Macquarie Savings Account - Making It a Better No Growth Savings Account

Mugsy on 17/07/2025 - 09:53
Last edited 17/07/2025 - 14:44

With ubank dropping its savings account rates this week and eventually imposing a growth requirement, the number of savings accounts with no growth requirements and a competitive interest rate is reducing.

Macquarie is one of the few banks (or only bank) to remain hoopless and have relatively flexible products and (what I'd call) an acceptable interest rate when compared to the competition.

Assuming Macquarie maintains the status quo with the functionality of its savings account (like being able to transact from it directly), what would you be willing to give up/take on for a better interest rate and add bank@post support to their transaction account for those of us who've been asking for a means to deposit cash?

Poll Options

  • 2
    Increase rate to 15 basis points or less than market lead. No interest from transaction account
  • 3
    Increase rate to market lead. No interest from transaction account. Add deposit requirement
  • 59
    No changes. Not willing to accept hoops nor transaction account interest dropped
  • 4
    Make the transaction and savings accounts the same rate again!
Financial Bank Account Savings Account

Related Stores

Macquarie Bank
Macquarie Bank

Comments

  • askbargain on 17/07/2025 - 09:59
    +1

    Macquarie has no competition. Why would they make less money for their shareholders???

    • Dr Phil on 18/07/2025 - 09:14
      -1

      Correct !
      This poll is absolutely useless

      The Macquarie savings account is already the best savings account in Australia, everything considered. It shows in this poll.
      No need to change anything and they wont listen to us either.

      Ive had this savings account for several years now and never looked back.
      Ive also got thier transaction account which I opened when they were offering the same interest rate as the savings account.
      But I rarely use that now because they dropped the rate back - now paying 2.25%
      Still its the only transaction account in Australia that pays interest without any hoops.
      And its roughly in line with the inflation rate too.

      Ive also got savings account with ubank but that will now fade into insignificance.
      The uBank savings account has now become a "me too" account. Nothing different. Sad.
      Compared with the Macquarie savings account, uBank Save comes is a very distant 2nd or 3rd place now.
      You cant even run internet banking from it. You must move money into the Spend account - thats another hoop!

      BTW
      AMP Saver was similar to uBank Save but had the same fate which happened much earlier.
      So that was Bye Bye AMP saver as well

      • archiexyz on 19/07/2025 - 21:26

        Except AMP has just released their new savings account on their new amp go app this week. 4.5% no hoops up to 250k. So the only real competitor apart from Aus unity which is up to 50k

    • Dr Phil on 18/07/2025 - 09:30
      -2

      For those that dont know…

      The Rabo Premium Saver is still paying 4.8% interest up to $250K with a requirement of monthly $200 balance growth.
      Thats got to be the highest rate in Australia for a savings account without "multiple" hoops or low balance cap restrictions.
      And its NOT an Introductory rate either.

      https://www.rabobank.com.au/premiumsaver

      • Borg on 18/07/2025 - 10:33
        +2

        Yeah but this is about accounts that do not require balance growth!

  • plmko on 17/07/2025 - 11:16

    Macquarie are more than happy to accept your cheap money. They just use it to bet against society in illegal short selling and buying up public assets.

    If ever there was ethical consideration this is it. They're probably laughing that your price is simply laziness.

    • Dr Phil on 18/07/2025 - 09:25
      -2

      Im sorry but you are totally misguided.

      All the banks are the same bar two :- Bendigo Bank and Rabo Bank.

      Currently Macquarie and Rabo have the best savings accounts as far as Im concerned.

  • 6079 Smith on 17/07/2025 - 12:23

    If you have less than $100k the HomeME account is decent at 4.85%, no growth requirement but you do need to transfer $2k into the linked transaction account every month (I transfer it straight out the same day)

    • McMaferMur on 17/07/2025 - 12:54

      Which bank?

      • Neoika on 17/07/2025 - 13:00
        +2

        Obviously ME Bank.

      • silenthillrocks on 17/07/2025 - 13:06
        +1

        Obviously HomeME bank

    • McMaferMur on 17/07/2025 - 13:54
      +2

      someone mentioned australia unity Freedom Saver for up to 50k also 4.85%

    • Mugsy on 17/07/2025 - 14:56
      -1

      My main gripe with ME Bank is the requirement to receive an SMS OTP when sending funds to an account in the payees list. Doesn't make it suitable for my Dad.

