• long running

Transaction/Savings Account 4.75% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank


Received this via email:

We’re pleased to let you know that we’re increasing your Macquarie Transaction and Savings Accounts variable ongoing interest rates by 0.25% p.a.

From Friday 17 November 2023, you’ll earn an even higher ongoing variable rate of up to 4.75% p.a. on both your transaction and savings accounts.

We’ll automatically apply this rate increase to your accounts, and you can have confidence that with Macquarie you’re earning a great variable rate – with no fees and no minimum transactions or deposits required.

Related Stores

Macquarie Bank
Macquarie Bank


  • +84

    Now to find $999,999.99

    • +10
      • Fortunately there are some rare exceptions to this rule lol

    • -3

      Hate to brag but due to a recent sale of an investment property we have greatly exceeded that & much is in Macquarie!

      • +2

        Check out the big brain on Kevin.

    • +39

      Whats so funny? They're offering one of the highest rates without any bs hurdles.

      • +12

        Ubank still pips it ;)
        Up to 250k

        • +3

          UBank is fine. Went through the transition to the 86400 platform with no problems. Only annoying thing at the time was getting new BSB numbers, so direct debits had to be setup again.

          The app itself is better than the old one and the 5% interest is pretty top notch.

        • -5


          There are 3 problems with uBank

          1. UBank requires you to have 2 accounts - A spend and a save account. Only the SAVE account gets the 5% interest. The SPEND transaction account gets ZERO interest.
          2. UBank requires a minimum $200 deposit each month.
          3. Interest Capped at $250K balances

          Hence no comparison whatsoever when comparing TRANSACTION accounts.

          But for savings accounts, yes UBank is slightly better if you deposit $200 each month and have less than $250K.
          For all those OBs that have smaller amounts of money and only want one account that does everything, the Macquarie Transaction account is by far the best!

          • +1

            @HeWhoKnows: Fyi with UBank it gets even messier if you want your savings in a joint account. Both parties need to open both an individual transaction and savings account first before being able to create a shared savings account.

            Not the end of the world for a better rate, but still messy!

          • +4


            UBank requires you to have 2 accounts - A spend and a save account. Only the SAVE account gets the 5% interest. The SPEND transaction account gets ZERO interest.

            Ok? Just keep all your money in your savings then? Also it comes with zero international fees on the transaction account

            UBank requires a minimum $200 deposit each month.

            Which can instantly be withdrawn/completed automatically - barely a hoop

            Interest Capped at $250K balances

            Better than pretty much everyone else's offering of $50-100k max. Macquarie though has been known to bait and switch as well.

      • +2

        And on a transaction account!
        And it comes with a PLATINUM Mastercard Debit card
        So no foreign exchange or transaction fees

        Nothing comes anywhere close.
        Most transaction accounts offer NIL interest.
        Yes even UBank offers NIL interest on their transaction account
        So pls get your facts right

        • Any special benefits with that card apart from the usual accommodation "offers" they're advertising?

          The Macbank transaction account is quite inviting. No obvious hoops or negs like international fees (apart from the usual teller disclaimer). At ING and Ubank you have to constantly switch money between the high interest savings accounts and the zero interest transaction accounts. For convenience sake no doubt many people do as I do and leave enough in the trans to cover bills and discretionary spends.

          • @Igaf: As with all Platinum Mastercard debit cards
            There are no foreign exchange or Foreign transaction fees.
            Also they dont charge foreign bank withdrawal fees
            See here for additional Macquarie Mastercard debit card benefits:

            All the major banks and some minors still charge these fees and more on their Visa and Mastercard Debit cards

            • @HeWhoKnows: We don’t charge fees to use ATMs overseas. You may be charged a fee by international ATM operators.
              Both ING and Ubank - which I currently use - are the same. Ditto for OS transactions. Don't know or care about what the majors do as I refuse to use them unless there is no option.

              Mastercard's exchange rates are marginally better than Visa's (ING, Ubank)according to reports. Might be of some benefit for people who spend big amounts OS sporadically. There are more significant margins involved in the daily movement of the $A so you may be better off locking in a rate if you're travelling.

              • -1

                @Igaf: This is NOT about the card but rather what the Macquarie account in total has to offer my friend.

                Its by far tghe BEST transaction account in Australia

                • +1

                  @HeWhoKnows: You appeared to be flogging the card's benefits as though they were special though, when in reality many FI accounts offer similar conditions.

