Macquarie reduces savings intro rate 15 basis points

Macquarie's introductory savings rate has been adjusted from 5.50% p.a. to 5.35% p.a. for the first four months. 

This rate is a key offer for new customers seeking competitive returns on their savings. Post the introductory period, the rate will revert to an ongoing bonus rate of 4.75% per annum. 

Macquarie Savings Rate
Old Rate
New Rate
5.50% p.a.
5.35% p.a.

Where do savings account rates stand?

It can be a bit difficult to tell if savings account rates are still competitive after an adjustment. One way to get an idea of how whether or not an account is still getting you an above average rate is by finding an average across savings rates. 

So how can you do that? Thankfully, since Mozo tracks a large number of savings accounts, our data team is able to crunch the numbers and get an idea of where rates average out to:

All Ongoing
3.56%
Only Bonus
4.64%
Only Introductory Rates
5.08%

As we can see, Macquarie's intro rate is still above the average intro rate by a pretty good margin at 27 basis points higher. The gap for bonus rates is a bit slimmer though, at only 11 basis points higher. 

How to make sure your savings account stacks up

Another way of making sure your savings account provider is offering what you need from a savings account is through product comparisons. That’s where Mozo can be helpful.

You can compare 205 savings accounts on our main hub pages. Alternatively you can check out some of the high interest savings account providers in the tables below.

Savings account comparisons on Mozo - last updated 16 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

    Compare
    Details
  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

    Compare
    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.