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High-Interest No Fees Savings Account: 1.35% pa for 4 Months, Then 1.2% pa ($0-$250k)/ 0.95% pa (over $250k) @ Macquarie Bank


It's not much but better than the big 4.

Savings account
1.35% pa
Welcome variable rate for 4 months.

After the 4 months honeymoon rate it's

1.20% pa $0.00 ‐ $249,999.99
0.95% pa $250,000 and above

A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking*.

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

    • +3

      Same here. Best mobile banking experience in Australia by a wide margin.

    • Yep, came to share similar feedback. I switched from ANZ when the introductory rate was above 3% last year. If I'd known earlier how good their app was, I would have switched for that alone.

    • Is there any monthly fees or any other fees related to the transaction account? (i.e. commonwealth and ANZ etc has those transaction account fees if a minimum deposit isn't met. I'm very interested in knowing whether that's the case with Macquarie bank transaction account)

      • +2

        "An everyday bank account with no fees, no minimum deposit and a refund on fees incurred at all ATMs in Australia." Source

  • +2

    Westpac offers 3% if you're 29 or under.

    • Can the 5 debit card purchases be done through $0.01 beem it transfers?

      • Idk but you can always self checkout at Colesworth with 0.01 tap and pay

      • +2

        I think the lowest amount you can transfer is $1. But otherwise, yes, Beem It works fine.

    • *only on the first $30,000

  • +2

    Been using ING but moved to MQ Bank just this month due to the upcoming ING new restrictions in their Maxi saving account.

    Will keep ING for the ease of withdrawing money overseas (let's hope we can travel soon)

    Also worth noting (with many people also already mentioned) MQ Bank marketplace is one of the better places to get discount giftcards / storecards.

    Another good one is Suncorp Benefits which you can gain access even if you just use their insurance product.

  • +4

    confirmed super easy online application process. Signed up at 11pm one night and by the morning account was active and i started transfering all my ING savings account over. Awesome app and online mobile experience.

  • +1

    Finally making the jump from ING. Its beena good 10 years but they have too many hoops to go thru now

    The online banking experience with MQ is great. Far better than Westpac and even CBA

  • +2

    Opened one, process was simple and accounts were available within an hour. New customer

  • +2

    Always wondered why the rate goes down as the balance goes higher - does anyone know?
    Something to do with the bank preferring to have a wider range of customers rather than a few big ones?

  • thanks OP moving from Ubank just opened. Seems I have 2 accounts once set up, a platinum and savings. Anyone know the difference, don't want to put money in wrong account ie lower interest.

    • +1

      Make sure it ends up in your savings. If you accidently put it in your platinum account you can just transfer it to savings instantly.

    • Hi, What did you see as the advantages over U Bank? Thanks.

      • higher interest plus no requirement to continually deposit $200+ monthly for bonus

    • How much is the ubank interest rate these days?

  • +1

    Isn't the issue with these high interest offers that they'll lower the interest significantly in a couple of months? Without telling you. ANZ did that to my account. You really need to keep track every month or so.

    • This rate from Macquarie has been around for months and will probably fall soon as it is way better than anything else around.

      With respect you need to check daily not monthly.

  • Great, so money sitting in this account grows slower than inflation / CPI. 3 months ago I decided to stop being so risk averse and put half my money in stocks. It's already up 5% in that short time frame (DHHF - high growth index find, similar to super).

    • +3

      Stocks can be great but with all the uncertainty at the moment, I sleep better when my money is in the bank.

      • -1

        Yeah I get you. I used to feel the same way till I observed a once in a 100 year global pandemic hardly impacting share prices.

        • +5

          The pandemic is not over and shares have not been impacted yet. Doesn't this just make you more nervous about the markets?

          • +5

            @moneyhungry: Money printer go brrr
            Stonks go up

            But yeah, once staglfation kicks in, America's royally farked.
            Legit hanging out for the Tesla bubble to pop.

          • +1

            @moneyhungry: What do you mean "yet"? There was already a massive crash.

        • +1

          It's not a pandemic that you have to worry about. It is a financial crisis such as a collapse of the banking sector (that's what tanked the market for half a decade from 2007-8) or inflation (that's what tanked the market for a decade in the 1970s).

    • Depends what you are saving the money for and your timeframe.

  • Actually a pretty decent app / tx bank in general these days.

  • -2

    Such inconsequential returns. You're better off putting your money into Spaceship Voyager… 22% p.a. returns since inception two years ago. Yes, there is risk and you could lose all your money if the domestic AND international stock market crashed, but realistically that is a remote possibility.

    • +1


    • Spaceship Universe unit price is $2.23 from $1 in May 2018. More than 30% p.a.

