- Macquarie Bank will be ending the welcome rate on its popular savings acccount from 14 September
- After that time, new customers will go straight to the ongoing rate, currently 5.00% p.a.
- Macquarie is also introducing new balance brackets from 1 November although the interest rates remain unchanged
The welcome offer, currently a variable rate of 5.35% p.a. on the first $250,000 of new deposits, will not be available on savings accounts opened after 11:59pm on 14 September.
Instead customers opening after that time will go straight to the no-conditions, ongoing rate of 5.00% p.a. on balances up to $2 million.
In dollar terms, a customer depositing $100,000 in a new account after the cut-off date will receive around $120 less in interest.
See also: Quick Guide to Macquarie Bank Savings Account
New balance tiers
In another change announced on Tuesday, the bank is introducing new balance brackets that will apply from 1 November, as follows:
| Balance bracket | Variable interest rate |
| Up to $25,000 | 5.00% p.a. |
| $25,000.01 - $50,000 | 5.00% p.a. |
| $50,000.01 - $250,000 | 5.00% p.a. |
| $250,000.01 - $2m | 5.00% p.a. |
| $2,000,000.01 - $5m | 2.75% p.a. |
| $5,000,000.01 and above | 2.75% |
The interest rates paid will be unchanged from those on the flatter tiers currently in place:
| Balance bracket | Variable interest rate |
| Up to $250,000 | 5.00% p.a. |
| $250,000.01 - $2m | 5.00% p.a. |
| $2,000,000.01 and above | 2.75% p.a. |
Macquarie 'updating'
A Macquarie spokesperson said the bank will be updating its balance brackets to reflect the change to its welcome rate offer.
"No changes have been made to our ongoing variable interest rates which continue to remain free of the common 'hoops and catches' that trip up many Australian savers," the spokesperson said.
Macquarie's singular savings account product has been the success story of Australia's household deposit market over recent years.
The challenger bank currently holds a 6.4% share of the $1.7 trillion market, with its deposits growing at roughly triple the speed of the broader market.
Much of the growth has come at the expense of the big four banks.
Why change now?
Macquarie has staked its reputation on the simplicity of its savings account which pays a decent market interest rate on balance amounts up to $2 million, without customers having to meet any conditions.
At this stage, there will be no change to the interest paid although some customers may be suspicious of the addition of new balance brackets.
However, Macquarie's transaction account has had balance tiers in place for an extended period but has continued to pay the same rate of 2.75% p.a. on all of them.
Customers will continue to qualify for the four-month welcome rate until 11:59 pm on Monday 14 September.
Any customers opening before that time or currently receiving the welcome rate won't be affected by the changes.
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