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. 

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:

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.