As of March 2024, Macquarie Bank has a single savings account on offer.

Macquarie Bank savings account review

Account features

  • Interest Rates: Macquarie Bank savings accounts have a tiered interest rate structure. As of March ‘24, a special 'welcome’ interest rate applies for the first four months after a customer opens an account. Once this introductory period is up, the savings account reverts to the standard variable base rate which applies to balances up to $1,000,000. Another lower rates applies to balances that exceed $1,000,000.

  • Monthly Fees: There are no monthly account-keeping fees associated with the account.

  • Minimum Balance: No minimum balance is required to maintain the account.

  • Access and Withdrawals: The account doesn't offer direct ATM or EFTPOS access and must be linked to a Macquarie Transaction Account for fund access. There are no penalties for withdrawals.

Savings accounts with Macquarie

  • Application Process: You’ll need a Macquarie Transaction Account to open one of these savings accounts. Customers can easily open a savings account through the online banking platform or mobile app.

  • Flexibility: Customers can open multiple savings accounts within the mobile banking app, allowing for a "bucketing" approach to manage various savings goals.

  • Digital Banking: The account offers a robust digital banking experience that customers have praised for ease of use and convenience.

  • Debit Card: The linked debit card uses the Mastercard platform and has no international transaction or ATM fees.