Boasting a honeymoon rate of 2.65% for the first 4 months (on the first $250,000 deposited) and a base rate that could reach 1.60% depending on your balance, the Macquarie Savings Account offers competitive rates for different balances.

Key features:

Macquarie’s Savings Account is ideal, if you’re looking for a quick boost to your cash. For the first 4 months you’ll receive one of the highest introductory rates in the market at 2.65%, on the first $250,000 in your balance.

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

- $0-$24,999: 0.60%

- $25,000-$999,999: 1.60%

- $1,000,000+: 0.60%

Don’t like forking out for account keeping fees? The good news with Macquarie’s Savings Account is that it 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. That’s because the process of dipping into your savings will involve transferring the funds from your Savings Account into your Transaction Account via Macquarie’s online banking portal.

Who it's good for:

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

Any catches?

Keep in mind that the 2.65% special 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

Rates

Balances from $0: 0.60% p.a.
Balances from $25,000: 1.60% p.a.
Balances from $1,000,000: 0.60% p.a.
Special Rates

Balances from $0: 2.65% p.a.
Balances from $250,000: 1.60% p.a.
Balances from $1,000,000: 0.60% p.a.
Special rate conditions

Bonus variable rate is available for the first four months.

Fees

Account fee

$0.00
Account fee waiver

n/a
Free transactions per month

Unlimited transactions from phone, internet and BPay
Network ATM fee

n/a
ATM networks

n/a
Other bank ATM fee

n/a
Over the counter deposit fee

n/a
Over the counter withdrawal fee

n/a
Eftpos fee

n/a
Phone fee

$0.00
Internet fee

$0.00
Cheque fee

n/a

Other financial bits

Minimum opening deposit

$0.00
Minimum balance

$0.00
Interest paid

Monthly

Features

Atm access

no
Daily atm withdrawal limit

none
Eftpos card

no
Mastercard debit card

no
Visa debit card

no
Branch access

no
Cheque book

no
Phone banking

yes
Internet banking

yes
Bpay

no
Australia post banking

no
Other restrictions

Must have a Macquarie Transaction Account to link with.
Other benefits

none
Kids ages

14 and over

Customer Reviews

How are Macquarie savings accounts rated by the Mozo community?

Overall customer rating

8.2/10

Based on 37 Macquarie savings account reviews

Price

7.6/10

Features

7.2/10

Customer service

8.5/10

Convenience

6.9/10

Trust

8.6/10

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.

See Macquarie savings accounts

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UBank

USaver with Ultra Transaction Account

special rate*

2.60% p.a. (for $0 to $200,000)

standard interest rate

1.54% p.a.(for $0 to $5,000,000)

account fee per month

$0.00