Macquarie Bank ups savings interest rate to 5.50%

By Cameron Thomson · · 1 min read
Fact Checked
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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 15 December 2024 Important disclosures

Savings account comparisons on Mozo

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    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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    Savings Accelerator

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    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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    Maximum rate
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    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

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