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.
Household deposits have more than tripled over the past four years and are set to hit the $100 billion mark in the first half of 2026.
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
| 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. | 5.35% p.a. Intro rate for 4 months then 5.00% p.a. | $1,036 | 4 months | $0 | $249,999 | $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 | |||||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Disclosure |
All are accessible through the Macquarie Banking App, which has received overwhelmingly positive reviews for its user-friendliness and features.
See also: What's the difference between a savings account and a transaction account?
Macquarie Savings Account
Macquarie has just 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.
The Savings Account also currently offers a welcome rate for the first four months. At the time of writing, this is a 35 basis point (0.35%) increase to the ongoing variable rate on balances up to $250k.
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 account.
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 international fees, and can be linked to a debit card, as well as the aforementioned savings account.
Macquarie Term Deposits
Macquarie also offers a range of term deposit products, with terms from one month to five years. Macquarie TDs have a minimum deposit size of $5,000 and generally offer lower interest rates for more regular interest payments.
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.
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 significantly upgraded its digital infrastructure in recent years. 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. It also has a competitive four-month introductory rate on balances up to $250,000.
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."