Macquarie Savings Account Review (2026)
Rates and conditions verified 17 May 2026
Rates can change without notice. Last verified: 17 May 2026 (AEST). Please confirm details on the bank’s official page.
Welcome rate (4 months)
5.10%
p.a. for new customers
Ongoing rate
4.75%
p.a. no conditions
Monthly conditions
None
no hoops to jump through
How the Macquarie Savings Account Works
The Macquarie Savings Account is a no-conditions high-interest savings account from Macquarie Bank. New customers earn a 5.10% p.a. welcome rate for the first 4 months, with no requirements to deposit a minimum amount, avoid withdrawals, or make any transactions.
After 4 months, the rate transitions to an ongoing variable rate of 4.75% p.a. — still one of the strongest no-conditions ongoing rates available in Australia. The ongoing rate applies to balances up to $2,000,000, making it a strong option for larger savers.
Macquarie Bank is an Australian ADI. Deposits are protected under the Australian Government's Financial Claims Scheme up to $250,000 per account holder.
Current Interest Rates
| Rate type | Rate | Details |
|---|---|---|
| Welcome rate | 5.10% p.a. | First 4 months, balances up to $250,000 |
| Ongoing rate | 4.75% p.a. | After 4 months, balances up to $2,000,000 |
| Conditions | None | No deposit, transaction, or balance-growth requirements |
Rates as at 17 May 2026. Variable — check Macquarie's website for the latest.
Pros and Cons
Pros
- ✓ No monthly conditions — ever
- ✓ Strong 4.75% p.a. ongoing rate (best no-conditions ongoing rate we track)
- ✓ Ongoing rate applies to balances up to $2,000,000
- ✓ No account keeping fees
- ✓ No minimum balance
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ Welcome rate only lasts 4 months
- ✗ 5.10% welcome rate is lower than Rabobank's 5.90% intro
- ✗ Online/app only — no branches
- ✗ Welcome rate capped at $250,000 (ongoing rate applies above that)
Who Is It Best For?
The Macquarie Savings Account is the best choice for savers who want a strong no-conditions ongoing rate after the welcome period. Its 4.75% p.a. ongoing rate beats every other no-conditions account we track — making it particularly valuable if you plan to stay long-term and don't want to switch accounts every few months to chase intro rates.
It's also well-suited to larger savers. The ongoing rate applies to balances up to $2,000,000 — far higher than the $250,000 cap on most competitors' bonus or intro rates.
How It Compares
- Rabobank HISA: 5.90% intro (4 months), 4.00% ongoing — no conditions
- ubank Save: 5.85% intro, 5.10% ongoing — grow balance each month
- ING Savings Maximiser: 5.50% — deposit $1,000 + 5 card purchases
- Macquarie: 5.10% intro (4 months), 4.75% ongoing — no conditions
Macquarie's intro rate is the lowest of the four, but its ongoing rate is the highest among no-conditions accounts. If you're optimising for year two and beyond, Macquarie wins on the ongoing rate.
FAQs
What is the welcome rate?
New customers earn 5.10% p.a. for the first 4 months on balances up to $250,000. No conditions apply.
Are there any monthly conditions?
No. Neither the welcome rate nor the ongoing rate has any monthly deposit, transaction, or balance-growth requirements.
What is the ongoing rate after 4 months?
4.75% p.a. variable, on balances up to $2,000,000. No conditions apply.
Information is general in nature and may change without notice. Rates verified 17 May 2026. Confirm current rates and conditions on Macquarie's website before applying. This is not financial advice.