Macquarie Bank - Term Deposit Offer - Hey Red Roo!!

[Duffa]

[h=1]Hey RED ROO!
Would be most grateful if you could kick some butt on the QF website
Want to put a few bucks in a term deposit but current website (see below) says offer expired in Sep 2011.
Application takes about 30 mins so don't want to waste my precious time.
I can't bear websites from multi-national corporates which aren't updated regularly!

Term Deposits - Macquarie Bank[/h]Earn Qantas Frequent Flyer points for term deposits of $10,000 or more when invested for a minimum of 6 months with Macquarie Bank.*



Important information

*For this points offer to apply, your completed application form must be received by Macquarie Bank on or before 1 September 2011. Offer available on term deposits of up to $250,000 only.

 

[trippin_the_rift]

Points for term deposits... interesting!

Time for some math..

So $250K on 12month term @ 5.05% nets 41,666 points. Total interest is approx $12K

Why not split this into 3 x 80K and put it with ubank @ 6.00% ? Approx interst is $15K

40,000 points worth $3,000?

 

[Duffa]

Points for term deposits... interesting!

Time for some math..

So $250K on 12month term @ 5.05% nets 41,666 points. Total interest is approx $12K

Why not split this into 3 x 80K and put it with ubank @ 6.00% ? Approx interst is $15K

40,000 points worth $3,000?

Here are my sums

Ubank 5.81% p.a. for 6m Macquarie 5.41% p.a. for 6m
0.4% on 25,000 over 6m = $50
Macquarie pays 2,066 points for that $50!

Lets see.....

Woolies EDR $0 fee and 5,000 points
ATO payment $48 fee and 10,000 points

 

[addyoni]

What? The Oz Govt is giving out QFF points now? So you lodge your taxes online with ATO and they give you 10k pts? Haven't seen that before. Will look into it. Thanks.

 

[ricee007]

What? The Oz Govt is giving out QFF points now? So you lodge your taxes online with ATO and they give you 10k pts? Haven't seen that before. Will look into it. Thanks.

That is getting it from your credit card provider as you can 'now' pay many business taxes with a credit card

 

[JohnM]

See this thread: http://www.australianfrequentflyer....ion/ato-tax-office-payments-credit-17109.html

 

[dajop]

Points for term deposits... interesting!

Time for some math..

So $250K on 12month term @ 5.05% nets 41,666 points. Total interest is approx $12K

Why not split this into 3 x 80K and put it with ubank @ 6.00% ? Approx interst is $15K

40,000 points worth $3,000?

Also depends on tax. The tax due could reduce the differential, but even at 50% marginal tax rate, still doesn't seem good value even at 40K pts for $1500.

 

[Red Roo]

Thanks for pointing it out Duffa,
I'll raise it with the web team and have it addressed.
Cheers,
Red Roo

 

[EmilyHoward]

Would be useful if there were some options for deposits to earn FF points. I have some looking for a term deposit home!

EH

 

[Duffa]

Would be useful if there were some options for deposits to earn FF points. I have some looking for a term deposit home!

EH

I think you'll find a high interest saver or a term deposit on Ubank will both beat Macquarie hands down. You earn $50 less interest with Macquarie and only get 2066 points for your trouble. You're better off with the cash in your pocket.

By the way, may I just comment how enchanting you look in your profile photo!!!

 

[EmilyHoward]

Thanks for the info Duffa! And .... the photo? Well that's my best side and I had to do a number of takes to get it just right.

EH

 

[EmilyHoward]

By the way I've looked on Ubank site and can see no QFF points earn. Duffa do you have a link?

EH

 

[ricee007]

By the way I've looked on Ubank site and can see no QFF points earn. Duffa do you have a link?

EH

there is no earn. reread the post.

 

[EmilyHoward]

Oops my female brain letting me down again!! Thanks Duffa. I may hang on to this wedge till something to earn FF points comes up.

EH

 

[dajop]

40,000 points worth $3,000?

Thinking about this some more, (and putting aside taxes), I am sure there would be ways to actually spend $3000 on flights to get 40,000 pts, certainly gold and platinum could, even silver and bronze may as well. So not only would you get 40,000 pts, but also flights as well. It really doesn't make sense to chase points on term deposits unless the interest rate differential is very low.

 

[ricee007]

I just wish the FF points for switching to ANZ E*Trade came back.... it seemed to be on fairly often.... but, now I'm ready to switch I haven't seen it for months

 

[chrispy3276]

Term Deposits appears to have been removed from the finance section of QFF; looks as if it's no longer a valid offer...

 

[Duffa]

Term Deposits appears to have been removed from the finance section of QFF; looks as if it's no longer a valid offer...

My my, so it has!
So what happened to all those punters who took out a term deposit between Sept 2011 and now. cough interest rate and no points!!

 

[casanovawa]

The ANZ online saver account at 6% seems a better offer than UBank as well, that's where i have my money sitting...

 

[addyoni]

Also depends on tax. The tax due could reduce the differential, but even at 50% marginal tax rate, still doesn't seem good value even at 40K pts for $1500.

Good point. Then do it through your SMSF. Set up with Cleardocs.com for less then $200 for registration etc and the trust is usually around $700 mark to set up. Anyone else use a SMSF and which company did you set it up with? Have heard of one doing it online and it's free 'til Feb 29th.