    • +1

      you simply can't advice people to park their money in stocks without knowing why they park their money in cash.

  • Just signed up with MBL 2 weeks ago - for some reason my salary seems to take forever to get in …. not sure if MBL related but previously with ING my salary was in within a couple of hours (my company uses Westpac).

    Anyone else has such issues ?

    • +1

      MBL do not use OSKO when I last checked. ( for the obvious reason)

      • +1

        I thought OSKO was only for payment between personal accounts - i didnt know that OSKO extends to businesses that pay salary etc … or am i wrong ?

        • could well be

      • I'm not really into the whole scene. Why wouldn't they use Osko? I can't think of any benefits to being the odd one out.

        I was disappointed that I can send $100,000 instantly from an ordinary CommBank account to ING or 86400 via BSB if I've sent to that account before, but Macquarie only allows PayID for instant payments. I didn't realise the NPP was planning to support non Osko options

        • +2

          They use SCT which is basic to NPP; Osko on the other hand is an overlay service by BPay which sits on top of the NPP basic infrastructure. Presumably, it takes time, effort, and costs to adopt Osko; am hopeful that they will eventually roll that out and it is a matter of time. But I could be wrong.

          Macquarie PayID transfer is only $10K max, IIRC. With their authenticator app, the total transfer limit can be bumped up to $100K, but that is standard transfer (not instant). This is an improvement to some banks, where you need to call them/fill forms to transfer more than $10-20K.

    • Switched from ANZ to Macquarie. Still receive my pay at the same time.

    • Ask your payroll, Ive worked in companies where payment occurs in series by bank (I.e. first they pay everyone with a Bank A account, then Bank B, etc.). This should only be a circa 1 day delay though so I'm not sure what your definition of "forever" is.

  • +1

    Crypto! :)

  • +2

    Sigh… i remember the times when "high-interest" meant 7-8%…

    • +3

      I remember when it meant 16-17%…

      • I remember when home loan rates used to be that. I suppose that was offset by lower house prices. But still tough.
        It would really be fortunate to be a "saver" in that environment.

  • 3K from a $250K investment…. no thanks

  • If i am only wanting the savings account do i need to open up a transaction account as well? if the aim is to just deposit into the savings account

    • +1

      comes with the savings account

      • +1

        cheers for the reply mate i opened the account/s, if its fee free it wont matter if the transaction account just sits there

        • +1

          you probably use it to transfer money out.

          by phoning in you can also get 100K transfer/day which is way better than many of the others

          • +2

            @IanC: The good thing about their savings account is you can transfer out directly from it. No need to transfer to the transaction account first. You only need the transaction account if you want to perform operations like ATM withdrawals or sending/receiving BeemIt transactions.

            by phoning in you can also get 100K transfer/day which is way better than many of the others

            You don't need to do that anymore (this is quite a recent development), you can now download the Macquarie Authenticator App and be able to transfer up to $100K.

            • +1

              @bluesky: yes thanks was aware of the app

  • +3

    Don't know why this hasn't been mentioned already, but the transaction account comes with fee-free international transactions and free overseas ATM withdrawals.

    It makes a great debit card for travel/online purchases, and no credit check required.

    • -2

      right because we are able to actually go overseas and withdraw money?

    • Seems like most banks have that these days, NAB with their now defunct gold transaction, then Citi held the mantle for a long time before ING jumped on board. Then pretty much every one else is offering it.

      The thing is that only ING have the foreign ATM fee rebate, the other is just no fee from the bank. But there are hoops to jump through with ING.

  • +1

    It failed to verify my identity electronically and now asking to upload certified ID docs, did this happen to anyone? I have accounts with 4 different banks but never asked to upload certified docs.

    • yes happened to my daughter recently

      • Thanks, actually I restarted the application process and reentered all the details, worked fine the second time, not sure what they will do with the first application.

        • see reply below

    • same thing happened to me

  • Time to make a jump. Cheers

  • anyone going to move from ubank? I think I will since ubank doesnt have payid. and get the macquarie gift cards

    • +1

      Based on barefoot investor, why not have both ;) i do have more than one acct so i keep my ubank for emergency fund (dont touch, dont care about the app/user experience).
      This macq is great for daily use (apps, marketplace, and short term savings/splurge). Is not that hard to manage two accts, your choice

      • Thanks for opinion, yea i will be keeping u bank if they ever improve

  • +3

    you can have more than one account … can be useful if wanting to utilise 500K in joint accounts

    • thats interesting to know.
      As in , you can have 2 accounts under the same name and receive the full 1.35% on both accounts with balances < 250k?

