Quick Guide to Macquarie Bank's Saving Account
Dominic Beattie
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- Macquarie Bank is the fastest-growing deposit taker among Australia's major banks
- It is best known for its popular 'no hoops' Savings Account
- It also pays notable interest on Transaction Account balances
- Macquarie launched digital term deposit products in July 2026 alongside its traditional term deposit offerings
Macquarie Bank is often referred to as Australia's fifth big bank. Its deposit book (household and business) broke through the $200 billion mark in late 2025 with an annual growth rate of 25% - more than three times the 8% growth rate of the market overall.
Macquarie's household deposits have more than tripled over the past four years, reaching the $100 billion mark also in late 2025.
Here's what to know about the retail deposit products Macquarie Bank has to offer.
Macquarie Deposit Products & Interest Rates
Macquarie offers:
- a savings account
- a transaction account
- a cash management account
- term deposits ( digital term deposits and classic term deposit products)
See also : What's the difference between a savings account and a transaction account?
Macquarie Bank deposit account interest rates
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.00% p.a. | 5.00% p.a. | $1,023 | – | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
2.75% p.a. | 2.75% p.a. | $557 | – | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
2.75% p.a. | 2.75% p.a. | $557 | – | $0 | $99,999,999 | $0 | $5,000 | $0 | |||||||||||
3.00% p.a. | 6.25% p.a. Intro rate for 3 months then 3.00% p.a. | $769 | 3 months | $0 | $99,999 | $0 | $0 | $0 |
| Promoted | Disclosure |
All Macquarie's deposit products are accessible through its mobile banking app, which receives overwhelmingly positive reviews for its user-friendliness and features. They can also be managed via Macquarie's online banking.
Macquarie Savings Account
Macquarie has a single savings account product, creatively named the Savings Account.
It comes with no fees and distinguishes itself from other high interest savings accounts with a relatively high ongoing variable base rate, which applies to balances up to $2 million.
Many of Macquarie's competitors characteristically offer very low base rates on their savings account products. Their top interest rates largely consist of a 'bonus rate' that applies only if certain conditions are met each month, e.g. a minimum deposit amount or no withdrawals.
See also: The different types of savings account interest rates
Macquarie's top interest rate comes with "no hoops, no catches", as its marketing blurb attests.
End of Macquarie Bank Savings Account welcome rate
The Savings Account once offered a welcome rate of 35 basis points on top of the ongoing rate on the first $250,000 for new account holders for the first four months.
The welcome rate offer was withdrawn from 11:59 pm (AEST) on 14 September 2026 after which new customers earned the ongoing rate of interest. (Customers already receiving a welcome rate continued to earn the rate until the end of their first four months.)
Account tier changes
Macquarie Bank is also due to introduce new balance tiers to its Savings Account from 1 November 2026. At the time of writing, the same ongoing rate will be paid on all balances up to $2 million.
For further details: Macquarie to end welcome rate on popular savings account
To open a Savings Account with Macquarie, you’ll need to have an existing transaction account under the same name.
Macquarie Transaction Account
Macquarie customers can also earn interest, albeit at a lower rate, on their transaction accounts.
Macquarie offers a higher interest rate on transaction balances relative to the negligible or zero-interest offerings of many of its competitors.
Its Transaction Account also comes with no fees, even on ATM withdrawals and including international fees, and can be linked to a debit card, as well as the aforementioned savings account.
Macquarie Term Deposits
Macquarie offers two term deposit products:
- digital term deposits for individual or joint accounts
- classic term deposits for companies or trusts
See also : Macquarie goes after term deposit market
Digital term deposits
Macquarie's digital term deposits were launched in July 2026 for minimum investment amounts of $25,000.
Depositors can choose from 3, 6, 9, or 12 month fixed terms, managed via Macquarie's mobile banking app and online banking. Different interest rates apply to deposits $1 million or under, or greater than $1 million.
Unlike many term deposit products on the market, Macquarie's digital term deposits do not charge break fees for early withdrawal.
Depositors are required to provide 31 days' notice during which time they will earn no interest. Any interest earned prior to that period will be paid.
At the end of the term, funds will be automatically transferred into a linked account. This is also different to many other term deposit providers who typically automatically reinvest funds into another term after a grace period.
Classic term deposits
Macquarie's traditional term deposit offerings require a minimum investment amount of $5,000, with a choice of terms between one month and five years.
Generally, lower interest rates apply for more regular interest payments. Different rates also apply to deposits $1 million or under and those greater than $1 million.
Early withdrawal requires at least 31 days notice and incurs a penalty and break fees, although this may be waived in cases of financial hardship or medical emergencies. Funds will automatically rollover to the same term with the option to update maturity instructions via the app.
Opening a Macquarie Bank savings account
Eligibility
If you're interested in opening a savings account or term deposit with Macquarie you'll need to:
be a permanent resident of Australia
be over 12 years old
provide your full name, date of birth, contact details and residential address
provide a valid Australian ID (including drivers licence, passport, Medicare card or birth certificate)
provide your tax file number
Turnaround time
Macquarie Bank has invested heavily in its digital infrastructure. Its digital onboarding process is powered by cloud-based technology, which means customers can apply for transaction and savings accounts, have their identity verified, and load their debit card instantly to Apple or Google wallet platforms in ‘under a minute’.
Macquarie Bank Savings Account Review
"Macquarie delivers a one-two punch with its savings and transaction accounts. Its highest ongoing savings account rate, while not the sharpest, is favoured for having no hoops to jump through, and a high balance cap of $2 million.
What sets Macquarie apart is the addition of its transaction account, which must be one of the only such products in Australia to bear any semblance of an interest rate.
The Mastercard debit card also features no foreign currency conversion fees, making it a worthy overseas travel companion. Hot tip: If you're in Japan, Mastercards can withdraw for free in 7-Eleven ATMs. The card looks pretty premium, too, sitting in your wallet.
One major downfall of the debit card is it doesn't feature Eftpos, so payments are only routed through Mastercard, which could attract higher merchant fees.
The app is very intuitive to use, and has all you need right at your fingertips with none of the bloated, unnecessary features. Its authenticator app is one of the best-in-business, providing security and verification prompts for online purchases and large transfers, without being intrusive.
Quite often on high-interest savings accounts, there is little incentive to move all your banking across to the institution, but Macquarie certainly challenges that notion."