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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 5.5% 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

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	5.50% 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 winners

Key features

Bonus interest rate up to 5.5% p.a.

New account holders receive a welcome interest rate of 5.5% 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.

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.

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

Editor

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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

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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Val

July 24, 2024

Can you please recommend a/ term deposits and b/ online savings accounts with good interest rates (circa 5%), which are available for SMSF (self managed super funds). Thanks

Val

Sarah Megginson Finder

July 29, 2024

Hi Val, you can review some options for investing your super in a term deposit here.

Best of luck!

shannon

March 15, 2024

hello,

Do you charge ATM fees within Australia? (I know with ING, you can withdraw cash from any ATM, incur the fee and it’s refunded).

Sarah Megginson Finder

March 25, 2024

Hi Shannon, Macquarie Bank has a similar policy: if you’re charged a fee at an ATM in Australia, they’ll refund it to your account. They also don’t charge fees to use ATMs overseas, although you may be charged a fee by international ATM operators, which is not eligible for a refund from Macquarie.

Hope this helps!