Macquarie Bank's Savings Account is one of a dwindling few in the high-interest savings market that attaches no conditions to achieving its best interest rate.
In a month when more banks are adding conditions to achieve their bonus interest rates, Macquarie has announced its popular "no hoops or catches" savings product will pay its ongoing variable rate of 4.50% p.a. on balances up to $2 million.
See also:
Ubank savings account back in the 5% club - with a catch
New conditions for Up's popular savings account rate
The rate had previously applied to balances up to $1 million.
For savings amounts over $2 million, Macquarie will pay a variable rate of 2.25% p.a.
The tier change also applies to Macquarie's Transaction Account which will now pay 2.25% p.a. on all account balances.
For both products, the current interest rates remain unchanged but they will apply to much larger account balances.
Here are the new Savings Account rate tiers:
| Balance | Interest rate | Rate type |
| ≤$250,000 | 4.85% p.a. | Welcome rate for 4 months |
| ≤$250,000 | 4.50% p.a. | Ongoing rate |
| >$250k to $2m | 4.50% p.a. | Ongoing rate |
| >$2m | 2.25% p.a. | Ongoing rate |
See also: The different types of savings account interest rates
Well-timed Macquarie move?
Friday's announcement of a new sweetener to Macquarie's savings and transaction products comes hot on the heels of changes to other popular savings products.
In announcing new interest tier structure on its Save account, Ubank flagged it would also be applying a new balance growth condition to achieve its top interest rate, taking effect on 1 October.
On Wednesday, Up announced it would be introducing an additional 'no withdrawal' condition to achieving the top bonus interest rate on its Saver accounts from 1 September.
Both products pay a base rate of 0.00% p.a. if monthly conditions are not met.
The changes to both Ubank and Up's savings accounts - among the most popular on the market - came under fire in online consumer finance forums, with many decrying the addition of more conditions.
Many contributors suggesting alternative 'no strings' products recommended Macquarie Bank's Savings Account.
Fewer 'no condition' savings accounts
While 'no condition' savings accounts are becoming more scarce, another new product also launched on the market in July.
AMP's app-based GO Save account matches Macquarie's ongoing variable rate of 4.50% p.a. but is payable on balances up to $250,000.
The rate drops to 3.75% p.a. for balances over $250,000 to $5 million and 0.00% for amounts over $5 million.
It adds to the scant pickings for depositors who want to be assured of receiving a reasonable interest rate on their savings each month without negotiating bonus rate conditions.
A report by the Australian Consumer and Competition Commission in late 2023 found 71% of all conditional savings accounts missed out on receiving bonus interest within its study period.
Since that time, it's fair to say more conditions have been imposed on more savings products.
See also:
Are you getting the top interest rate on your savings?
Which banks offer savings accounts over 5%?
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Harry O'Sullivan
Denise Raward
