No minimum monthly deposits to keep on top of. Just keep earning our great rates.
Explore our savings interest rates below. Interest rates are stepped, meaning different interest rates are applied for different portions of the account balance.
Balance | Variable welcome rate |
---|---|
Up to $250,000 | 5.10% p.a. (first 4 months, on your first savings account~) |
Balance | Variable ongoing rate |
---|---|
Up to $250,000 | 4.75% p.a. |
$250,000.01 – $1,000,000 | 4.75% p.a. |
$1,000,000.01 and above | 2.50% p.a. |
For more information on how interest is calculated, visit our help centre article.
The above variable ongoing interest rates are current as at 28 February 2025. All variable rates are subject to change. See our previous interest rates.
Transaction type | Limit |
---|---|
Daily Pay Anyone Payment limit ** The $100,000 limit applies if you use the Macquarie Authenticator App. Otherwise, a default limit of $2,000 applies. Your applicable daily limit applies to all of the daily Pay Anyone (including PayID and PayTo) payments you make across all your eligible accounts linked to your Macquarie ID. If you hold a joint account, visit our help centre article for information about how this limit applies to you. | $100,000 daily** |
PayID limit # This limit operates as a sub-limit of the daily Pay Anyone limit. The $10,000 limit applies if you use the Macquarie Authenticator App. Otherwise, a default limit of $2,000 applies. | $10,000 daily# |
PayTo limit ## This limit operates as a sub-limit of the daily Pay Anyone payment limit. The PayTo limit is the maximum value of a single agreement. The $25,000 limit applies if you use the Macquarie Authenticator app. Otherwise, a default limit of $2,000 applies. This limit will be progressively introduced from 17 December 2024. | $25,000 per PayTo agreement## |
Daily BPAY limit Some billers may impose their own limits. | Up to the available balance of your account |
3 minutes
To open a Macquarie Savings Account, you’ll first need to open a Macquarie Transaction Account.
You can then link a savings account online or in app in minutes.
1 minute
If you already have a Macquarie Transaction Account:
Log in online or in-app. Select ‘Accounts’, then ‘Open an account’ in the menu to open a savings account.
Macquarie Authenticator is our multi-factor authentication app designed to keep your savings secure.
Receive detailed alerts directly to your device when there is account activity needing your attention.
Wherever you are in the world, Macquarie Authenticator travels with you. It works even without a mobile or internet connection – keeping you safe 24/7.
Get set to save more - the Macquarie Mobile Banking app is designed to make your life easier.
Budgeting is a breeze with smart digital tools to help you stay on top of your finances.
Understand your spending habits with intuitive categorisation.
Attach receipts and tag statements to make tax time easier.
We don’t have any deposit conditions on Transaction Accounts, Offset Accounts or Savings Accounts, to get access to our great benefits and earn interest.
For example, you don’t need to make a minimum monthly deposit to use the platinum benefits or make free ATM withdrawals.
Where you haven’t held a Macquarie Savings Account before, the welcome rate applies for four months from account opening, up to $250,000. On balances greater than $250,000 standard stepped variable interest rates apply. The four-month welcome rate period is 121 days inclusive of the account opening date. Interest is credited to your Account at the end of a calendar month and on the day that the Account is closed.
The welcome rate applies instead of (not in addition to), the standard stepped variable rate that would otherwise apply to that portion of the balance of your Savings Account. There are no withdrawal or deposit conditions to receive the welcome rate.
After four months, the standard stepped variable interest rates apply to your Savings Account balance. You can find out more about interest and our current interest rates on our website.
The welcome rate is variable and may change during the four-month period. The welcome rate and any other bonus offer may be removed by us at any time. Offer available on one Savings Account per person (whether the Account is in single or joint names). For example, if you receive the welcome rate on a joint account you won’t be eligible to receive the rate again on an individual account.
We don’t charge fees on Transaction Accounts, Offset Accounts or Savings Accounts.
We provide a refund on fees incurred at all ATMs in Australia.
We don’t charge fees to withdraw cash overseas or make international purchases. Other financial institutions, such as the banks of international merchants and international ATM operators, may charge you fees for these transactions.
A Macquarie Savings Account is available if you hold a Macquarie Transaction Account.
You can add one or more Macquarie Savings Accounts to your Macquarie Transaction Account during the application process, or in real time once the Macquarie Transaction Account has been opened.
For more information, please read our terms and conditions.
To add a Macquarie Savings Account once you’ve logged into Macquarie Online Banking:
Alternatively, you can:
To add a Macquarie Savings Account from the Macquarie Mobile Banking app:
Alternatively, you can:
If interest is payable on your Account, it is calculated on a daily basis using the following formula:
Daily Closing Balance X interest rate applicable to your Account/365
The Daily Closing Balance is the credit balance of your Account at the end of a day. It includes all cleared and uncleared funds that have been deposited into your Account within the lodgement times specified in this article.
Stepped interest is payable on deposits in Macquarie Transaction & Savings Accounts based on your balance. Rates are variable and subject to change. Each rate applies to the portion of the total balance that falls within that balance bracket.
Interest is credited to your Account monthly at the end of a calendar month and on the day that the Account is closed. There is no interest paid on deposits in Macquarie Offset Accounts.
Interest calculations are rounded to the nearest cent. All current interest rates are available on our website.
Where we tell you that stepped interest applies to your Account, there may be different interest rates applicable to different portions of your Account balance. This is described further in the example below.
For example, a customer has a Savings Account with a Daily Closing Balance of $1,100,000 and the following stepped interest rates apply:
Balance | Interest Rate |
Up to $250,000 | X% p.a. |
$250,000.01-$1,000,000 | Y% p.a. |
$1,000,000.01 and above | Z% p.a. |
The customer would receive:
Yes. The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Macquarie Bank, of up to $A250,000.
The Financial Claims Scheme (FCS) is an Australian Government scheme that was established during the 2008 global financial crisis to provide financial protection for consumers in the unlikely event of a failure of a bank, credit union, building society or general insurer.
The FCS provides protection for depositors of banks, credit unions and building societies that are incorporated in Australia (also known as authorised deposit-taking institutions or ADIs), for deposits up to $250,000 per account holder per ADI. The scheme aims to return deposits to account holders within seven days of activation of the FCS.
The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails.
Once activated, the FCS will be administered by APRA.
The objectives of the FCS are to:
Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au.
We don’t charge any fees in connection with our transaction and savings account products but others, such as other financial institutions, may.
Our Welcome rate offer is only available on your first savings account, on balances up to $250,000.00 for four months. The welcome rate is variable and may change during the four-month period. After the expiry of your Welcome rate and on additional savings accounts, our stepped variable rates apply based on your balance.
BPAY is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.
This information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.
Government Guarantee: The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Macquarie Bank, of up to $A250,000. Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au