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Macquarie Bank Savings Account

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.

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1.80% p.a.

Maximum variable rate

1%p.a.

Base interest rate

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Details

Product NameMacquarie Savings Account
Maximum Variable Rate1.80% p.a.
Standard Variable Rate1.00% p.a.
Monthly Account Fee$0
Minimum Age12

Review by


Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers a maximum bonus rate of 1.8%, 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 1% on balances under $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.

Key features

Bonus interest rate up to 1.8% p.a.

New account holders receive a welcome interest rate of 1.8% p.a. for the first 4 months. After this you'll earn the ongoing standard rate of 1% 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.


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.

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14 Comments

  1. Default Gravatar
    Tom
    June 3, 2022

    Can I open more than 2 savings account and receive bonus interest on both accounts

    • Avatarfinder Customer Care
      Alison
      June 20, 2022

      Hi Tom,

      While you are allowed to open multiple accounts, the welcome interest rate is only available to new account holders and it’s only applicable to your first savings account with Macquarie Bank.

      Best,
      Alison

  2. Default Gravatar
    Tom
    April 27, 2022

    Can I make BPay and pay anybody payments out of this account?

    • Avatarfinder Customer Care
      Alison
      May 12, 2022

      Hi Tom,

      Yes, you can transfer money and pay bills using Pay Anyone or BPAY® from your Macquarie Savings Account.

      Regards,
      Alison

  3. Default Gravatar
    Martha
    January 27, 2022

    What are the fees and conditions of transaction account that is required to access funds in a savings account?

    • Avatarfinder Customer Care
      Alison
      February 13, 2022

      Hi Martha,

      When you open a Macquarie Savings Account, you’ll automatically get a linked Macquarie Transaction Account, if you do not have one yet. This linked transaction account allows access to your money. You don’t have to do a separate application.

      There are no account-keeping fees or minimum deposit requirements for the transaction account or the savings account.

      I hope this helps!

      Regards,
      Alison

  4. Default Gravatar
    Laura
    October 31, 2021

    If you have more than $250K to invest, what is the best interest rate available?

    • Avatarfinder Customer Care
      Alison
      November 3, 2021

      Hi Laura,

      There are a few savings accounts that offer interest on large balances of $250,000 or more. If you are referring to the Macquarie savings account, they offer an interest rate of 0.70% pa on balance $250,000 and above.

      You can check our page about Savings account rates for balances $250,000+ to compare some options. Once you’ve chosen a particular account, simply click the Go to site icon. Make sure to read the Product Disclosure Statements and Terms & Conditions.

      Thanks,
      Alison

  5. Default Gravatar
    Jannice
    September 1, 2021

    What is the interest rate for a savings a/c of $280000.00 thank you

    • Avatarfinder Customer Care
      Alison
      September 2, 2021

      Hi Jannice,

      The Macquarie Bank Savings Account currently offers a variable interest rate of 1.10% p.a. for the first 4 months of opening the account (for new customers only). This rate will be paid on the portion of your balance below $250,000.

      After the 4 month intro period ends, this account pays a variable rate of 0.95% p.a. on the portion of your balance below $250,000, and 0.70% p.a. on the portion of your balance $250,000 and above.

      Thanks,
      Alison

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