Macquarie Savings Account Review (2026)
Rates and conditions verified 3 October 2026
Rates can change without notice. Last verified: 3 October 2026 (AEST). Please confirm details on the bank’s official page.
Ongoing rate
5.00%
p.a. variable, from day one
Monthly conditions
None
no hoops to jump through
Rate applies up to
$2m
per account
The welcome rate has gone
Macquarie withdrew its 4-month welcome rate for new customers in September 2026. If you came here looking for it, the account now pays one rate to everyone from day one, which is the rate on this page.
How the Macquarie Savings Account Works
The Macquarie Savings Account is the simplest high-interest savings account we track. It pays 5.00% p.a. variable on balances up to $2,000,000, and that is the whole story: no minimum deposit each month, no card purchases to make, no requirement to grow your balance, and no penalty for withdrawing.
Most accounts with a higher headline rate get there with a condition or an introductory period. Macquarie's pitch is that its rate is the rate, every month, on a balance cap far above the $250,000 most bonus savers stop at. That makes it one of the strongest no-conditions ongoing rates in Australia, even though it never tops the headline tables.
Macquarie Bank is an Australian ADI. Deposits are protected under the Australian Government's Financial Claims Scheme up to $250,000 per account holder.
Current Interest Rate
| Rate type | Rate | Details |
|---|---|---|
| Ongoing variable rate | 5.00% p.a. | Balances up to $2,000,000, from the day you open the account |
| Introductory rate | None | Withdrawn September 2026 |
| Conditions | None | No deposit, transaction, or balance-growth requirements |
Rates as at 3 October 2026. Variable — check Macquarie's website for the latest.
Pros and Cons
Pros
- ✓ No monthly conditions, ever
- ✓ Strong 5.00% p.a. ongoing rate (best no-conditions ongoing rate we track)
- ✓ No introductory period to outlast: what you sign up at is what you keep
- ✓ Rate applies to balances up to $2,000,000
- ✓ No account keeping fees, no minimum balance
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ No welcome bonus: introductory accounts pay more for their first few months
- ✗ Lower than the best conditional bonus rates in months those conditions are met
- ✗ Online/app only, no branches
- ✗ Variable, so the rate can move without notice
Who Is It Best For?
The Macquarie Savings Account is the best choice for savers who want a strong rate without a monthly routine. Its 5.00% p.a. rate beats every other no-conditions account we track, so it suits money you intend to leave alone and people who do not want to switch accounts every few months to chase the next introductory offer.
It is also well suited to larger balances and to money you will draw on, such as a house deposit: the rate applies up to $2,000,000, and there is no growth condition to break when you make a withdrawal.
How It Compares
Macquarie has the lowest headline of the four, and the strongest rate once the others' introductory periods end or their conditions are missed. If you are optimising for year two and beyond, Macquarie wins.
- Rabobank High Interest Savings Account5.90% — intro (4 months), then 4.00% ongoing — no conditions
- ubank Save Account5.85% — intro, then 5.10% ongoing — grow balance each month
- ING Savings Maximiser5.50% — deposit $1,000 + 5 card purchases
- Macquarie Savings AccountReviewed here5.00% — 5.00% ongoing — no conditions, no intro period
Compare head-to-head
Related guides
FAQs
What is the interest rate?
5.00% p.a. variable on balances up to $2,000,000, from the day you open the account. No conditions apply.
Are there any monthly conditions?
No. There is no monthly deposit, card-purchase or balance-growth requirement, and no restriction on withdrawals.
Is there still a welcome rate for new customers?
No. Macquarie withdrew its 4-month welcome rate in September 2026. New customers earn the ongoing rate from day one.
Information is general in nature and may change without notice. Rates verified 3 October 2026. Confirm current rates and conditions on Macquarie's website before applying. This is not financial advice.