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Macquarie sweetens savings account

Macquarie Bank's popular savings account will now pay an ongoing interest rate of 4.50% p.a. on balances up to $2 million, doubling the old cut-off of $1 million.

By Denise Raward

Published on 1 Aug 2025

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.

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

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 tiers 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.

Which banks offer savings accounts over 5%?

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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.

Deposit amount

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Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofAugust 2, 2025

	Bonus rate of 4.60%Rate varies on savings amount. –	Intro rate for 4 monthsthen 4.60% p.a. 5.00^%_p.a.	^$957	4	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED*Score $20 using code SWIPE20	Save Account Earn bonus interest on total savings up to $1M per customer Deposit $500 per month from an external source to earn bonus interest Welcome Bonus Rate for up to 4 months, then 4.60% everyday bonus rate *Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
Disclosure
FEATUREDScore $20 using code SWIPE20 Save Account Earn bonus interest on total savings up to $1M per customer Deposit $500 per month from an external source to earn bonus interest Welcome Bonus Rate for up to 4 months, then 4.60% everyday bonus rate Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store More details Disclosure
	3.70^%_p.a.	Intro rate for 4 monthsthen 3.70% p.a. 5.15^%_p.a.	^$844	4	^$0	^$249,999	0	0	1	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
	High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
Disclosure
High Interest Savings Account (<$250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details Disclosure
	Bonus rate of 4.95%Rate varies on savings amount. 0.05^%_p.a.	5.00^%_p.a.	^$1,023		^$0	^$99,999	0	1000	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	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
FEATURED 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 More details Disclosure
	4.50^%_p.a.	Intro rate for 4 monthsthen 4.50% p.a. 4.85^%_p.a.	^$933	4	^$0	^$99,999,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Account Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates. No fees and no monthly requirements to earn interest. Easily open an account online in 3 minutes.
Disclosure
FEATURED Savings Account Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates. No fees and no monthly requirements to earn interest. Easily open an account online in 3 minutes. More details Disclosure

Savings Account

Product Features

Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
No fees and no monthly requirements to earn interest.
Easily open an account online in 3 minutes.

Total interest earned$933

4.50 % Base interest rate

4.85 % Max interest rate

Intro rate for

then

4.50%

More details

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Denise Raward

Denise Raward is a senior journalist with an interest in macroeconomics, property, and personal finances. She has worked extensively across mainstream media organisations and lectured at Queensland University of Technology, Griffith University, and Bond University. She holds a Bachelor of Business - Communication, a Master of Arts, and RG 146 financial certification in Generic Knowledge, Securities, and Regulation. Joining Savings.com.au in January 2024, Denise strives to deliver financial information in everyday language to help Australians to better understand how to manage their own – and their families' – ongoing financial health.

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Macquarie sweetens savings account

Well-timed Macquarie move?

Fewer 'no condition' savings accounts

Save Account

Save Account

High Interest Savings Account (<$250k)

High Interest Savings Account (<$250k)

Savings Maximiser

Savings Maximiser

Savings Account

Savings Account

Denise Raward