      • +1


        But you can keep $250K in the second account and get the 1.20% rather than .95% if you left it in one account

        • can you confirm that the 1.2% rate will apply to a second account (sole name not joint) if your total balance with the bank exceed $250k? Most banks don't allow that so I will be surprised if this one does.

          • +1

            @bfg100k: 3.1 Terms and Conditions.

            "Where you have not held a Macquarie Savings Account before, the welcome variable rate applies for four months from account opening, up to $250,000. The four month welcome variable rate period is 121 days inclusive of the account opening date.

            The welcome variable 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. Offer available on one Savings Account per person (whether the Account is in single or joint names). After four months, the standard stepped variable interest rates above apply to your Savings Account balance. The welcome variable rate may change from time-to-time and any bonus offer may be removed by Macquarie at any time".

            I can confirm on a second account I
            have received higher than the .95% mentioned
            You can have as many accounts as you like BUT as a sole investor your ADI guarantee is limited to the first 250K regards of how many account you have whereas a joint account ADI guarantee can get to 500K spread through 2 accounts.

            On an related matter I would be interested in the best rate members could suggest for an SMSF cash account.
            The best I can find is .90% unrestricted.

            • @IanC:

              The best I can find is .90% unrestricted.

              Which bank might this be?

              Rabobank is offering a 4-month intro 1.65% for SMSF accounts, but after the period, it drops back to base rate of 0.3%. This account is not really designed as a transactional account though. You could link it to one, but transfers generally take a business day.

              • @bluesky: The rate is actually .95% inc bonus with no withdrawals allowed per month ( easily overcome by withdrawing on Ist of month if needs be).
                and you need 10K which means little for most SMSF's.

                Sorry for the misinformation on the details but I find it very useful.

                Let the neggers begin.

                • +1


                  Sorry for the misinformation on the details but I find it very useful.

                  We all remember things wrongly sometimes - no problems with that.
                  I am assuming you are referring to the Qudos DIY Super Saver. Definitely a good rate, if no withdrawal allowed per month is not an issue.

                  • +1

                    @bluesky: Spot on re Qudos

                    Account also has a cheque book which makes it easy to transfer money around if beyond limits

                    Live only 5 mins from the Branch.. staff always great.

  • Dumb question. After honeymoon period, can the bank just drop the rate to like 0.45% like other banks? They may just want to have more new customers to open accounts .

  • +1

    Any reason not to go with rabobank instead (1.75% for 4 months) and then switch to this?

    • Yeah, I would do that if you are new to Rabobank and eligible for the bonus. This deal does not involve any bonuses beyond what is normally offered when you sign-up as a new customer, you can access it anytime.

  • Set up an account this morning and transferred a 6figure sum. Still use ING but their hoops are becoming more numerous and clumsy. Thanks op

  • I really need to find some banks which offer High-Interest No Fees Savings Account for trusts. ING is the only one I have found so far. A bunch of them offer bank accounts for SMSFs, but not for companies or family trusts etc.

    Does anyone know of any?

    • +2

      ME Bank's Business Online Savings Account caters to trusts - and currently, the rate is 0.7%. Personally, I have not been that impressed with their customer service - both the business division, as well as the personal division. But if you are simply parking funds, it should be fine. Features might be limited also - more for parking funds.

      Bank of Queensland is likely to buy them over, so there could be changes in the future on many fronts.

  • How long does it take for the application to go through for new applicants? I lodged the application 2 days ago (17th Feb), still haven't heard back yet.

    • Took about 2 minutes for me

    • Have you heard anything yet? I submitted mine on the 18th and haven't even gotten any confirmations that they've received my application :/

  • Does Macquarie let you open several savings accounts with names for different purposes and receive the standard 1.2% on all of them? I saw the bonus 1.35% is only for one savings account. But does the second or third savings account get 1.2% at least? And continue to do so after the honeymoon period?

    Also, if I transfer funds from ING to Macquarie just using BSB and account number, will that be an instant transfer?

    • +2

      I transferred a test amount to begin with- was instant. Then transferred a large amount and rang ING Thu AM to raise the 20k transfer limit. Was told it could take a couple of days. A couple of hours later I noticed the receipt email and logged in and the money was there.

    • +3

      Q1. As above …in my case yes

      Q2. Only ING and MAQ. can tell you that.

    • +1

      ING limits outbound instant transfers to $1000 per day, so if you transfer more than that it will go via the old way. But based on roonie's comments above, the old way should take only a few hours (on a weekday).

  • high interest….! soon you'll be paying the banks to store your cash..

  • ING savings Maximiser balance = $0. All in. Macquarie :P

  • The review for this bank are quite bad Seems they close people's account AFTER they've been approved!

  • rates for macquarie savings account dropping to 0.95% effective 26/02/2021

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