Earn interest, no matter how often you withdraw

Earn interest, deposit your salary, pay bills and stay in control of your savings with state-of-the-art digital banking.
A man sitting with a legged crossed over and holding his phone. His sitting on rocks near a beachfront properties. Macquarie customer - Warren
"I was really impressed with how straightforward it was to sign up for the account."

1.10% pa welcome variable rate

Earn a welcome variable rate for the first four months from account opening, on deposits up to $250,000 in your first savings account. After four months, our competitive standard stepped variable rates apply based on your balance.

No fees

With no fees, every dollar you deposit brings your savings goals closer.


Multiple accounts for multiple goals

  • After opening your first Macquarie Transaction Account, you can open as many savings accounts as you’d like instantly in the Macquarie Mobile Banking app.

  • Nickname your savings accounts to fit your savings goals.

Easy withdrawals

Using our online and mobile banking, you can deposit your salary and transfer cash from your Macquarie Savings Account to any Australian bank account, make BPAY® payments, and set up direct debits and scheduled payments.


Safe and secure

  • Receive real time notifications when direct debits are taken out of your savings account. 
  • Macquarie Authenticator adds an extra layer of security to your banking.

Macquarie transaction and savings account awards

Open a multi-award winner

Start using our award-winning Macquarie Transaction and Savings Accounts1.

Budgeting and saving

Tools for budgeting and saving

Tools for budgeting and saving

  • Open a Macquarie Savings Account with just one tap in the app.
  • Get to know your spending. Each time you make a transaction, it’s automatically categorised into groups such as groceries, travel, leisure or technology.
  • Create smart budgets for anything in an instant, then see how you're tracking at a glance and over time.

A hand holding a phone (iPhone X) with the Macquarie app open showing the spending and budgeting feature
Added security

Protect your account and personal information

Protect your account and personal information

  • The Macquarie Authenticator app provides an extra layer of security that helps protect your account and personal information and is our most secure way to authenticate.    
  • It's a mobile app that sends actionable push notifications for you to approve or deny transactions and account activity. There’s also an option to generate a unique one-time rolling code as an alternative authentication method.
A person in a cafe close up shot of their hand holding a phone with the Macquarie authenticator app open
Shopping discounts

Discounts on eGift cards

Discounts on eGift cards

  • Get discounts of up to 10% on eGift cards to use at over 50 leading retailers across Australia with Macquarie Marketplace.

  • Instantly purchase eGift cards from the palm of your hand and access them 24/7 through your account.

  • Get access to Macquarie Marketplace with a savings account.

Retail shopping discounts

Interest rates

Information and interest rates are current as at 26 February 2021 and subject to change.

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

Rate Balance
0.95% pa $0.00 ‐ $249,999.99
0.70% pa $250,000 and above


Bonus offer for new Savings Account customers (applies for the first four months)

Subject to the conditions below, a welcome variable rate will apply as follows:

Welcome variable rate Balance
1.10% pa Up to $250,000

This offer applies on your first savings account, on balances less than $250,000.00. After four months, and on additional savings accounts, our competitive standard stepped variable rates apply based on your balance.

See previous interest rates  

Account fees

Fee type Fee amount 

Online payments

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


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.


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.


Transaction limits

Transaction type Limit

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 conditions Link
Macquarie transaction and savings accounts terms and conditions View conditions
Macquarie electronic banking terms and conditions View conditions

How to apply

To open a Macquarie Savings Account, you’ll need to link it to your Macquarie Transaction Account.

Are you new to Macquarie?

To open a savings account, you’ll first need to open a Macquarie Transaction Account. Then, simply link a savings account by selecting ‘Open an account’ in the menu.

Already banking with us?

  1. Log into the Macquarie app
  2. Tap your profile on the bottom
  3. Tap ‘Savings account’ and follow the prompts.    

Frequently asked questions

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.

Where you haven’t held a Macquarie Savings Account before, the welcome variable rate applies for four months from account opening, up to $250,000. On balances greater than $250,000 standard stepped variable interest rates apply. Interest earned is calculated on a daily basis and paid monthly on the last day of a calendar month to your account.

The welcome variable 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 variable 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 in the terms and conditions.

The welcome variable 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 variable rate on a joint account you won’t be eligible to receive the rate again on an individual account.

Click on this article to read more about how interest is calculated.

We don’t charge fees on Transaction Accounts, Offset Accounts or Savings Accounts.

We provide a refund on fees incurred at all ATMs in Australia.

We don’t charge fees to withdraw cash overseas or make international purchases. Other financial institutions, such as the banks of international merchants and international ATM operators, may charge you fees for these transactions.

A Macquarie Savings Account is available if you hold a Macquarie Transaction Account.

You can add one or more Macquarie Savings Accounts to your Macquarie Transaction Account during the application process, or in real time once the Macquarie Transaction Account has been opened.

For more information, please read our terms and conditions.

To add a Macquarie Savings Account once you’ve logged into Macquarie Online Banking:
  1. Select Accounts from the side menu; or first click on the icon in top left-hand corner to display the side menu
  2. Select the Open an account tab
  3. Click Open Savings
  4. Add your tax file number if required, and select Open account.

To add a Macquarie Savings Account from the Macquarie Mobile Banking app:

  1. Select the menu icon in the icon bar from the bottom right corner
  2. Select Open an account
  3. Select Savings account
  4. Select Open an account
  5. Add your tax file number if required and select Open Savings.

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

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

Stepped interest is payable on deposits in Macquarie Transaction & Savings Accounts based on your balance. Interest is credited to your Account monthly on the last day of a calendar month and on the day that the Account is closed.

Interest calculations are rounded up to the nearest cent.

You can access more information and an example of how stepped interest works by reading the terms and conditions section 3.2.

Contact us

24 hours a day, 7 days a week

13 31 74

Open an account

Open a transaction account and savings account in just a few minutes.

Help and support

Visit our online Help Centre.


Additional information

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. In September 2011 the Australian Government announced a number of changes to the Financial Claims Scheme (Government Guarantee). From 1 February 2012, a guarantee cap of $250,000 per account holder per institution will apply, subject to the continued advice of financial regulators that this remains appropriate. Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au


Our internet banking platform has won a Mozo Experts Choice Award in the Internet Banking category for 2019/2020.


Macquarie's Savings and Transaction Account were both awarded Canstar's Outstanding Value Transaction Account and Outstanding Value Savings Account in April 2021.