Macquarie Bank ups savings interest rate to 5.50%
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...
Promoted
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PremiumSaver
- Standard rate
-
1.45
%
p.a.
(for $0 and over)
- Maximum rate
-
5.35
%
p.a.
(for $0 to $250,001)
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.
- Standard rate
-
Balances from $0: 1.45% p.a.
- Maximum rate
-
Balances from $0: 5.35% p.a.
Balances from $250,001: 3.70% p.a.
Balances from $1,000,000.01: 3.70% p.a.
- Maximum rate conditions
-
Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
- Other benefits
- -
Read reviews and learn more about Rabobank savings accounts
Go to site -
Online Savings Account
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Maximum rate
-
5.20
%
p.a.
(for $0 and over)
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.20% p.a.
- Maximum rate conditions
-
Bonus rate for the first 3 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Branch access, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
- Other benefits
- -
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site
-
Savings Account
- Standard rate
-
5.00
%
p.a.
(for $0 to $1,000,000)
- Maximum rate
-
5.50
%
p.a.
(for $0 to $250,000)
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Standard rate
-
Balances from $0: 5.00% p.a.
Balances from $1,000,000.01: 2.75% p.a.
- Maximum rate
-
Balances from $0: 5.50% p.a.
Balances from $250,000.01: 5.00% p.a.
Balances from $1,000,000.01: 2.75% p.a.
- Maximum rate conditions
-
Bonus variable rate is available for the first 4 months.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
- Other benefits
- Purchase retail discounts.
Read reviews and learn more about Macquarie savings accounts
Go to site -
Savings Maximiser
- Standard rate
-
0.55
%
p.a.
(for $0 and over)
- Maximum rate
-
5.50
%
p.a.
(for $0 to $100,000)
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Standard rate
-
Balances from $0: 0.55% p.a.
- Maximum rate
-
Balances from $0: 5.50% p.a.
Balances from $100,000: 0.55% p.a.
- Maximum rate conditions
-
For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Phone banking, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
- Other benefits
- No minimum deposits or transactions needed to receive bonus rate when linked with Orange Everyday Youth Account
Read reviews and learn more about ING savings accounts
Go to site -
PremiumSaver
- Standard rate
-
1.45
%
p.a.
(for $0 and over)
- Maximum rate
-
5.35
%
p.a.
(for $0 to $250,001)
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.
- Standard rate
-
Balances from $0: 1.45% p.a.
- Maximum rate
-
Balances from $0: 5.35% p.a.
Balances from $250,001: 3.70% p.a.
Balances from $1,000,000.01: 3.70% p.a.
- Maximum rate conditions
-
Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
- Other benefits
- -
Read reviews and learn more about Rabobank savings accounts
Go to site -
Online Savings Account
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Maximum rate
-
5.20
%
p.a.
(for $0 and over)
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.20% p.a.
- Maximum rate conditions
-
Bonus rate for the first 3 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Branch access, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
- Other benefits
- -
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
Savings+Bonus
- Standard rate
-
2.00
%
p.a.
(for $1 to $250,000)
- Maximum rate
-
5.00
%
p.a.
(for $1 to $250,000)
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
- Standard rate
-
Balances from $1: 2.00% p.a.
Balances from $250,000: 0.40% p.a.
- Maximum rate
-
Balances from $1: 5.00% p.a.
Balances from $250,000: 3.40% p.a.
- Maximum rate conditions
-
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Interest paid
-
Monthly
- Account fee per month
-
$5.00- Monthly membership fee is waived if total balance exceeds $1000, or has a loan or credit card with bank.
- Access
- -
- Kids ages
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
- Other benefits
- -
Read reviews and learn more about First Option Bank savings accounts
Go to site -
Bonus Saver
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Maximum rate
-
5.00
%
p.a.
(for $0 and over)
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
- Maximum rate conditions
-
Bonus rate for the first 4 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- -
- Other benefits
- -
Read reviews and learn more about BCU Bank savings accounts
Go to site -
Bonus Saver Account
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Maximum rate
-
5.00
%
p.a.
(for $0 to $250,000)
Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $250,000: 0.05% p.a.
- Maximum rate conditions
-
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
- Other benefits
- -
Read reviews and learn more about MyState Bank savings accounts
Go to site -
MoneyMAX Account
- Standard rate
-
4.70
%
p.a.
(for $1 and over)
- Maximum rate
-
4.70
%
p.a.
(for $1 and over)
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Standard rate
-
Balances from $1: 4.70% p.a.
- Maximum rate
-
- Maximum rate conditions
-
n/a
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
- Other benefits
- -
Read reviews and learn more about Unity Bank savings accounts
Go to site -
Smart Saver Account
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Maximum rate
-
4.50
%
p.a.
(for $0 and over)
Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 4.50% p.a.
- Maximum rate conditions
-
Increase account balance by any amount (excluding interest) and make no more than two withdrawals in the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
- BPay, Branch access, Internet banking
- Kids ages
- -
- Minimum balance
- $0.00
- Other restrictions
- -
- Other benefits
- -
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site
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