Macquarie Savings Account

Mozo snapshot:

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 2.10% 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: 1.10%

- $25,000-$999,999: 2.10%

- $1,000,000+: 1.10%

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).