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High interest rate

Kickstart your savings with a 5.35% p.a. welcome rate~ then continue earning a great ongoing variable rate.

 
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No deposit conditions

Saving made simple. There are no deposit conditions to meet to get the best rate.

 
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Fast account opening

3 minutes is all you need to open your new account online.

 

Welcome rate

Bonus rate offer on your first Macquarie Savings Account.

5.35
% p.a.

Fixed welcome rate for 4 months at the time of account opening, on balances up to $250,000.~ Then, continue earning with our competitive variable ongoing rates.

Ongoing rates

Stepped interest is payable on deposits in Macquarie Savings Accounts based on your balance as follows:

RateBalance
4.75% p.a.
 
Up to $250,000

4.75% p.a.

$250,000.01 – $1,000,000

3.35% p.a.

$1,000,000.01 and above

See previous interest rates

The above interest rates are current as at 17 November 2023, are variable and subject to change. For more information on how interest is calculated click here.

 

Account fees

We don’t charge fees on our Macquarie Savings Account^

Fee typeFee amount 

Online payments

Make internal transfers, pay anyone and BPAY® payments through online banking and mobile banking on an immediate or scheduled basis.

Free

Dishonour fees

We may allow your account to be debited even if there are insufficient funds to cover the amount of the debit either in full or in part.

Free

Bank cheque

Request a bank cheque issued by Macquarie with funds drawn immediately from your Savings Account. Bank cheques can be requested by phone or at a Macquarie branch.

Free

Transaction limits

Transaction typeLimit

Daily Pay Anyone Payment limit

**The $100,000 limit applies if you use the Macquarie Authenticator App and are registered for Electronic Banking. Otherwise, a default limit of $5,000 applies. Your applicable daily limit applies to all of the daily Pay Anyone payments you make across all your eligible accounts linked to your Macquarie ID. If you hold a joint account, click here for information about how this limit applies to you. 

$100,000 daily**

NPP Payment sub-limit                                                                

#This limit operates as a sub-limit of the daily Pay Anyone limit. The $10,000 limit applies if you use the Macquarie Authenticator App and are registered for Electronic Banking. Otherwise, a default limit of $5,000 applies.

 $10,000 daily#

Daily BPAY limit

Some billers may impose their own limits.

Up to the available balance of your account

Terms and conditions, forms and documents

Terms and conditionsLink
Macquarie transaction and savings accounts terms and conditionsView conditions
Macquarie electronic banking terms and conditionsView conditions
Mobile banking

Be a budgeting pro

Be a budgeting pro

Get set to save more - the Macquarie Mobile Banking app is designed to make your life easier.

  • Budgeting is a breeze with smart digital tools to help you stay on top of your finances.

  • Attach receipts and tag statements to make tax time and warranty applications easier.

Tools to keep your money safe

Supercharge your security

Supercharge your security

Safeguard your savings with the Macquarie Authenticator app.

  • Switch on push notifications to stay across all your account activity.
  • Protect your account from fraud with our industry-leading authentication app Macquarie Authenticator.
Your travel companion

Make your savings travel further

Make your savings travel further

Saving for your next trip couldn't be easier thanks to a great rate and a digital experience that travels with you.

  • Set a monthly budget to help you get to your next destination.
  • Notify us of your trip directly in the app and access extra travel features such as the current exchange rate.
Mobile app tell us about your trip
Save when you shop with Macquarie Marketplace 


Whether it’s your weekly grocery shop or overseas flights, save when you spend with Macquarie Marketplace.

  • Purchase an eGift card through your mobile banking app.
  • Receive up to 10% discount at over 50 retailers.

Open your savings account today

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Then, add a Macquarie Savings Account

Unlock a 5.35% p.a. welcome rate on balances up to $250k for 4 months.~

 
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Transfer money into your accounts

Simply transfer money into your accounts to start earning interest instantly, no fees or deposit conditions.^

 

Not having any deposit conditions is extremely important to me. To be able to get those benefits without having to meet a certain criteria is very beneficial.

Max 

Frequently asked questions

Where you haven’t held a Macquarie Savings Account before, the welcome rate applies for four months from account opening, up to $250,000. On balances greater than $250,000 standard stepped variable interest rates apply. The four-month welcome rate period is 121 days inclusive of the account opening date. Interest is credited to your Account at the end of a calendar month and on the day that the Account is closed.

The welcome rate applies instead of (not in addition to), the standard stepped variable rate that would otherwise apply to that portion of the balance of your Savings Account. There are no withdrawal or deposit conditions to receive the welcome rate.

After four months, the standard stepped variable interest rates apply to your Savings Account balance. You can find out more about interest and our current interest rates on our website.

The welcome rate may change from time-to-time and any bonus offer may be removed by us at any time. Offer available on one Savings Account per person (whether the Account is in single or joint names). For example, if you receive the welcome rate on a joint account you won’t be eligible to receive the rate again on an individual account.

If interest is payable on your Account, it is calculated on a daily basis using the following formula:

Daily Closing Balance X interest rate applicable to your Account/365

The Daily Closing Balance is the credit balance of your Account at the end of a day. It includes all cleared and uncleared funds that have been deposited into your Account within the lodgement times specified in this article

Stepped interest is payable on deposits in Macquarie Transaction & Savings Accounts based on your balance. Rates are variable and subject to change. Each rate applies to the portion of the total balance that falls within that balance bracket.

Interest is credited to your Account monthly at the end of a calendar month and on the day that the Account is closed. There is no interest paid on deposits in Macquarie Offset Accounts.

Interest calculations are rounded to the nearest cent. All current interest rates are available on our website.

Where we tell you that stepped interest applies to your Account, there may be different interest rates applicable to different portions of your Account balance. This is described further in the example below.

For example, a customer has a Savings Account with a Daily Closing Balance of $1,100,000 and the following stepped interest rates apply:

Balance Interest Rate
Up to $250,000X% p.a.
$250,000.01-$1,000,000Y% p.a.
$1,000,000.01 and aboveZ% p.a.


The customer would receive:

  • X% p.a. interest on the first $250,000
  • Y% p.a. interest on the amount between $250,000.01 and $1,000,000 and
  • Z% p.a. interest on the amount over $1,000,000.01.

We don’t have any deposit conditions on Transaction Accounts, Offset Accounts or Savings Accounts, to get access to our great benefits and earn interest.

For example, you don’t need to make a minimum monthly deposit to use the platinum benefits or make free ATM withdrawals.

Discover other ways to save

Open online

Open your savings account in just 3 minutes.

Download the app

Download the Macquarie Mobile Banking app to start managing your banking on the go.

Help and support

Visit our online Help Centre.

Additional information

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We don’t charge any fees in connection with our transaction and savings account products but others, such as other financial institutions, may.

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Our Welcome rate offer is only available on your first savings account, on balances up to $250,000.00. The welcome rate is fixed at the time you apply for four months. After the expiry of your Welcome rate and on additional savings accounts, our stepped variable rates apply based on your balance. Should our stepped variable rates exceed the Welcome rate offer during the four-month period, interest will be calculated based on our stepped variable rates.

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This information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.

This information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.

Government Guarantee: The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Macquarie Bank, of up to $A250,000. Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au