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Macquarie Bank Savings Account: 4.85% p.a Interest First 4 Months on Balance up to $250,000 (Expired: 4.50% pa on Bal up to $1M)

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Macquarie Bank Savings Account: 4.85% p.a Interest First 4 Months on Balance up to $250,000 (Expired: 4.50% pa on Bal up to $1M)
Go to Deal
Think on 19/07/2025 - 22:37 macquarie.com.au (2964 clicks)
Last edited 12/08/2025 - 17:19 by 2 other users

Credit to those who pointed out Macquarie is better than AMP in my previous post.

2.25% p.a. on balance above $1M.

https://www.macquarie.com.au/help/personal/home-loans/unders…

12-Aug-2025
On 12 August 2025, the Reserve Bank of Australia (RBA) announced its decision to decrease the official cash rate target by 0.25%.   

In line with the reduction to our variable home loan reference rates, we will also be reducing the interest rates available across our Transaction, Savings, Business Savings and Cash Management accounts effective 15 August 2025.

Financial Bank Account Savings Account

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

  • freeb1e4me on 19/07/2025 - 22:43

    Do they offer two factor authentication?

    • douglasac10 on 19/07/2025 - 22:46
      +9

      Yes, through the Macquarie Authenticator app.

      • Onemoredeal on 19/07/2025 - 23:46
        +7

        And you don’t need a cellular connection for it to function

        • freeb1e4me on 20/07/2025 - 00:07
          +4

          In what situation could you use the banking app without internet even though the authenticator works without?

          • Onemoredeal on 20/07/2025 - 00:21
            +9

            @freeb1e4me: I was referring to cellular and TFA via sms. It would be rare otherwise agreed.

            • freeb1e4me on 20/07/2025 - 00:29
              -5

              @Onemoredeal:

              I was referring to cellular and TFA via sms.

              Well that has nothing to do with the authenticator then…

              However, an offline authenticator probably makes it more secure in the situation where your phone has been compromised

            • Dyl on 20/07/2025 - 06:17

              @Onemoredeal: SMS works overseas for free to receive on most telcos, just ensure data roaming is off

              Niche case otherwise, but agreed time based 2FA is better than something that hooks back to a server

              It’s a valid question if it’s data based and requires login (ie accepting a push notification) or if it’s time based 2FA codes (ie based on a secret key stored on your device after login)

              • tm32 on 20/07/2025 - 08:33

                @Dyl: From experience with Android at least , that for a travel eSim to work though you'll need data roaming enabled

                After that configure the calls, data and sim functions independently. Home country SMS should work from the main telcos.

              • vrsac on 20/07/2025 - 17:10
                +2

                @Dyl: I was recently in US and couldn't receive SMS messages on Optus SIM. I had to buy a roaming pack just to receive SMS messages!!!
                This has been discussed on OzB before. It took their support 5 days to work this out!
                No more OPTARSE for me, ever!

          • SgtScrooge on 20/07/2025 - 01:41

            @freeb1e4me: hmm, only idea that comes to mind is if you are overseas but travel with a data sim..

          • denserham on 20/07/2025 - 12:15
            +1

            @freeb1e4me: Maybe when overseas and with a provider that doesn't do free roaming texts. Or if you are away from your main phone.

    • brisdaz on 19/07/2025 - 23:33
      +4

      Can we use our own TOTP compatible app (it works for Microsoft, Google, Ozbargain and others)?

      • triggerr on 20/07/2025 - 00:20

        Negative. Macquarie auth app is unique to them and can only be registered to one device at a time.

        • flapperino on 20/07/2025 - 02:05
          +5

          You can have the auth app on more than one device, that's what I do to keep myself a backup if I lose my day to day phone

          • Ade99 on 20/07/2025 - 09:47
            +1

            @flapperino: Agree, lost a phone due to water damage but could recover as Auth app was on a second phone…..

          • triggerr on 20/07/2025 - 11:10
            +4

            @flapperino: My apologies. This must of been updated because I was under the impression you could only use one (or just had the wrong info). Thank you for the clarification!

          • Squeezy on 20/07/2025 - 11:18
            +1

            @flapperino: interesting. earlier this year I got caught with the auth app being on my old phone when we were O/S.
            Had to spend 30 min on phone back to AUS to get it resolved. It was very painfull experience.

            • niknah on 20/07/2025 - 20:56

              @Squeezy: Happened to me too. I have disabled the app now. I only enable it temporarily when I need to do a big transfer. Then I disable it again.

        • Dr Phil on 20/07/2025 - 14:23
          +1

          Actually NO!
          The Macquarie Authentcator can be registered to MORE THAN ONE device at a time.
          I have it on 3 devices right now.

          This is yet another great reason to go with Macquarie

        • niknah on 20/07/2025 - 20:55
          +3

          You really need to use more than one phone with this account. If you only have one phone, you can lock yourself out of the account if something happens to your phone. You can't register the app with a new phone if you do not have access to your old phone. You will need to call them to fix that.

