Macquarie's had previously paid 4.75% p.a. interest on balances up to $1 million.

The new rate represents a substantial 25-basis point jump on its digital, fee-free, no deposit condition savings account product.

New account holders can continue to earn 5.35% p.a. as a fixed welcome rate for four months on balances up to $250,000 before the ongoing rate kicks in.

Macquarie has confirmed there'll be no change to its welcome rate as part of the changes.

No deposit conditions continue

Macquarie's digital Savings Account is notable in the high-interest savings product market for not imposing deposit conditions in accessing its best rate.

In recent months, both ubank and ANZ Plus introduced additional conditions in obtaining their highest rate on their high-interest savings products.

Deposit conditions are becoming increasingly controversial after the ACCC's deposit inquiry from late 2023 found that upwards of 7-in-10 savers do not meet deposit criteria to attain the highest interest rates every month.

Macquarie's new 5% rate is also highly competitive with falling rates now being offered across the retail term deposit market.

The move largely came as a shock, after months of market stasis for savings account rates and rate cuts in the term deposit space amid anticipation of an RBA rate cut either later this year or early 2025.

Not all good news

Alongside its increased savings account rate, Macquarie is cutting the rate offered on its Macquarie transaction account to 2.75% p.a. from Thursday.

That's a 2 percentage point drop on its current rate of 4.75% p.a.

However, Macquarie describes the new rate as market-leading for transaction accounts.

Its product also does not come with international transaction fees or international ATM fees.

Macquarie has been an aggressive player in the retail banking market in the past several years, more than doubling its household deposit book from $26 billion in August 2021 to more than $65 billion in August 2024.

In the last six months of 2022 it overtook both ING and Bendigo Bank to become the fifth-largest household deposit taker in Australia.

It now also holds a 5.50% share of the retail mortgage market.


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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 9, 2024. View disclaimer.

Important Information and Comparison Rate Warning