In this guide

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

Macquarie Bank Savings Account

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Macquarie Savings Account
Maximum variable rate
5.35% p.a.
Base interest rate
5%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

  • Introductory bonus interest rate is one of the highest in market
  • 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 a introductory period

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

Editor

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Colin

November 11, 2024

With my current provider I have several savings accounts that I use to track various categories of expenditure, is there a limit to how many savings accounts I can have?


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Angus Kidman Finder

November 11, 2024

Hi Colin, The Macquarie Savings Account doesn’t offer the ability to open multiple separate accounts, but you can use the budget feature in the Macquarie Transaction Account to help track your spending. If you’re looking to set up multiple accounts to track expenditure, you might want to compare other transaction accounts – typically you wouldn’t use a high-interest account for everyday expenditure.


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Colin

November 10, 2024

With my current banking provider, I have a no. of savings account where I track/transfer between accounts. Is there a limit to how many savings accounts I can have?


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Richard Whitten Finder

November 11, 2024

Hi Colin,


Banks don’t usually restrict you from having multiple transaction accounts. You could ask Macquarie Bank directly if there is an actual limit.


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Carmel

August 20, 2024

Can we use the 5.35% account for Funds disbursals from a settlement please


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Richard Whitten Finder

September 17, 2024

Hi Carmel,


I suggest contacting Macquarie Bank directly about this.


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David

August 20, 2024

When is interest paid . Is it yearly or monthly


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Thomas Stelzer Finder

September 15, 2024

Hi David,


Thanks for your question. Interest is paid monthly with a Macquarie Bank savings account.


Regards,


Tom


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Ron B

August 14, 2024

Hi,

Can I open a Macquarie Savings account in a business name?

Cheers

Ron


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Angus Kidman Finder

September 22, 2024

Hi Ron, No, this Macquarie Savings account is for individuals only, and business applications aren’t accepted. If you’re looking for a business account, you can compare options here. Hope this helps.


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