          Another way is to add the app when you need to do big transfers, and then login and remove the app from the website afterwards.

      • Dyl on 20/07/2025 - 06:20
        -2

        It smells like it’s a push notification style app, not time based OTP

  • easternculture on 19/07/2025 - 22:44
    +22

    on Balance up to $1M

    Have just over a mil, so will have to skip this deal

    • freeb1e4me on 19/07/2025 - 22:47
      +7

      Fair as 1 million debt does not count

    • Dyl on 20/07/2025 - 06:23
      +7

      Afaik you’re not covered by the government guarantee over 250k anyway, so personally wouldn’t put over $250k in one account just to have the guarantee.

      Still in shares personally though, as risky as that’s looking currency looks almost as bad

      • onegpt on 20/07/2025 - 07:44

        Depends on which shares. I haven't found many companies in Australia investible for the long term

      • derekek on 20/07/2025 - 08:58

        What? That means I had to open 100 accounts!

        • bio on 20/07/2025 - 11:54

          What? That means I had to open 100 accounts!

          250k means $250,000, not 250 cents.

          • Mugsy on 25/07/2025 - 13:28
            +1

            @bio: Shhhhh! We could have made him open up 100 accounts!

    • Ade99 on 20/07/2025 - 09:48
      +1

      Well you need another 3 accounts at different banks to ensure the funds are guaranteed by the Feds.

    • Dr Phil on 20/07/2025 - 14:24

      Have I got a deal for you!

  • WwDesi on 19/07/2025 - 22:46
    +1

    But I only got 20K

    • Dyl on 20/07/2025 - 06:23
      +46

      I’ve done the calculations and this is less than $250k; you’re eligible for the deal.

      • Usernames on 20/07/2025 - 07:23
        +4

        Show your workings.

        • Lizard Spock on 20/07/2025 - 07:28
          +35

          $250k > $20k
          The crocodile eats the bigger number 🐊

          • iNeedMoreMoney on 20/07/2025 - 12:15
            +1

            @Lizard Spock: what if the crocodile is on diet

          • Usernames on 21/07/2025 - 08:41

            @Lizard Spock: Hmmmm…okay let me ask Will Hunting to review on the blackboard and I might come back with questions.

          • Dyl on 21/07/2025 - 10:07

            @Lizard Spock: I love how your name is Lizard Spock, your display picture, and how it goes with this comment lol

        • Ade99 on 20/07/2025 - 09:48
          -1

          Grim Jim never shows his and he gets away with it…🤔

  • Zeee on 19/07/2025 - 22:54
    -1

    I have acc with them. And have zero funds. Moved to ubank then the rate dropped. How to be eligible for 4 months 4.85 again with mac?

    • 69dollars on 19/07/2025 - 22:58

      I joined Ubank two weeks ago, and just signed up to Macquarie today lol. Gonna be a PITA to move all funds over again but oh wells.

      • tunzafun001 on 19/07/2025 - 23:25

        As in $10k limit per day issue, or similar?

      • CodeXD on 20/07/2025 - 01:05
        +1

        Call ubank and they can authorise higher transfer limit for a day

      • SydBoy on 20/07/2025 - 08:08
        +2

        Ubank just announced that they are introducing whoops to their saving accounts so they are no longer same Ubank .. meaning Macquarie is the only one without whoop and high rates … another one is BOQ.

        • onetwothreefour on 20/07/2025 - 08:11
          +15

          whoops

          • Herbs on 20/07/2025 - 08:17
            +5

            @onetwothreefour: Glad you commented and locked SydBoy out from editing his own comment for that whoops.

        • Tgb on 20/07/2025 - 08:28
          +1

          I'd missed this 'hoops' announcement - what a pain! Only difference to ING now is the needing to make 5 transactions on the account

        • wintersnow911 on 20/07/2025 - 09:15

          yeah, same reason openning a Macquarie bank account now

        • helloeverybody on 20/07/2025 - 09:51

          Actually BOQ has monthly "whoops" to jump though for their bonus interest:
          1. 1k min transfer to everyday account linked to your saver account
          2. min 5 or more eligible transactions, must not be in pending status

          • SydBoy on 20/07/2025 - 14:55
            -1

            @helloeverybody: I have BoQ without 'whoops" or "hoops" whatever makes you with !

            It's BOQ Mobile only banking called myboq account and it comes with 4.35% without "whoop" (if that helps others to laugh) ..!

            It doesn't have debit card so you need to transfer money to other account to withdraw and I use normally UBank, Macquarie and BoQ but now moved all fund out of UBank except a $1 left to keep it going for another few months before closing.

