Macquarie Bank ups savings interest rate to 5.50%

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...

Last updated 19 June 2025 Important disclosures
  • Promoted

    Savvy Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.45 % 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
  • Promoted

    High Interest Savings Account

    Maximum rate
    5.15 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    3.70 % 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
  • Promoted

    Save Account

    Maximum rate
    4.85 % p.a.
    (for $0 to $2,000,000)
    Earn intro rate for the first 4 months. No minimum balance, monthly deposit or withdrawal required.
    Standard rate
    3.05 % 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
    5.15 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    3.70 % 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
  • Savvy Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.45 % 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
  • Life - 18-29 years old

    Maximum rate
    5.00 % p.a.
    (for $0 to $30,000)
    Make 5 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    Go to site
    • $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.
  • Savings Maximiser

    Maximum rate
    5.00 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
  • Save Account

    Maximum rate
    4.85 % p.a.
    (for $0 to $2,000,000)
    Earn intro rate for the first 4 months. No minimum balance, monthly deposit or withdrawal required.
    Standard rate
    3.05 % p.a.
    (for $0 and over)
    Go to site
    • No monthly spend requirements
    • No minimum balance
    • No monthly deposit or withdrawal required
  • High Interest Save Account

    Maximum rate
    4.85 % p.a.
    (for $0 to $100,000)
    Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • 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
  • Life

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Minimum one deposit and higher balance than at the beginning of the month
    Standard rate
    0.40 % p.a.
    (for $0 and over)
    Go to site
    • $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.
  • Hi Saver

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.20 % 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
  • SwiftSaver Account

    Maximum rate
    4.00 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % 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
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^See information about the Mozo Experts Choice Savings Account Awards

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