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Macquarie Business Savings Account

Advertiser disclosure
Interest rate
4.65% p.a.(for $0 to $250,000)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Macquarie Business Savings Account - last updated: 26 March 2024

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What's hot
  • 4.65% p.a. Standard variable rate
  • No monthly fees
  • Access to discounts worth up to 10% with 50 retailers
What's not
  • Interest rate drops to 3.35% p.a. for deposits above $1,000,000.
Mozo snapshot

The Macquarie Business Savings Account has a standard variable rate of 4.65% p.a. for accounts with a deposit of up to $1,000,000 and 3.35% p.a. for accounts with a balance over $1,000,000. To be eligible, you need to be either a sole trader or director of an Australian Proprietary company (more eligibility criteria may apply). It also has no monthly fees and offers fee-free transactions from mobile/internet banking and BPAY.

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Key features

With no monthly account fees, free transactions, and a high interest rate, Macquarie’s Business Savings Account is a great choice for hard working business owners to get their money working for them. Just keep in mind that any deposit over $1,000,000 will be subject to a 4.65% p.a. rate and accounts with over $1,000,000 sit at a 3.35% p.a. rate. 

In addition to advantageous interest rates, Macquarie also offers a save when you spend feature through the Macquarie Marketplace. Through this service, Macquarie allows you to access discounts of up to 10% on over 50 different retailers.

To use Macquarie’s Business Savings Account, you or your business cannot have held certain Macquarie products such as a savings, term deposit, home loan, credit card, or online trading account. 

Importantly, if you or your business hold an Australian Financial Services License (AFSL), Australian Credit License (ACL), or are an Australian Financial Services authorised representative or credit representative, you will be ineligible for the the Macquarie Business Savings Account. Also, you cannot have any trusts in your entity structure.

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Who is it good for

Macquarie’s Business Savings Account is intended to be used by business owners who are the sole trader or the director of an Australian proprietary company.

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Any catches

Keep in mind that the interest rate is only 4.65% p.a. for accounts up to $1,000,000, with deposits over that amount being subject to a rate of 3.35% p.a. 

Details

Rates and fees information correct as at 16 April 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: 4.65% p.a.
Balances from $250,000.01: 4.65% p.a.
Balances from $1,000,000.01: 3.35% p.a.

n/a

n/a

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

no

no

no

yes

yes

no

Must be either a Sole Trader or director of an Australian Proprietary company.

none

Customer Reviews

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About Macquarie

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Macquarie

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

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

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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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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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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AMP Bank

AMP Saver Account

5.40% p.a. (for $0 to $250,000)

1.20% p.a.(for $0 to $5,000,000)

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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ubank

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5.10% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

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MoneyMAX

No Current Offer

4.75% p.a.(for $1 and over)

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)

Yes up to $250,000

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

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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)

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ubank

Save Account

5.10% p.a. (for $0 to $250,000)

Yes up to $250,000

0.10% p.a.(for $0 and over)

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AMP Bank

AMP Saver Account

5.40% p.a. (for $0 to $250,000)

Yes up to $250,000

1.20% p.a.(for $0 to $5,000,000)

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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)

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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)

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Unity Bank

MoneyMAX

No Current Offer

Yes up to $250,000

4.75% p.a.(for $1 and over)

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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)

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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

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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

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AMP Bank

AMP Saver Account

1.20% p.a.(for $0 to $5,000,000)

5.40% p.a. (for $0 to $250,000)

Yes up to $250,000

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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

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ubank

Save Account

0.10% p.a.(for $0 and over)

5.10% p.a. (for $0 to $250,000)

Yes up to $250,000

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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

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Reward Saver

0.30% p.a.(for $0 and over)

5.25% p.a. (for $0 to $100,000)

Yes up to $250,000

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Ziggy Kids Saver

0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

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