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 5.1% 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 4.75% 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 $1 million

Cons

Bonus interest only available for 4 months

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	5.10% p.a.
Standard Variable Rate	4.75% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

Key features

Bonus interest rate up to 5.1% p.a.

New account holders receive a welcome interest rate of 5.1% p.a. for the first 4 months. After this you'll earn the ongoing standard rate of 4.75% 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 4.75% 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.

No account fees

Pay no application fee, no monthly account service fees or electronic transfer fees when moving money between your Macquarie savings and transaction account.

Easy account access

The Macquarie Savings Account must be linked to a Macquarie Bank transaction account (you'll automatically get a transaction account when you apply for the savings account). To withdraw money from the Macquarie Saving Account simply transfer the funds to the Macquarie transaction account via Internet or mobile banking. Cash and cheque deposits can be made at selected Macquarie Bank branches.

Direct credit

You can get your employer or creditors to transfer money directly into the Macquarie Savings Account using the direct credit facility.

Internet banking

Register for online banking for free so you can make instant transfers between your Macquarie Savings Account and linked transaction account 24/7. You can also view your Macquarie Savings Account statements online.

Mobile banking

Macquarie Bank's iOS and Android mobile banking application lets you manage your finances on your smartphone or tablet device 24/7. View your account balance, make payments to and from your transaction account from your savings account and check your statements using Macquarie mobile banking.

Joint account available

You can apply for this savings account in your own name or jointly with another person. This account is not available for business customers.

Congratulations, Macquarie Bank!

The Macquarie Bank Savings Account was highly commended for Best No Conditions Savings Account in the 2025 Finder Awards.

Full list of 2025 winners

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.

Personal applicants. You can apply for this account in your own name, either individually or jointly. You can not apply for this Macquarie Savings Account in the name of a business or a trust.
Linked account. If you don't already hold a Macquarie Bank transaction account you'll get one when you open the Macquarie Savings Account.

Documentation needed

You'll need to provide the following information about yourself to compete the online application:

Personal details. Provide your full name, your date of birth, Australian address, email address and your contact telephone number to complete the application of the Macquarie Savings Account. If you're opening a joint account, the second signatory will need to provide their contact and personal information as well.
Identification. You'll need to verify your identity before you can become a customer of Macquarie Bank. This can be done online. Provide one primary document or a combination of secondary forms of identification. Your passport (Australian or international), drivers licence or government issued proof of age card are primary forms of identification. Your Australian birth certificate, Centrelink pension card taxation notice or council rates notice are some forms of secondary forms of identification which can be used to verify your identity with Macquarie Bank.
Tax. Provide your Tax File Number (TFN) to Macquarie Bank so the financial institution can tax your interest earnings at the correct rate. If you don't provide this information, Macquarie Bank will withhold tax at the marginal rate.

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Alison Finder

Editorial Manager, Money

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Grant

April 17, 2025

There are 3 points Id like to clarify re your text explaining (in-brief) the Macquarie Bank Savings Account.

Your quote:

New account holders receive a welcome interest rate of 5.1% p.a. for the first 4 months. After this you’ll earn the ongoing standard rate of 4.75% 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 4.75% p.a. rate (up to $1 million)

Question

– how accurate is the rate? is 4.75% offered as at today 17/04/2025?

– what is the interest rate if i make a withdrawal from the account?

– do i need to top-up the account up each month

thankyou

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Sarah Megginson Finder

April 17, 2025

Hi Grant,

Yes, these interest rates are updated daily, so the rates are current as of today. They may change at any time.

This account has no monthly deposit conditions to meet, so if you make a withdrawal or don’t make any deposits, that won’t impact your interest rate at all.

Hope this helps!

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IAN

April 09, 2025

How often is interest paid

Sarah Megginson Finder

April 09, 2025

Hi Ian, interested is accrued daily but paid monthly.

Stan

April 02, 2025

After the application for the Savings account would I get a debit card to use with the transaction account?

Richard Whitten Finder

April 03, 2025

Hi Stan,

You need a transaction account in order to open this savings account. And yes, you can get a debit card with the transaction account.

Amanda

March 14, 2025

Hi, if I open up a savings account with Macquarie , am I able to link it to my current everyday bank account with another bank?

Sarah Megginson Finder

March 17, 2025

Hi Amanda,

You can’t link it with an account at a different bank, but it is very easy to transfer money or set up a direct debit from your other account to or from a Macquarie savings account. Hope this helps!

Angus

March 10, 2025

I am 15 and am looking for an account to save for a car. I want an account where I can deposit but not withdraw without a parent. Would this account suit me?

Angus Kidman Finder

March 12, 2025

Hi Angus, The Macquarie account doesn’t have any specific lock-downs of that type – it’s harder to find that kind of feature in an account designed for a teenager.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Macquarie Bank Savings Account

Pros

Cons

Key features

Bonus interest rate up to 5.1% p.a.

No conditions to meet

No account fees

Easy account access

Direct credit

Internet banking

Mobile banking

Joint account available

Congratulations, Macquarie Bank!

How to apply

Eligibility

Documentation needed

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