Why save with Macquarie?
No hoops, no catches icon

No hoops, no catches


Our savings account has no deposit conditions, which means every dollar is working hard towards your savings goals.

Digital experience icon

A much loved digital experience


An award-winning mobile app and smart budgeting tools to help you stay in control of your spending and maximise your savings.

Security icon

Market-leading security


Your savings account works seamlessly with the Macquarie Authenticator app, designed to keep your savings secure.

Great rates icon

Great rates and no fees


Save more with competitive rates, plus enjoy the bonus of no fees on your account.^

Welcome rate

Bonus rate offer on your first Macquarie Savings Account.

5.50
% p.a.

Variable welcome rate for 4 months at the time of account opening, on balances up to $250,000.~ Then, continue earning with our competitive ongoing rates.

Ongoing rates

Stepped interest is payable on deposits in Macquarie Savings Accounts based on your balance as follows:

RateBalance
5.00% p.a.
 
Up to $250,000

5.00% p.a.

$250,000.01 – $1,000,000

2.75% p.a.

$1,000,000.01 and above

See previous interest rates

The above interest rates are current as at 17 October 2024, are variable and subject to change. For more information on how interest is calculated, visit our help centre article.

 

Account fees

Fee typeFee amount 

Online payments

Make internal transfers, Pay Anyone and BPAY® payments through online banking and mobile banking on an immediate or scheduled basis.

Free

Dishonour fees

We may allow your account to be debited even if there are insufficient funds to cover the amount of the debit either in full or in part.

Free

Transaction limits

Transaction typeLimit

Daily Pay Anyone Payment limit

**The $100,000 limit applies if you use the Macquarie Authenticator App and are registered for Electronic Banking. Otherwise, a default limit of $2,000 applies. Your applicable daily limit applies to all of the daily Pay Anyone 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 and are registered for Electronic Banking. Otherwise, a default limit of $2,000 applies.

 $10,000 daily#

Daily BPAY limit

Some billers may impose their own limits.

Up to the available balance of your account

Terms and conditions, forms and documents

Terms and conditionsLink
Macquarie transaction and savings accounts terms and conditionsView conditions
Macquarie electronic banking terms and conditionsView conditions
On 1 November, we're updating our terms and conditions and we've reimagined how you experience these changes. Learn more here.
Open your savings account today
Shani leaning against table with phone

Much loved digital banking

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.

  • Find transactions easily using ‘search as you speak’ technology.

  • Attach receipts and tag statements to make tax time easier.

I love the tagging in particular. I tag everything with tax, so at the end of the year I can check that tax hashtag.”

Shani

Laura smiling and holding her phone

Security that moves with you

Macquarie Authenticator is our multi-factor authentication app designed to keep your savings secure, while also providing a beautiful banking experience.​

  • 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.

I feel really great about the ability to approve or deny transactions in real time with Authenticator, as it gives me that added layer of control and trust.”

Laura

No Macquarie fees and no deposit conditions makes saving simple.

  • No monthly account keeping fees
  • No withdrawal penalties
  • No minimum or maximum deposit

 

 

Where your money gains momentum

Hear from our customers on how they're building momentum on their savings.

Frequently asked questions

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 may change from time-to-time and any 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.

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 $250,000X% p.a.
$250,000.01-$1,000,000Y% p.a.
$1,000,000.01 and aboveZ% p.a.


The customer would receive:

  • X% p.a. interest on the first $250,000
  • Y% p.a. interest on the amount between $250,000.01 and $1,000,000 and
  • Z% p.a. interest on the amount over $1,000,000.01.

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:

  • protect depositors of ADIs, and claimants of general insurers, from potential loss in the unlikely event of the failure of these institutions;
  • provide depositors with prompt access to their deposits that are protected under the FCS; and
  • support the stability of the Australian financial system.

Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au.

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:

  1. Click on the Open an account button on the right, above your accounts table
  2. Find the Savings Account option and click Open an account
  3. Select Account type (single or joint)
  4. Select Linked account
  5. Add your tax file number if required, and select Open account.

 

Alternatively, you can:

  1. Hover over the Transaction account on the accounts table
  2. Click on I want to
  3. Click on Open a savings account


To add a Macquarie Savings Account from the Macquarie Mobile Banking app:

 

  1. Select the menu icon in the icon bar from the bottom right corner
  2. Select Open an account
  3. Select Let's do it
  4. Select Account type (single or joint)
  5. Select Linked account
  6. Add your tax file number if required and select Open savings.


Alternatively, you can:

  1. Select your Transaction account from the account list
  2. Select the I want to button
  3. Click on Open a savings account.

To open a joint or shared Savings account, first you’ll need to open a joint Macquarie Transaction Account.

To open a joint Macquarie Transaction Account, click "open an account" on the Macquarie Transaction Account page. On the last step of the application form you’ll be asked if you want the Macquarie Transaction Account to be a single or joint account.

If you select joint account, you can either invite a second applicant to complete the application in their own time or complete the application together.

If the second applicant is already a Macquarie customer, they’ll receive a push notification in mobile or online banking and an email to approve or deny the application.

Download the app

Download the Macquarie Mobile Banking app to start managing your banking on the go.

Open online

Open your savings account in just 3 minutes.

Help and support

Visit our online Help Centre.

Additional information

^

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. The welcome rate is variable at the time you apply for four months. After the expiry of your Welcome rate and on additional savings accounts, our stepped variable rates apply based on your balance.​

Apple, the Apple logo & iPhone are trademarks of Apple Inc, registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Android, Google Pay, Google Chrome and the Google Logo are trademarks of Google LLC.

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