9.7

Finder Score

Excellent

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Maximum variable rate: 4.60% p.a.
Base interest rate: 4.25% 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 4.6% 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 4.25% 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

No account-keeping or transaction fees.

Cons

Requires a Macquarie Transaction Account to open, limiting access for those without one.

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	4.60% p.a.
Standard Variable Rate	4.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

Key features

Bonus interest rate up to 4.6% p.a.

New account holders receive a welcome interest rate of 4.6% p.a. for the first 4 months. After this you'll earn the ongoing standard rate of 4.25% 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 4.25% p.a. rate (up to $2 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.

Congratulations, Macquarie Bank!

The Macquarie Bank Savings Account was highly commended for Best No Conditions Savings Account in the 2025 Finder Awards.

Full list of 2025 winners

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.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Macquarie Bank Savings Account information page
2. Macquarie Bank Savings Account TMD

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Editorial Manager, Money

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karen

November 19, 2025

can i open an account for my 12 year ondson. I am not his legan guardian

Sarah Megginson Finder

November 24, 2025

Hi Karen,

Each bank has their own policy on this, but none will allow you to open an account in a child’s name without the parent’s consent. This is because there are tax obligations once interest earned reaches a certain threshold, and the parents are responsible for filing taxes etc.

To open an account for a child or teen in their name, some banks will allow you to do this if you get written consent from the parent or guardian. You will need to provide a letter signed and dated by the parent/guardian and you’ll need to provide the birth certificate or a certified copy. Hope this helps!

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Viv

October 17, 2025

How is the interest caculated and accrued on Macquarie Savings Accounts? Daily or on mnimum monthly balance? Is interest credited to the savings acount monthly or quarterly?

Sarah Megginson Finder

October 18, 2025

Hi Viv,

Interest is calculated daily and credited to your account monthly.

CHRIS

September 10, 2025

Does the Macquarie Bank Savings account apply to SMSF ?

Alison Banney Finder

September 10, 2025

Hi,

No, you cannot open this account as an SMSF. You instead need to open a Macquarie Cash Management Account (CMA).

Attached to the CMA is a savings account (called Macquarie Accelerator).

Hope this helps,

Alison.

Steve

September 03, 2025

If my wife and I open a joint savings account and then my wife also opens another savings account solely in her name. Does the higher introductory rate apply to both accounts for the four months? If not then which account received the introductory rate?

Alison Banney Finder

September 05, 2025

Hi Steve,

No, the welcome rate will only apply to one account in your name. It will be applied to whichever account you open first in your name (or in this case, your wife’s name). If you open an account each under your own names (i.e. not a joint account) you’ll be eligible for the welcome rate on both accounts.

Hope this helps.

Alison

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Alice

August 19, 2025

I already have a Macquarie Platinum account. Does that exclude me from being eligible for opening Macquarie’s Savings Account with the variable interest rate of 4.6%, dropping to standard variable rate of 4.25% after 4 months?

Alison Banney Finder

August 20, 2025

Hi Alice,

No it doesn’t exclude you. You can earn the welcome rate (currently 4.60% p.a.) on your first Macquarie savings account. If you’ve got another type of account with Macquarie that’s okay, it won’t exclude you from this welcome rate offer.

Thanks,

Alison

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Macquarie Bank Savings Account

Pros

Cons

Key features

Bonus interest rate up to 4.6% p.a.

No conditions to meet

No account fees

Easy account access

Direct credit

Internet banking

Mobile banking

Joint account available

Congratulations, Macquarie Bank!

How to apply

Eligibility

Documentation needed

Sources

Sources

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