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...
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Promoted
Savvy Saver Account
- Maximum rate
-
5.00
%
p.a.
(for $0 to $100,001)
- Standard rate
-
0.45
%
p.a.
(for $0 and over)
- No minimum balance required
- Move money in and out and still earn interest
- Transfer or make payments using the mobile app
- Standard rate
-
Balances from $0: 0.45% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $100,001: 0.45% p.a.
- Maximum rate conditions
-
Minimum of $500 deposited into a linked P&N & Transaction Account, and at least 5 eligible Visa Card transactions made from that linked account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about P&N Bank savings accounts
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Promoted
Life
- Maximum rate
-
4.75
%
p.a.
(for $0 and over)
- Standard rate
-
0.40
%
p.a.
(for $0 and over)
- $0 monthly fees for account 18 years or older
- Separate spending and saving for simple money management
- Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.
- Standard rate
-
Balances from $0: 0.40% p.a.
- Maximum rate
-
Balances from $0: 4.75% p.a.
- Maximum rate conditions
-
Minimum one deposit and higher balance than at the beginning of the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Branch access, Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about Westpac savings accounts
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Promoted
High Interest Save Account
- Maximum rate
-
5.10
%
p.a.
(for $0 to $100,000)
- Standard rate
-
0.00
%
p.a.
(for $0 and over)
- No monthly fees on any of your save accounts
- Split your money with up to 10 Save accounts.
- Set savings targets and track on the app
- Standard rate
-
Balances from $0: 0.00% p.a.
- Maximum rate
-
Balances from $0: 5.10% p.a.
Balances from $100,000: 4.65% p.a.
Balances from $250,000: 0.00% p.a.
- Maximum rate conditions
-
Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Account can only be opened through iOS or Android app, but may be accessed through internet banking.
- Other benefits
-
Bonus rate applies across 10 accounts on balances of up to $250,000 combined.
Read reviews and learn more about ubank savings accounts
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-
Savings Maximiser
- Maximum rate
-
5.40
%
p.a.
(for $0 to $100,000)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Zero ING fees to pay
- Move money easily via app
- Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 5.40% p.a.
Balances from $100,000: 0.05% 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 -
Savings Accelerator
- Maximum rate
-
5.15
%
p.a.
(for $150,000 to $500,000)
- Standard rate
-
2.60
%
p.a.
(for $0 to $50,000)
- No monthly deposit requirements or lock-in terms
- No ongoing fees
- Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
- Standard rate
-
Balances from $0: 2.60% p.a.
Balances from $50,000: 3.50% p.a.
Balances from $150,000: 4.45% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate
-
Balances from $0: 3.30% p.a.
Balances from $50,000: 4.20% p.a.
Balances from $150,000: 5.15% p.a.
Balances from $500,000: 4.45% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate conditions
-
New ING personal savings customers who open an account by 30 June 2025 receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about ING savings accounts
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High Interest Save Account
- Maximum rate
-
5.10
%
p.a.
(for $0 to $100,000)
- Standard rate
-
0.00
%
p.a.
(for $0 and over)
- No monthly fees on any of your save accounts
- Split your money with up to 10 Save accounts.
- Set savings targets and track on the app
- Standard rate
-
Balances from $0: 0.00% p.a.
- Maximum rate
-
Balances from $0: 5.10% p.a.
Balances from $100,000: 4.65% p.a.
Balances from $250,000: 0.00% p.a.
- Maximum rate conditions
-
Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Account can only be opened through iOS or Android app, but may be accessed through internet banking.
- Other benefits
-
Bonus rate applies across 10 accounts on balances of up to $250,000 combined.
Read reviews and learn more about ubank savings accounts
Go to site -
Boss Saver
- Maximum rate
-
5.00
%
p.a.
(for $0 to $100,001)
- Standard rate
-
0.45
%
p.a.
(for $0 and over)
- Bonus interest for the first four months
- No minimum balance, ongoing fees or withdrawal penalties
- Manage your money easily on the BCU Bank app
- Standard rate
-
Balances from $0: 0.45% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $100,001: 0.45% p.a.
- Maximum rate conditions
-
Minimum of $500 deposited into a linked BCU Access Account, and at least 5 eligible Visa Card transactions made from that linked account.
- 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 BCU Bank savings accounts
Go to site -
Savvy Saver Account
- Maximum rate
-
5.00
%
p.a.
(for $0 to $100,001)
- Standard rate
-
0.45
%
p.a.
(for $0 and over)
- No minimum balance required
- Move money in and out and still earn interest
- Transfer or make payments using the mobile app
- Standard rate
-
Balances from $0: 0.45% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $100,001: 0.45% p.a.
