feature alone has made the app’s frustrations worth it.
Their Platinum Credit Card does the job but won't excite points hackers
Macquarie heavily promotes their premium credit cards, and I've been using their Platinum card for most of my 3 years with them.
The reality? It's decent but not exceptional:
- Points system is straightforward with 1 Macquarie Point earned per $1 spent (their Black card offers 2 points per $1, but I was unable to upgrade to it within my current loan setup)
- Gift card focus means you can't redeem for travel as effectively as with some other premium cards
- Insurance benefits are standard for the category
- No annual fee (as part of my home loan package) makes it worthwhile despite limitations
If you're after premium credit card benefits, there are better options on the market but since this is bundled in with my home loan its fine to get something back for using it.
The Macquarie card is fine if it comes with your package, but I wouldn't seek it out specifically.
Home Loan Experience with Macquarie
After three years with a Macquarie home loan, here's what I consider worth mentioning:
Application & Setup
The application process was impressively efficient.
It was about 85% digital with a few phone calls for verification—and took about 2-3 weeks from application to approval, faster than friends who went through traditional banks.
In between that we were on the phone with knowledgeable and helpful people who helped us know the steps involved and managed expectations, which was really good.
The rate we secured was middle-of-the-pack (about 0.15% above the lowest offers at the time).
Multiple Offset Accounts is a Standout Feature
Worth mentioning again that this is Macquarie's killer feature and one that got us over the line to sign with them.
You can create up to 10 offset accounts against your home loan at no extra cost. I currently use a few for:
- Main emergency fund
- Travel savings
- Home maintenance funds
- Gift/Christmas fund
Each dollar in these accounts offsets your home loan interest while keeping your savings organized.
What I appreciate is how these accounts work together with the app's interface.
Each offset gets its own custom name and target amount, making it easy to track progress toward specific goals while reducing my loan interest.
Setting up new offset accounts takes just minutes in the online banking platform or app.
Ongoing management and rate changes
Interest rate changes announced by the Reserve Bank of Australia (RBA) are typically communicated within a few days of the RBA decision.
These changes generally take effect in the month following your next loan payment date.
For example, when rates were lowered in early February 2025, the change was applied to my loan starting with the April payment.
The loan section of the online platform and app is basic but functional—you can make extra repayments easily, but there are no fancy loan calculators or “what-if” scenarios.
Pro tip: Unlike most banks that require phone calls and negotiation, I was able to get my home loan rate reviewed directly in the app. With just a few taps, I managed to slice 0.15% off my rate. This simple digital process saved me hundreds of dollars a year without the usual haggling—a refreshing approach that few other banks offer.
Customer service for home loan queries has been notably better than my previous experiences with bigger banks—shorter wait times and staff who actually understand mortgage products.
How Macquarie Compares to Neo-Banks and Traditional Banks
After 3 years with Macquarie and having previously used both traditional banks and neo-banks like Up, here's my honest assessment:
Macquarie vs. Traditional Banks (Big Four)
Advantages over traditional banks:
- More streamlined digital processes, especially for home loan management
- Generally better interest rates
- Lower account keeping fees or package fees
- More flexible offset account options
- More responsive online banking platform
Where traditional banks still win:
- Branch access if you need it
- More comprehensive product range
- Sometimes better loan rates for larger borrowing
Macquarie vs. Neo-Banks (uBank)
Advantages over neo-banks:
- Full-service banking including home loans
- Multiple offset accounts
- More established reputation
- Premium banking services and credit cards
Where neo-banks win:
- Significantly more intuitive, user-friendly online banking platforms and apps with features like automatic round-ups and saving challenges
- Better spending insights and categorization
- Often faster to innovate
- More modern feel and approach to banking
The Banking Spectrum in 2025
If I were to place Australian banking options on a spectrum:
Most Traditional ←→ Most Innovative
Commonwealth/ANZ/NAB/Westpac → Macquarie/ING → uBank → upBank
Macquarie sits firmly in the middle—more innovative than the Big Four but more conservative than the neo-banks.
This position has advantages and drawbacks depending on your priorities.
Who Should Choose Macquarie Bank?
Based on my 3 years of experience, Macquarie is best suited for:
- Home owners who want multiple offset accounts to optimise their mortgage
- Banking customers who want digital banking but still need comprehensive services
- Those who value functionality over flashy features in their banking app
- Customers who don't need branch access but want more than what smaller digital banks offer
You might want to look elsewhere if:
- You prioritise a beautiful, intuitive banking app experience
- You're after the absolute lowest home loan rate on the market
- You want top-tier credit card rewards programs
- You need regular branch access
Is Macquarie Worth It in 2025?
After 3 years as a customer, I'd say Macquarie delivers exactly what it promises—a premium banking experience that bridges the gap between stuffy traditional banks and feature-limited neo-banks.
Their multiple offset account feature remains their standout offering, and honestly, it's the main reason I haven't switched despite some frustrations. Their app is functional but not exceptional.
Their credit card rewards are adequate if unexciting, and their home loan rates are competitive enough to keep me from switching.
For me, the decision to stay with Macquarie comes down to financial math rather than emotional satisfaction.
The ability to organise my savings while offsetting my mortgage interest outweighs the occasional frustration with their corporate-feeling app.
If you're looking for a full-service digital bank and particularly value offset account flexibility for your home loan, Macquarie is worth considering.
Just be prepared for a banking experience that prioritises function over form, and bring your own color to the black-and-white interface.
