Sitting outside the big-four as one of Australia’s largest banks, Macquarie Bank offers a competitive online savings account with no monthly fees backed by powerful digital banking. The evolution of Macquarie Bank towards digital banking has seen the bank undergo a number of upgrades to its digital onboarding processes completed late last year, to now be powered by cloud-based technology. These upgrades mean customers can apply for transaction and savings accounts, have their identity verified and load their debit card instantly to Apple or Google wallet platforms all in 'under a minute'.

What savings accounts does Macquarie offer?

Macquarie offers a singular savings account product for Macquarie customers who open a transaction account.

Olivia McArdle, Macquarie’s Head of Payments and Deposits, said Macquarie has made it really simple to open numerous savings accounts within the mobile banking app.

“We know that a lot of people like to use the “bucketing” approach for their savings goals, so our customers can open multiple savings accounts for their different savings objectives – and can just as easily close them too once they’ve achieved a particular savings milestone,” Ms McArdle told Savings.com.au.

“While some like to take the bucketing approach, others prefer to keep their money all in one account. This is why, in an Australian first, we recently increased the interest rate of our everyday transaction account, to be in line with our high interest savings account.

“This means that our customers will receive the same great interest rate, however they choose to manage their money – whether that’s in their everyday transaction account, or in one of their Macquarie savings accounts.

“The concept of having to shuffle around money between accounts to try and earn a competitive interest rate is inefficient and outdated, which is why we’ve made this change to deliver a more seamless banking experience and enable our customers to manage their money in a way that best suits them.”

To open and keep open a Macquarie savings account, you must hold a transaction account.

Ms McArdle notes there are no minimum balance or deposit requirements, no transaction conditions and no need to lock money away for a set period of time to receive Macquarie’s interest rate.


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  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
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Features of Macquarie’s savings account

Introductory interest rate

An introductory (or promo) interest rate is a higher rate offered by banks on their savings account products to new customers for a limited time.

“We offer a really competitive four month welcome rate for new Macquarie savings account customers,” Ms McArdle said.

Macquarie does not have any deposit or withdrawal conditions placed upon its savings account product in order to determine introductory interest eligibility.

Fee-free

Macquarie customers are charged no monthly or annual fees for opening or maintaining a savings account.

Open multiple save accounts

Macquarie customers have the option to open multiple savings accounts.

Dubbed Australia’s fastest account opening experience, Ms McArdle says new customers can apply for an account, have their identity verified and start banking in as little as one minute.

“Customers can instantly load their new debit card into their Apple or Google wallet so that they can start using their account straight away,” she said.

Benefits of security

Macquarie Bank customers receive real time notifications when direct debits are taken out of your savings account. Macquarie also offers an extra layer of protection for customers through its own authentication app.

“Customers have access to Macquarie Authenticator, our market-leading digital verification app which provides an extra layer of security over their accounts and personal information,” Ms McArdle said.

“With the Macquarie Authenticator app, Macquarie customers are sent push notifications which enables them to verify certain transactions and account changes so that they can be confident that their accounts are secure.”

Budgeting and saving tools

Each time you make a transaction, Macquarie Bank will automatically categorise the transaction into groups such as groceries, travel, leisure or technology.

NPP payments

Macquarie customers can complete transfers in and out of savings accounts instantaneously via PayID and Osko.

Financial Claims Scheme guarantee

Macquarie Bank customer deposits are guaranteed up to $250,000 per customer under Macquarie Bank’s banking licence by the Australian Government’s Financial Claims Scheme (FCS).

Macquarie savings account eligibility

To open and keep open a Macquarie Bank Savings Account, you must hold a Transaction Account. Your Savings Account must:

  • be in the same name(s) as your Transaction Account, or
  • for joint Transaction Account holders, in any one Transaction Account holder’s name or combination of existing Transaction Account holders’ names.

Further:

  • You must be 12 years of age or older to apply for this account.
  • This account is available to permanent Australian residents.
  • You can apply for this account in your own name, either individually or jointly. You can not apply for this Macquarie Savings Account in the name of a business or a trust.

Required documents

To open a Macquarie Bank savings account, you’ll need to provide:

  • Personal details including full name, date of birth, Australian address, email address, telephone and tax file numbers.
  • Valid Australian identification including drivers licence, passport, medicare card or birth certificate.

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