Macquarie Bank Savings Account

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Macquarie 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
  • After intro period ends, ongoing standard rate is still very competitive
  • No monthly account keeping fee
  • No monthly deposit conditions to meet
  • Make withdrawals and still earn interest
  • Earn interest on balances up to $250,000

Cons

  • Bonus interest only available for 4 months

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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.

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

Finder Awards badge

Congratulations, Macquarie Bank!

Macquarie Savings Account received the highly commended award for 'Savings Account' in the 2024 Banking Product Awards.

Full list of 2024 winners

Key features

Bonus interest rate up to 5.35% p.a.

New account holders receive a welcome interest rate of 5.35% p.a. for the first 4 months. After this you'll earn the ongoing standard rate of 5% p.a. on the portion of your balance up to $250,000.

Any money saved in the account beyond $250,000 also earns interest at the ongoing 5% p.a. rate (up to $1 million).

No conditions to meet

Make unlimited free withdrawals and there's no minimum account balance to earn the bonus interest in the first 4 months. The only requirements are you must not have already held a Macquarie Bank Savings Account and there's a limit of one account per person.


How to apply

You can open the Macquarie Savings Account online in less than 10 minutes. Note that if you don't already have a Macquarie Transaction Account, you'll get one opened automatically when completing your application (there's no need to do a separate application!).

Eligibility

  • Age. You must be 12 years of age or older to apply for this account.
  • Residency. This account is available to permanent Australian residents.

Your reviews

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Ask a question

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Alison Finder

Editorial Manager, Money

Hi there, looking for more information? Ask us a question.

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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?


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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.


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