      1. Dad is overseas every second month and there's the risk of not getting that SMS OTP
      2. All the payees in Dad's list would be his own accounts

      Anyway, we just make sure his Mac account has got sufficient funds in it before he and mum goes overseas.

      For myself, I'm still on Macquarie's intro rate for another 2 months. Will ride it out before seeing what the options are. Currently thinking of using Bankwest's Easy Saver for their intro rate for another 4 months hoopless banking before assessing my options again. That will bring me to mid Jan 2026.

      • 6079 Smith on 17/07/2025 - 15:06

        How much is he transferring? I've got a monthly auto transfer out of the Trans account of $2k and one out of the Savings for $10k and they just run

        • Mugsy on 17/07/2025 - 15:18
          -1

          Depends on what he needs at the time.

          He tries to keep more in the higher interest rate savings account for obvious reasons.

  • onetwothreefour on 17/07/2025 - 12:54

    I've probably been keeping more in a HISA than I should and should probably think about moving some of it over to my investments.

  • Sinnerator on 17/07/2025 - 16:22
    +2

    This is hilarious, australia has no innovation because people can only afford to invest in their home, or worse, rent. Not in business. There is no money leftover so expecting people to GROW their savings account is a slap in the face. Banks know this which is why they implemented this so they don't have to pay extra interest.

    • Leiothrix on 18/07/2025 - 08:02
      +5

      Please don't project your personal circumstances to the entire population of a country.

      • LFO on 18/07/2025 - 13:20
        -1

        But isn't it a very valid point?

        Don't reject it.
        Sometimes personal could also mean also (almost) everyone.

        • Leiothrix on 18/07/2025 - 13:31
          +2

          No it is not a very valid point.

          Sure there are plenty of people struggling, but there are also plenty of people that aren't.

          The majority of people should be able to save something month to month.

          The only part of their statement that is correct is the end "they implemented this so they don't have to pay extra interest", the rest is just projection.

          • LFO on 20/07/2025 - 19:12

            @Leiothrix:

            people should be able

            They could able to save, perhaps, but they much more prefer to spend in everyday expenses.

            And, be fair, more people are struggling financially than those cruising above.
            Go to a charity shop and experience how "average people" have only $20 or so for groceries. Not all. Just a few.

  • H4nd0 on 18/07/2025 - 08:22
    +4

    Obligatory reference to the Savings Account Leader Board: https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e….

    Also, check out Stake Accumulate: https://hellostake.com/au/accumulate

    • petestrash on 18/07/2025 - 18:13
      +2

      Not sure I'd include stake accumulate as a bank account replacement.

      It's a very different product without interest rate or Government Captial guarantees.

      • H4nd0 on 20/07/2025 - 07:56

        Didn't say it was a HISA. It's a HISA alternative for those less risk-averse and with no hoops. It's a managed fund that has a rate of return of Cash Rate + 2% (5.85%). Pays interest daily (except weekends and public holidays). Daily reinvestment/compounding. Says all that on the website.

  • suti1 on 19/07/2025 - 19:16

    The question everyone in the industry is asking is how macquarie is getting away with offering a high interest rate for accounts with over 250k.

    Aps210 is quite clear. It imposes a penalty in the liquidity coverage ratio for rate driven amounts over the govt guarantee but somehow macquarie gets away with offering high rates up to 1m. Aps210 is also the reason why most bsnks want you to increase your balance to qualify for a higher rate even if it's under 250k - under 250k means less likely to withdraw money in a bank run, increasing money each month also decreases the incentive to withdrawal funds.

  • jimbobaus on 10/08/2025 - 09:17
    -2

    bank@post is coming
    They have signed the contract apparently.
    Expected to launch in Oct/Nov at this stage

    • Mugsy on 11/08/2025 - 15:47

      Do you have a source?

      When I search the topic in Google, the latest news I can find is still the "started negotiations" announcement by Superintendent, I mean Jim Chalmers.

      I'm hoping it starts in Oct/Nov though… it's been annoying having to remember to take one of my other debit cards with me when I go to deposit cash at the post office.

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