ubank Save Account vs Macquarie Savings Account
Rates and conditions verified 14 June 2026
Rates can change without notice. Last verified: 14 June 2026 (AEST). Please confirm details on the bank’s official page.
Both reward you without asking for card purchases — but in different ways. ubank wants your balance to grow each month; Macquarie pays a welcome rate then a strong no-strings ongoing rate. Here's the trade-off.
At a glance
| ubank Save Account | Macquarie Savings Account | |
|---|---|---|
| Maximum rate (p.a.) | 5.85% | 5.35% |
| Ongoing / base rate (p.a.) | 5.10% | 5.00% |
| Condition to earn it | Grow your combined Save balance each month | None — welcome rate for 4 months, then ongoing variable rate |
ubank Save Account
Condition: Grow your combined Save balance each month
Best for: savers actively adding to their balance who want the higher rate while they're in the saving phase
- • Higher headline rate while the condition is met
- • No card-purchase requirement
- • Condition rewards money going in, not sitting still
Macquarie Savings Account
Condition: None — welcome rate for 4 months, then ongoing variable rate
Best for: people who want a strong rate with zero monthly hoops, including on balances they're drawing down
- • No monthly conditions at all to track
- • Strong ongoing base rate — one of the highest no-strings rates
- • Welcome rate applies for the first 4 months on balances up to $250k
The verdict
Macquarie is the pick if you value simplicity — there are no monthly conditions, and its ongoing rate is strong enough that you're not sacrificing much for that freedom. It also suits anyone whose balance might fall (a house deposit you'll draw on, say), because ubank's growth condition penalises a shrinking balance. Choose ubank if you're actively saving every month and want the higher rate while you're in that phase. Compare the ongoing rates below — that's the number that matters once Macquarie's welcome period ends.
FAQs
Does the Macquarie Savings Account have monthly conditions?
No. Unlike most bonus savers, Macquarie has no deposit, card-purchase or balance-growth condition. You earn a welcome rate for the first four months on balances up to $250k, then a strong ongoing variable rate with no hoops.
What happens to ubank's rate if my balance falls?
ubank's bonus rate depends on growing your combined Save balance each month. In a month where your balance doesn't grow, you earn the lower base rate instead. If you expect to draw your balance down, Macquarie's no-condition rate is more predictable.
Which is better for a house deposit?
Macquarie tends to suit a house deposit better: there's no growth condition to break when you eventually withdraw, and no card spending to maintain. ubank can still work while you're accumulating, but watch the month you draw the money out.
Related guides
Information verified 14 June 2026. Rates are variable and subject to change. Confirm current rates and conditions on each provider's website before applying. This is not financial advice.