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Macquarie Bank Savings Account

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The Macquarie Bank Savings Account gives you a competitive bonus interest rate for 4 months and charges no fees.

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.

1.5% p.a.

Maximum variable rate

1.35% p.a.

Base interest rate

0.15% p.a.

Bonus interest rate

for 4 months

Details

Product NameMacquarie Savings Account
Maximum Variable Rate1.5% p.a.
Standard Variable Rate1.35%
Bonus Variable Rate0.15%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Expert review

Alison Banney

Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers a market-leading maximum bonus rate of 1.5%, which is significantly higher than a lot of 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 1.35% on balances under $1 million, with no conditions to meet. This is also very 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.

Key features

Bonus interest rate up to 1.5% p.a.

New account holders receive a welcome interest rate of 1.5% p.a. for the first 4 months. After this you'll earn the ongoing standard rate of 1.35% p.a. on the portion of your balance up to $1,000,000.

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!).

Eligibility

  • Age. You must be 18 years of age or older to apply for this account.
  • Residency. This account is available to permanent Australian residents.

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4 Comments

  1. Default Gravatar
    Catherine
    August 21, 2019

    What rate of interest is paid for sums over $250,000 in a newly established Macquarie Savings account for the first 4 months?

    • Avatarfinder Customer Care
      Jeni
      August 22, 2019

      Hi Catherine,

      Thank you for getting in touch with Finder.

      With the Macquarie Savings Account, bonus interest of up to 2.65% is available on the first $250,000 for the first 4 months. Balances over $250,000 up to $999999.99 will incur the standard variable rate of 1.60% p.a.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    Ralph K.
    August 15, 2019

    Can open this saver bonus for my super account?

    • Default Gravatar
      Nikki
      August 16, 2019

      Hi Ralph,

      Thanks for getting in touch! As of this writing, the Macquarie Bank Savings account can and must only be linked to a Macquarie Bank transaction account. To withdraw money from the Macquarie Saving Account you must transfer the funds to the Macquarie transaction account first. Cash and cheque deposits can be made at selected Macquarie Bank branches.

      Hope this clarifies! Feel free to reach out to us again for further assistance.

      With care,
      Nikki

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