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Macquarie Savings Account

Interest rate
1.35% p.a.(for $0 to $1,000,000)
Maximum rate
2.00% p.a. (for $0 to $250,000)

Mozo editorial review Macquarie Savings Account

Last updated: 1 July 2020.

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What's hot
  • Introductory variable rate of 2.00% for first 4 months (on deposits up to $250,000)
  • $0 account keeping fees
  • Ongoing variable rate from 1.35%
What's not
  • Must link to a Macquarie Transaction Account
Mozo snapshot

Boasting an introductory variable rate of 2.00% for the first four months (on balances of up $250,000) and a base rate of 1.35% depending on your balance, the Macquarie Savings Account offers some highly competitive rates for different balances.

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Key features

Macquarie’s Savings Account could be ideal if you’re looking for a quick boost to your savings. For the first four months you’ll receive one of the highest introductory rates on the market at 2.00%, which is available on balances of up to $250,000. Balances above that figure will still receive an interest rate during the introductory period, but it will be one of the two below (depending on the balance).

And that’s not all, after the honeymoon period comes to an end Macquarie's Savings Account continues to offer competitive ongoing rates. Just be mindful the ongoing rate you receive will depend on your savings balance:

- Balances between $0-$999,999 will receive an interest rate of 1.35%

- Balances of $1,000,000 and above will receive an interest rate of 0.35%

Don’t like forking out for account keeping fees? The good news is that Macquarie’s Savings Account doesn’t cost a cent. Just keep in mind that you must have an existing Macquarie Transaction Account (or open one in your name) to qualify.

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Who is it good for

Savers looking for a savings account that offers competitive rates without the strings attached (like regular or minimum deposits for instance).

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Any catches

Keep in mind that the 2.00% introductory rate only applies to the first $250,000 deposited, meaning any additional funds in your account will accrue interest at the lower ongoing rate.

Details

Rates and fees information correct as at 13 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 1.35% p.a.
    Balances from $1,000,000: 1.05% p.a.

  • Balances from $0: 2.00% p.a.
    Balances from $250,000: 1.35% p.a.
    Balances from $1,000,000: 1.05% p.a.

  • Bonus variable rate is available for the first four months.

Fees
  • $0.00

  • n/a

  • Unlimited transactions from phone, internet and BPay

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Must have a Macquarie Transaction Account to link with.

  • none

  • none

Customer Reviews

How are Macquarie savings accounts rated by the Mozo community?

Overall customer rating
8.3/10
Price
7.6/10
Features
7.3/10
Customer service
8.5/10
Convenience
7.0/10
Trust
8.6/10

Latest review of Macquarie Savings Account

  • Overall 10/10
    Easy to set up, very competitive interest rates.

    Macquarie's savings account was very easy to set up online as well as the everyday transaction account and both are also very easy to use for all my banking needs.

    Read full review

    Macquarie's savings account was very easy to set up online as well as the everyday transaction account and both are also very easy to use for all my banking needs.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Joseph, New South Wales reviewed 14 days ago
Macquarie

About Macquarie

Macquarie a global financial provider offers a variety of services to its clients. Macquarie provides a variety of products including banking, financial, advisory, investment and funds management services. Since its founding in 1969 Macquarie has become one of Australia's largest companies today.

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