Macquarie lifted interest rates on its two, three, four, and five year term deposits by between 60 and 70 basis points. The rates are now:

  • 2 Year: 1.20% p.a. 
  • 3 Year: 1.30% p.a. 
  • 4 Year: 1.30% p.a. 
  • 5 Year: 1.30% p.a. 

The term deposits are for retail clients only, and minimum deposit on these rates is $5,000 - maximum $1 million - and interest is paid annually.

"For any rate decision, we carefully consider a number of factors including economic decisions, funding costs and offering competitive rates to our customers," a Macquarie spokesperson told

Macquarie also offers a four-month introductory savings account of up to 1.10% p.a. on balances up to $250,000.

Recently, AMP also upped the interest rate on its savings account to 1.35% p.a. - the equal-highest ongoing rate on the market that isn't age-limited, according to market research.

Are you losing money?

With the most recent annual inflation measurement at 3.0%, depositors are realistically losing upwards of 1% in spending power per year - even with the most competitive interest rates.

This has led many savers, particularly retirees, to chase higher returns in equities which are inherently riskier than a deposit product.

National Seniors Australia chief advocate Ian Henschke last year called for a universal pension to combat this.

"I’m sure many retirees feel this way [about a universal pension], having lived through two of the biggest market downturns in recent history. It’s a terrifying financial rollercoaster you really don’t want to get on," Mr Henschke told

Macquarie's one-year term deposit rate in April 2020 was as high as 1.75% p.a - a time when Australia experienced 'deflation' of 1.9%.


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