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
- 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
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 |
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
Alison Finder
Editor
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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?
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.
Carmel
August 20, 2024
Can we use the 5.35% account for Funds disbursals from a settlement please
Richard Whitten Finder
September 17, 2024
Hi Carmel,
I suggest contacting Macquarie Bank directly about this.
David
August 20, 2024
When is interest paid . Is it yearly or monthly
Thomas Stelzer Finder
September 15, 2024
Hi David,
Thanks for your question. Interest is paid monthly with a Macquarie Bank savings account.
Regards,
Tom
Ron B
August 14, 2024
Hi,
Can I open a Macquarie Savings account in a business name?
Cheers
Ron
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?