                  The Macbank trans account probably is a great option for many. Its primary attraction is the 'set and forget' interest rate as you've said numerous times, but it's just as important as a competition stimulus. Who knows, we may end up with far more equitable arrangements where everyone shares fair rates on their bank accounts. Unlikely, but the ACCC's enquiry may have something to say about the miserable/zero interest accounts, which prima facie are possibly subsidising the "high" interest savings accounts some of us enjoy.

                  • -2

                    @Igaf: Incorrect
                    Its just that someone asked specifically about the card to which I replied.

                    And i will repeat what i have been saying all along.

                    this is Australia's BEST TRANSACTION ACCOUNT by a country mile!

    • +9

      Informative & helpful, thanks. This deal now has much more context and detail that was missing originally before your comment

      • The Macquarie Deal is pretty straight forward.

        Its as simple as you can get

    • Someone doesn’t have any savings!

    • +1

      Says the guy that's never posted a deal.. jog on hero

  • +15

    Not bad, I have $233.

    • +8

      It will only take 177 years for your $233 to reach a million at this generous rate. Just remember not to spend any of it, or it will cost you dearly.

      Sadly I’m already maxed out, so I have to buy bonds

      • Where do you buy bonds?

      • +2

        you forgot taxes.

        • +4

          I am reliably informed by the ATO that the tax-free threshold is expected to be slightly over a million dollars in 177 years’ time

          • +3

            @tharlow: Very generous of the incumbent Treasurer. Just did a quick (dirty) inflation calc (ie highly speculative extrapolation) and it should be around $850K.

      • I don't think the maths checks out here.

        • +2

          No he's got it right. 177 years, initial $233, interest calculated daily, times you a final account balance of $1,043,396.11

    • Is that interest, balance, credit card debt or what you earnt last week?

  • 1 mil?

    • +20

      Yes $10,00,000

      • +1


      • +8

        A cool ten-hundred-thousand dollars.

  • +6

    BOM have 4.85% for $250,000+

    • +20

      No, the deposits won't be taxed; the interest earnt will be.

      And good. I need a pay rise.

    • +12

      All interest is taxed

        • +29

          What a (profanity) pendant.

          Ok. All interest is tax assessed. Or in the common language "taxed".

          • @BargainBogan99: Pendant 😂

            • +2

              @pauly85: I think they’re wearing Rather be Travelling’s ass around their neck

          • @BargainBogan99: I feel like I'm living in an alternate reality. Since when has saying you've been "taxed" ever meant "I haven't actually paid any tax but I was assessed for tax" in "common language"?

            I have no idea why your bizarrely aggressive "correction" is so popular!?

        • +5

          I think they mean “taxable”

  • +21

    seems to be one of the few banks that are passing on the rate rise …

    pretty good transaction account for overseas purchase. even the transaction account earns 4.75% interest for balances up to $250K

    • +2

      not only that some banks like virgin and ME have lowered their savings rates in the last month SMH

      • +2

        That's atrocious, people really need to vote with their feet and take their business elsewhere.

        • +2

          ME bank is still offering the best interest I can find @ 5.55% Sucks they dropped it from 5.65% but I aint going to cut off my nose to spite my face.

      • +1

        BOQ decreased it by 0.1%

    • +2

      Still waiting for Ubank

      • +5

        they would have announced by now. they were the first ones previously to announce.

      • Might be waiting a while…

    • "even the transaction account earns 4.75% interest for balances up to $250K"

      Can't stand this mob but THAT is how interest rates used to work and where their advantage lies over other FIs offering better savings rates.

  • Not limited to the first 4 months?

    • +2

      the introductory rate for the macquarie savings account is much higher

  • +2

    Think ING and Ubank are still better. Though ING is max100k but ubank is unlimited at 5%

    • +5

      unlimited at $250k?
      MacBank has no international fee, can use card overseas with no fee, can buy discounted gift cards, so 4.75% vs 5% not bad..

      • yupe that extra benefit.

      • +5

        Ubank is a debit card, no fees, no international fees, can use overseas. No discounted gift cards though

        • Ok thanks, I did not know about no international fee from ubank

    • +5

      ubank is up to $250k.

      • Albo will keep the rest anyway!

    • ING and Ubank have conditions for those rates, none for Macquarie

      • +2

        Ubank condition is tokenist.. Just need to set up monthly recuring EFT payment from another account of $200, and set up another one out of Ubank of $200 back to your other account. Set and forget… Condition averted.

        • -1

          Easiest condition to satisfy. $200 is a walk in the park to automate. ING takes a bit more effort but can be easily ticked off during normal monthly expenses

  • +5

    was about to post. hopefully the other HISA pass on the 0.25% increase.

    • +2

      Let's see BOQ increase after they cut rates last month

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