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...

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 254 savings accounts using the filters.
Last updated 16 November 2025 Important disclosures
  • Promoted

    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)
    Go to site
    • Ongoing bonus interest when you meet conditions
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Promoted

    Save

    Maximum rate
    4.25 % p.a.
    (for $0 to $250,001)
    Standard rate
    4.25 % p.a.
    (for $0 to $250,001)
    Go to site
    • No deposit or withdrawal conditions
    • No minimum balance to earn interest
    • Instant set up and zero monthly account fees
  • Promoted

    Reward Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 4.50% for balances up to $1,000,000 for the first 4 months, reverting to 2.50%. Minimum deposit of $50 and no withdrawals.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus rate by depositing $50 a month and making no withdrawals
    • Introductory rate for first 4 months
    • No monthly account fees
  • Promoted

    Save Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $250,000)
    Bonus variable rate is available for the first 4 months
    Standard rate
    2.80 % p.a.
    (for $0 and over)
    Go to site
    • No monthly spend requirements
    • No minimum balance
    • No monthly deposit or withdrawal required

  • High Interest Savings Account

    Maximum rate
    5.00 % 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)
    Go to site
    • Easy set up, online and mobile banking app
    • No fees, no minimum balance, no minimum monthly deposit and no minimum term
    • Kick start your savings with the 4 month introductory variable rate

  • 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)
    Go to site
    • Earn bonus rates by depositing $20 a month and making no withdrawals
    • Mozo Experts Choice Awards winner for Teen High Interest Savings in 2025
    • No monthly account fees

  • 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)
    Go to site
    • Ongoing bonus interest when you meet conditions
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • 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)
    Go to site
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app

  • Save Account

    Maximum rate
    4.60 % p.a.
    (for $0 to $250,000)
    Bonus variable rate is available for the first 4 months
    Standard rate
    2.80 % p.a.
    (for $0 and over)
    Go to site
    • No monthly spend requirements
    • No minimum balance
    • No monthly deposit or withdrawal required

  • Reward Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 4.50% for balances up to $1,000,000 for the first 4 months, reverting to 2.50%. Minimum deposit of $50 and no withdrawals.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus rate by depositing $50 a month and making no withdrawals
    • Introductory rate for first 4 months
    • No monthly account fees

  • Smart Saver Account

    Maximum rate
    4.45 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $100 and no withdrawals in the month
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest each month (T&Cs apply)
    • Open up to five accounts
    • No monthly fees or minimum balance

  • Power Saver

    Maximum rate
    4.35 % p.a.
    (for $0 to $250,000)
    Minimum of $100 deposited into account, and no withdrawals made.
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Save

    Maximum rate
    4.25 % p.a.
    (for $0 to $250,001)
    Standard rate
    4.25 % p.a.
    (for $0 to $250,001)
    Go to site
    • No deposit or withdrawal conditions
    • No minimum balance to earn interest
    • Instant set up and zero monthly account fees

  • Bonus Saver

    Maximum rate
    4.25 % p.a.
    (for $0 and over)
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Hi Saver

    Maximum rate
    4.25 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app
Showing 11 results from 254 savings accounts. Use the filters to see more

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