Head-to-head
ubank Save Account vs Macquarie Savings Account
Rates & conditions verified 30 October 2026
Rates can change without notice. Last verified: 30 October 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 one strong no-strings ongoing rate. Here's the trade-off.
ubank Save Account
Best for savers actively adding to their balance who want the higher rate while they're in the saving phase
Condition: Grow your combined Save balance each month
- Higher headline rate while the condition is met
- No card-purchase requirement
- Condition rewards money going in, not sitting still
Macquarie Savings Account
Best for people who want a strong rate with zero monthly hoops, including on balances they're drawing down
Condition: None — one ongoing variable rate
- No monthly conditions at all to track
- Strong ongoing rate — one of the highest no-strings rates
- No introductory period: the sign-up rate is the ongoing rate
At a glance
| Feature | ubank Save Account | Macquarie Savings Account |
|---|---|---|
| Maximum rate (p.a.) | 6.25% | 5.25% |
| Ongoing / base rate (p.a.) | 5.35% | 5.25% |
| Condition to earn it | Grow your combined Save balance each month | None — one ongoing variable rate |
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 rates in the table: ubank's bonus rate only applies in months you meet the condition, while Macquarie's rate applies every month.
FAQs
Does the Macquarie Savings Account have monthly conditions?
No. Unlike most bonus savers, Macquarie has no deposit, card-purchase or balance-growth condition, and no welcome period either: you earn its ongoing variable rate from day one on balances up to $2m.
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 30 October 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.