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 252 savings accounts using the filters.
Last updated 15 January 2025 Important disclosures

Savings account comparisons on Mozo

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    5.50 % p.a.
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    Standard rate
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    For a limited time, earn $100 cashback when you open an ING Orange Everyday and Savings Maximiser account. Offer is available until 15 February, 2025 (T&Cs apply). Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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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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    5.50 % p.a.
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