The Macquarie Savings Account gives you bonus interest for the first 4 months you have the account, with no strings attached. There are no deposit or withdrawal requirements to get the full rate of interest. There are no setup fees or ongoing account keeping fees either.
Macquarie Bank Savings Account
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- Maximum variable rate
- 5.35% p.a.
- Base interest rate
- 5.00% p.a.
Our verdict
The Macquarie Bank Savings Account gives you a competitive bonus interest rate for 4 months and charges no fees.
This account offers a maximum bonus rate of 5.35% p.a., which is higher than many other accounts in the market. This rate is on offer for new account holders for the first 4 months after opening the account, with no deposit conditions to meet.
After the introductory period you’ll get the standard variable base rate of 5% on balances up to $250,000, with no conditions to meet. This is also quite competitive for a standard variable rate, with some other accounts offering standard rates as low as 0.01% p.a.
This account is really flexible and could be well suited to customers who don’t want to commit to depositing money each month while still enjoying easy access to their savings and a great interest rate. Keep in mind that, like most savings accounts, there's no debit card access with this account. So you'll need to link the account to a Macquarie transaction account to access your money.
Pros
-
Bonus rate is one of the highest in market
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After intro period ends, ongoing standard rate is still very competitive
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No monthly account keeping fee
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No monthly deposit conditions to meet
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Make withdrawals and still earn interest
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Earn interest on balances up to $250,000
Cons
-
Bonus interest only available for 4 months
Details
Key details
Product Name | Macquarie Savings Account |
Maximum Variable Rate | 5.35% p.a. |
Standard Variable Rate | 5.00% p.a. |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 12 |
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Congratulations, Macquarie Bank!
Macquarie Savings Account received the highly commended award for 'Savings Account' in the 2024 Banking Product Awards.
Full list of 2024 winnersYour reviews
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Alison Finder
Editorial Manager, Money
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Richard Whitten Finder
February 24, 2025
Hi Lara,
For $100K you’d get 5.35% for the first 4 months, then 5.00% ongoing. That’s true for any amount up to $250,000.
I hope this helps.
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Peter
February 05, 2025
Hello Finder Team, if I open this Macquarie Savings Account I would have to transfer money from another bank account and I don’t know the process. Can you help me there? Tkx Peter
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Sarah Megginson Finder
February 05, 2025
Hi Peter,
Usually that is quite a straightforward process that you can do online, if you are comfortable using online banking. After registering for online banking access, the process is usually:
Log in to your bank’s online banking
Find the option to make a transfer or transfer funds
Select the account you want to transfer money from
Enter the BSB and account number of the new the account that you want to transfer money to
Enter the amount that you want to send
Enter any additional details, such as a reference or message
Confirm the transfer
Often, the funds transfer immediately, but it can take up to 2 business days.
If you prefer not to use online banking, you can contact your existing bank and get instructions on how to transfer funds over the phone. Hope this helps!
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Krys
February 04, 2025
Hi… I dislike using apps for banking, can you manage your accounts on the internet?
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Sarah Megginson Finder
February 05, 2025
Hi Krys,
Yes, Macquarie has online banking and you can manage your accounts online.
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Wayne
January 29, 2025
is there a visa debit card with high interest savings account ?
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Richard Whitten Finder
January 30, 2025
Hi Wayne,
With a savings account you generally move the money to a linked transaction account via the app, where you can then spend it with a debit card.
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Peter
January 10, 2025
Macquarie is offering the current ongoing rate of 5.00 percent in a normal savings account. This higher than a FTD account. Am I correct in thinking that the only differences that one account locks ones funds for set period and the allows ready access but with no guarantees re rate? I.E. in with line with market fluctuations. Frankly, 5.00 p.c. seems an excellent deal.
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Angus Kidman Finder
January 13, 2025
Hi Peter, Yes that’s right – the 5% rate could be changed at any time, whereas with a term deposit the rate is locked in across the term.
Lara
February 21, 2025
After 4 months at 5.35%, it says the 5% rate is based on a portion of your balance up to $250K. If I have $100K for example, can you confirm that I’d receive 5.35% for the first 4 months and then what would be the interest rate for $100K ongoing?