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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 5.5% 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.

Pros

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

Cons

Bonus interest only available for a introductory period

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	5.50% p.a.
Standard Variable Rate	4.75% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

Key features

Bonus interest rate up to 5.5% p.a.

New account holders receive a welcome interest rate of 5.5% 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.

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.

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.

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Alison Finder

Editor

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Alisha

December 02, 2023

Hi Alison,

Is there a penalty fee if I have to withdraw money from saving account before the fixed term?

Angus Kidman Finder

December 03, 2023

There’s no fixed term on this account and no penalty fee – if you withdraw money you just won’t earn interest on those funds.

Kamie

September 27, 2023

I have opened a saving account with Macquarie and have cancelled it not long ago. Am I eligible for this introductory rate if I open a saving account again?

Alison Banney Finder

September 28, 2023

Hi, unfortunately no, the welcome rate is only available on your first Macquarie Savings account.

Matthew

September 18, 2023

Hi Alison,

Quick question, do you know if interest is calculated daily amount or monthly amount?

Alison Banney Finder

September 21, 2023

Hi, interest is calculated daily and paid monthly.

PAUL

September 15, 2023

Can you withdraw all money after 4 months without penalty

Alison Banney Finder

September 21, 2023

Hi, yes you can.

Paul

September 11, 2023

Hi- are there any account fees attached to the transaction account ?

Alison Banney Finder

September 14, 2023

Hi, no the Macquarie Transaction Account doesn’t charge fees. However, you might be charged a fee from an external ATM operator or international merchant (this isn’t a fee charged by Macquarie, though).

Macquarie Bank Savings Account

Pros

Cons

Key features

Bonus interest rate up to 5.5% p.a.

No conditions to meet

No account fees

Easy account access

Direct credit

Internet banking

Mobile banking

Joint account available

How to apply

Eligibility

Documentation needed

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