Macquarie Bank ups savings interest rate to 5.50%

By Cameron Thomson · · 1 min read
Fact Checked
Advertiser disclosure
Man walking in front of Sydney Macquarie Bank building

A few weeks before the RBA decision on the official cash rate, Macquarie Bank has notably bumped up the interest rate on its savings account of balances up to $250,000. 

Macquarie’s savings account welcome rate (first 4 months) has increased from 5.35% p.a. to 5.50% p.a. for new customers from 17 October. 

This stands out since many predict that the RBA will probably continue to hold rates for now, with cuts possibly starting next year. 

Savers get a higher ongoing interest rate

What’s unique about this account is that, after the intro rate, you’ll still get a relatively high base rate. 

Most savers, of accounts up to $1,000,000, will enjoy a rate increase from 4.75% p.a. up to 5.00% p.a. 

Accounts $1,000,000.01 and above saw a decrease to 2.75% p.a. from 3.35% p.a.

Currently, the Mozo database puts the average rate of all ongoing rates we track (for savings accounts with a $10,000 balance) at 3.51%, while the average bonus is 4.65% and the average introductory rate at 4.99%. 

This means that both the new Macquarie base rate (provided it’s below $1,000,000.01) and intro rate are above average. 

With cost of living pressures continuing to mount, a good high interest account like this could help maintain your savings stash. 

To find other savings providers like Macquarie, check out and compare high interest saving account providers below or head to our hub page...

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Last updated 10 January 2026 Important disclosures

  • High Interest Savings Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    3.45 % p.a.
    (for $0 to $250,001)
    No Partner link

  • High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $1,000,000)
    Welcome bonus rate for new customers for the first 4 months. Reverts to 4.35% bonus rate. Grow your balance by at least $1 per month, payable on total savings up to $1,000,000.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

  • Savings Accelerator

    Maximum rate
    5.00 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account after June 9 2025 receive an introductory bonus 1.05% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.10 % p.a.
    (for $0 to $50,000)
    No Partner link

  • Life - 18-34 years old

    Maximum rate
    5.00 % p.a.
    (for $0 to $30,000)
    Make 20 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
    Standard rate
    0.10 % p.a.
    (for $0 and over)
    No Partner link

  • Future Saver Account - 14 to 35 years

    Maximum rate
    4.85 % p.a.
    (for $0 to $50,000)
    Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Easy Saver

    Maximum rate
    4.80 % p.a.
    (for $0 to $250,001)
    Bonus variable intro rate for the first 4 months
    Standard rate
    4.00 % p.a.
    (for $0 to $250,001)
    No Partner link

  • Growth Saver

    Maximum rate
    4.75 % p.a.
    (for $0 to $25,000)
    Minimum deposit of $200 and no withdrawals in the month
    Standard rate
    0.10 % p.a.
    (for $0 and over)
    No Partner link

  • Savings Maximiser

    Maximum rate
    4.75 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.01 % p.a.
    (for $0 and over)
    No Partner link

  • Reward Saver Kick Start Account - Up to 30 years old

    Maximum rate
    4.75 % p.a.
    (for $5,000 to $100,000)
    Minimum deposit of $20 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

  • Bonus Saver

    Maximum rate
    4.75 % p.a.
    (for $0 to $100,000)
    3 month intro bonus rate of 0.40%. Minimum deposit of $100 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 to $0)
    No Partner link

  • PremiumSaver

    Maximum rate
    4.65 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Standard rate
    0.60 % p.a.
    (for $0 and over)
    No Partner link

  • Boss Saver

    Maximum rate
    4.65 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    No Partner link

  • Savvy Saver Account

    Maximum rate
    4.65 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    No Partner link

  • Hello Saver Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $100,001)
    Bonus variable rate is available for the first 4 months. Intro rate only available to new Mystate Bank customers
    Standard rate
    4.25 % p.a.
    (for $0 to $100,001)
    No Partner link

  • Savings Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $250,000)
    Bonus variable rate is available for the first 4 months.
    Standard rate
    4.25 % p.a.
    (for $0 to $2,000,000)
    No Partner link

  • Maxi Saver

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Bonus rate for the first 6 months from account opening. Including a 0.45% bonus for new accounts opened online.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    No Partner link

  • Maxi Saver

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Bonus rate for the first 6 months from account opening. Including a 0.45% bonus for new accounts opened online.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    No Partner link

  • Maxi Saver

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Bonus rate for the first 6 months from account opening. Including a 0.45% bonus for new accounts opened online.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    No Partner link

  • Netsave Account

    Maximum rate
    4.60 % p.a.
    (for $0 and over)
    Introductory interest rate for the first 4 months after the account is opened.
    Standard rate
    0.75 % p.a.
    (for $0 and over)
    No Partner link

  • Goal Saver

    Maximum rate
    4.60 % p.a.
    (for $0 to $50,000)
    Deposit $500 by electronic transfer (excluding telegraphic transfers) into your Everyday Edge Account and make 5 card transactions per month.
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    No Partner link

  • HomeME Savings Account

    Maximum rate
    4.60 % p.a.
    (for $100,000 to $1,000,001)
    Deposit $2,000 into linked SpendME account each month from an external account.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Smart Saver Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $250,001)
    Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Saver

    • Grow & Flow
    Maximum rate
    4.60 % p.a.
    (for $0 to $250,000)
    Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded). Earn the Grow Rate of 4.60% p.a. on Savers with no withdrawals for the month up to $250k, otherwise earn the Flow Rate of
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

  • U30 Super Charge Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $10,000)
    Standard rate
    4.50 % p.a.
    (for $0 to $10,000)
    No Partner link

  • Saving Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    bonus rate for 3 months
    Standard rate
    2.50 % p.a.
    (for $0 and over)
    No Partner link

  • Home Saver

    Maximum rate
    4.50 % p.a.
    (for $0 to $100,000)
    Deposit $2,000 by electronic transfer into your Everyday Edge Account and make 5 purchases with your Visa debit card each month.
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    No Partner link

  • Boost Saver with Go Account - Lock Saver Feature

    Maximum rate
    4.50 % p.a.
    (for $0 to $250,000)
    Bonus rate without the Lock Saver is up to 4.20% p.a. Enable Lock Saver Feature to earn 4.50% p.a. with 32 day’s notice for withdrawal and deposit $1,000 from another financial institution into your linked Go Account and settle 5+ transactions per month.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Smart Saver Youth Account

    • under 25
    Maximum rate
    4.50 % p.a.
    (for $0 to $50,000)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Bonus Saver

    Maximum rate
    4.50 % p.a.
    (for $0 to $99,999)
    minimum deposit $100, no withdrawal allowed
    Standard rate
    0.01 % p.a.
    (for $0 and over)
    No Partner link

  • Save Up

    Maximum rate
    4.50 % p.a.
    (for $1 and over)
    minimum deposit $50, no withdrawals
    Standard rate
    0.00 % p.a.
    (for $0 to $1)
    No Partner link
Showing 30 results from 255 savings accounts

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