In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Macquarie Bank Savings Account

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Macquarie Savings Account
Maximum variable rate
5.35% p.a.
Base interest rate

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 4.75% 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.


  • 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


  • Bonus interest only available for a introductory period

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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.


Key details

Product Name Macquarie Savings Account
Maximum Variable Rate 5.35% p.a.
Standard Variable Rate 4.75% 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 5.35% p.a.

New account holders receive a welcome interest rate of 5.35% p.a. for the first 4 months. After this you'll earn the ongoing standard rate of 4.75% 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 4.75% 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.

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!).


  • Age. You must be 12 years of age or older to apply for this account.
  • Residency. This account is available to permanent Australian residents.

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March 15, 2024


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!

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March 12, 2024

I had an account with you some time ago, can I still get introductory offer?


Elizabeth Barry Finder

March 26, 2024

Hi Karen,

You’ve come through to the comparison service Finder. If you’d like to apply for an account with Macquarie you can head to the website or contact them directly.

Hope this helps,




January 31, 2024

I am looking at options for my 15 yr old grandson. He needs a savings account but also needs to be able to use a debit card – what are your suggestions? Please


Sarah Megginson Finder

March 26, 2024

Hi Patricia,

All of the Big 4 and major banks offer kids savings accounts with debit card access. Some banks also offer Apple Pay, where your grandson can add his card to his smart phone: ANZ offers this, for instance, and they have a progress saver account that offers a strong interest rate on any savings he has.

You can review a few options here.

Hope this helps!

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john powell

January 24, 2024

Does this account have a card you can use overseas?


Jason Loewenthal Finder

January 26, 2024

Hi John,

To open this account you need to open a Macquarie Transaction account. That account comes with a debit card that charges no fees for international purchases or ATM withdrawals overseas, though some overseas ATM operators may charge a fee.

I hope that helps.



January 23, 2024

Can I transfer money out of the Macquarie account on line to my other bank accounts?


Sarah Megginson Finder

February 15, 2024

Hi Andy,

Yes you can transfer to other accounts outside of Macquarie using online or phone banking.

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