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Mini meca 2024

Macquarie Savings Account

Advertiser disclosure
Interest rate
4.75% p.a.(for $0 to $1,000,000)
Maximum rate
5.35% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review Macquarie Savings Account - last updated: 18 April 2024

binocular icon
What's hot
  • Introductory variable rate of 5.35% for first 4 months (on deposits up to $250,000)
  • Ongoing variable rate from 4.75%
What's not
  • Must link to a Macquarie Transaction Account
Mozo snapshot

Boasting an introductory variable rate of 5.35% for the first four months (on balances of up $250,000) and a base rate of 4.75% 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 5.35%, 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-$250,000 will receive an interest rate of 4.75%

- Balances between $250,000-$1,000,000 will receive an interest rate of 4.75%

- Balances of above $1,000,000 will receive an interest rate of 3.35%

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 5.35% 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 25 July 2024. 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: 4.75% p.a.
Balances from $1,000,000.01: 3.35% p.a.

Balances from $0: 5.35% p.a.
Balances from $250,000.01: 4.75% p.a.
Balances from $1,000,000.01: 3.35% p.a.

Bonus variable rate is available for the first 4 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

n/a

no

no

no

yes

no

yes

yes

yes

no

Must have a Macquarie Transaction Account to link with.

Purchase retail discounts.

none

^See information about the Mozo Expert Choice Awards

Customer Reviews

How are Macquarie savings accounts rated by the Mozo community?

Overall
6.5/10
Price
7.7/10
Features
7.1/10
Customer service
7.7/10
Convenience
6.7/10
Trust
7.8/10
Based on 60 Macquarie savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Macquarie Savings Account

About Macquarie

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Macquarie

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

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

Yes up to $250,000

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5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

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IMB Bank

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

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

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Rabobank

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

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Westpac

Life - 18-29 years old

5.20% p.a. (for $0 to $30,000)

2.00% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

Thumbnail icon for Macquarie
Macquarie

Savings Account

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

Yes up to $250,000

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

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

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

Yes up to $250,000

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

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

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

Yes up to $250,000

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

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

Thumbnail icon for Westpac
Westpac

Life - 18-29 years old

5.20% p.a. (for $0 to $30,000)

Yes up to $250,000

2.00% p.a.(for $0 and over)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

Thumbnail icon for ING
ING

Savings Maximiser

0.55% p.a.(for $0 and over)

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

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

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

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

2.00% p.a.(for $0 to $250,000)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

0.05% p.a.(for $0 and over)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

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

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

Yes up to $250,000

Thumbnail icon for Westpac
Westpac

Life - 18-29 years old

2.00% p.a.(for $0 and over)

5.20% p.a. (for $0 to $30,000)

Yes up to $250,000

Thumbnail icon for ING
ING

Savings Accelerator

2.85% p.a.(for $0 to $50,000)

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Kids Bonus Saver

0.05% p.a.(for $0 and over)

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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