- Maximum rate conditions
-
Minimum of $500 deposited into a linked P&N & Transaction Account, and at least 5 eligible Visa Card transactions made from that linked account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about P&N Bank savings accounts
Go to site -
Life - 18-29 years old
- Maximum rate
-
5.00
%
p.a.
(for $0 to $30,000)
- Standard rate
-
0.40
%
p.a.
(for $0 and over)
- $0 monthly fees for account holders under 30 or full-time tertiary students
- Separate spending and saving for simple money management
- Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.
- Standard rate
-
Balances from $0: 0.40% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $30,000: 4.75% p.a.
- Maximum rate conditions
-
Make 5 eligible card purchases per month with a Westpac Choice account and min 1 eligible deposit and account balance must not fall below $0 and should have higher balance on the last business day than at the beginning of the month in Life savings account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Branch access, Phone banking, Internet banking
- Kids ages
-
18 - 29
- Minimum balance
-
$0.00
- Other restrictions
-
Must hold a Westpac Choice transaction account. If 5 eligible card purchases are made each month, but savings account balance has not increased, a 1.60% interest rate still applies.
- Other benefits
-
-
Read reviews and learn more about Westpac savings accounts
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Mozo experts choice awards won:
- Young Adult High Interest Savings - 2025
- Teen High Interest Savings - 2025
Reward Saver Kick Start Account
- Maximum rate
-
5.00
%
p.a.
(for $0 to $1,000,000)
- Standard rate
-
0.00
%
p.a.
(for $0 and over)
- Account for 13-17 year olds and students, trainees and apprentices under 30.
- No monthly account keeping fees
- Set up automatic transfers from your Everyday Account
- Standard rate
-
Balances from $0: 0.00% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $1,000,000: 0.00% p.a.
- Maximum rate conditions
-
Bonus rate of 5% for balances up to $1,000,000. Minimum deposit of $20 and no withdrawals in the month.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Kids ages
-
13-30
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about IMB Bank savings accounts
Go to site -
Reward Saver Account
- Maximum rate
-
5.00
%
p.a.
(for $0 to $1,000,000)
- Standard rate
-
0.00
%
p.a.
(for $0 and over)
- Introductory bonus rate for balances up to $1,000,000 for the first 4 months
- Minimum deposit of $50 and no withdrawals
- No monthly account fees
- Standard rate
-
Balances from $0: 0.00% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $1,000,000: 0.00% p.a.
- Maximum rate conditions
-
Intro bonus rate of 5% for balances up to $1,000,000 for the first 4 months, reverting to 3%. Minimum deposit of $50 and no withdrawals.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about IMB Bank savings accounts
Go to site -
Life
- Maximum rate
-
4.75
%
p.a.
(for $0 and over)
- Standard rate
-
0.40
%
p.a.
(for $0 and over)
- $0 monthly fees for account 18 years or older
- Separate spending and saving for simple money management
- Use the debit card linked to your Choice account 5+ times per month for Spend&Save bonus interest on eligible purchases.
- Standard rate
-
Balances from $0: 0.40% p.a.
- Maximum rate
-
Balances from $0: 4.75% p.a.
- Maximum rate conditions
-
Minimum one deposit and higher balance than at the beginning of the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Branch access, Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about Westpac savings accounts
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Bonus Saver
- Maximum rate
-
4.75
%
p.a.
(for $0 and over)
- Standard rate
-
0.25
%
p.a.
(for $0 and over)
- Bonus interest for the first four months
- No minimum balance, ongoing fees or withdrawal penalties
- Manage your money easily on the BCU Bank app
- Standard rate
-
Balances from $0: 0.25% p.a.
- Maximum rate
-
Balances from $0: 4.75% 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, 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 -
Hi Saver
- Maximum rate
-
4.75
%
p.a.
(for $0 and over)
- Standard rate
-
0.25
%
p.a.
(for $0 and over)
- Earn bonus interest for the first four months
- No Minimum balance required
- Transfer or make payments using the mobile app
- Standard rate
-
Balances from $0: 0.25% p.a.
- Maximum rate
-
Balances from $0: 4.75% 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, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about P&N Bank savings accounts
Go to site -
SwiftSaver Account
- Maximum rate
-
4.25
%
p.a.
(for $0 to $250,000)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Earn bonus interest each month (T&Cs apply)
- Open up to five accounts
- No monthly fees or minimum balance
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 4.25% p.a.
Balances from $250,000: 0.05% p.a.
- Maximum rate conditions
-
Minimum deposit of $10 and no withdrawals in the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about P&N Bank savings accounts
Go to site
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