            • helloeverybody on 20/07/2025 - 23:22

              @SydBoy: Yea ur right their simple saver is at 4.30% with no hoops. I thought U were comparing to their more superior interest rate offer but with hoops (smart saver/future saver)

        • jcft on 20/07/2025 - 11:13
          +2

          got email from Ubank - below is what it says - effective immediately

          What you need to know
          Updates to your savings rate
          From today, you can earn up to 4.60% p.a. bonus interest across your combined savings between $0 - $1 million.
          You can now earn bonus interest on balances up to $1 million
          This means we've increased the amount of savings you can earn interest on, instead of the previous limit of $250K.
          Making our rates simpler
          We understand bonus rate tiering and blended rates can be confusing, so we’ve made them simpler.

          From today, all interest rate tiers up to $1 million now have a single bonus interest rate of 4.60% p.a.

          upcoming

          From 1 October 2025 (so there’s nothing for you to do now)

          We’re evolving the way you qualify for bonus interest on your Save accounts. From 1 October 2025,
          you'll need to grow your combined balance across all your Save accounts (excluding linked offsets) by $1 each month.

          This means your total savings balance on eligible accounts needs to increase by $1 as at the end of the month.
          For example, if your combined balance is $1,000 at the end of October, it would need to be $1,001 at the end of November (excluding any interest credits you may have earned).

          Don’t worry, there’s nothing you need to do differently right now - we'll send you another reminder before this change happens. For now, continue depositing $500 each month

          • SydBoy on 20/07/2025 - 14:57
            +2

            @jcft: UBank reduce rate out of cycle so basically they reduced rate without RBA reducing rate in last meeting…which means when RBA reduce rate in August then UBank will reduce it as well which basically increased UBank margin..!

    • triggerr on 20/07/2025 - 00:21

      Did your profile ID close? If yes, should still be eligible. If the profile is still active then the previous savings account will be on record in which you don’t get the welcome rate.

  • SpeedRunnerLink on 19/07/2025 - 23:11
    -4

    ETFs will yield you better gains if youre not needing to take out money for some time.

    • Brugainz on 19/07/2025 - 23:14
      +2

      Do you know of any ETF vehicles which has consistently yielded high growth over the last couple of years?

      • freeb1e4me on 19/07/2025 - 23:29
        +4

        ETF is a long term game like @SpeedRunnerLink mentioned

        • amsaini15 on 19/07/2025 - 23:38
          +1

          Even if it is considered long term game, which ETF gives 4.50% on average over lets say 5-10 years period?

            • Herbs on 20/07/2025 - 08:19
              +7

              @freeb1e4me: Surely you would share, since that would encourage others to buy and the price to go up more…

          • SpeedRunnerLink on 19/07/2025 - 23:43
            +3

            @amsaini15: I have a handful of ETFs I have invested over the last decade and on average they range from 8-12% currently but that is based on the long term average. As freeb1e4me has said its a long term game.

            IF you are new, start of with Vanguard ETF app and the app if you're new to it.

            • amsaini15 on 19/07/2025 - 23:46

              @SpeedRunnerLink: Great Thanks. I am generally buying blue chip company shares as I feel ETFs dividend yield is quite low but willing to change my opinion if someone can share more info.

              • SpeedRunnerLink on 20/07/2025 - 00:05

                @amsaini15: I don't recommend you dump it all in ETFs.

                I diversify my investments including blue chip company shares and monitor when there is a drop due to external impacts causing it to drop.

                ETF's are easier to just set and forget to auto transfer each money to top up with my experience lower risk than bull market trading. But the gains are bigger if you know what you're doing but also the risk.

                I also invest in property and collectables to resell for profit.

                I woulnd't call myself an expert as I trade on the much safer side than some people I know.

              • watwatwat on 20/07/2025 - 00:07
                +7

                @amsaini15:

                as I feel ETFs dividend yield is quite low but willing to change my opinion

                You will eventually learn that dividends don't mean anything and to get as much wealth as possible, you shouldn't be trying to maximise dividends or ownership in companies who pay dividends.

                I suggest you have a conversation with AI to learn more.

                But, each to their own.

          • Dyl on 20/07/2025 - 06:32
            +6

            @amsaini15: Most index based ETFs, look at ASX historical annual gains for example, subtract fees and failure to match it exactly, and you’re looking at like 8% consistently before divs

            https://www.betashares.com.au/fund/australia-200-etf/#perfor… Beta shares ASX matched 8.99% over 10 years

            https://www.blackrock.com/us/individual/products/investment-… black rock is usually around 7-9% too on their most common shares ETFs

            There’s always good and bad years, but the historical gains on the ASX have been around 8-10% long term, so an ETF you can expect around 7-9% because of fees and underperforming against the index

            It depends which index they aim to match though, ie Nasdaq dot com bubble and looking like a bubble again now can be risky, but it’s returned over 100% over 5 years (medium term) on NDQ (includes a currency element, AUD being weaker now). It all depends when you enter and exit, even medium to long term, but the longer you go the closer the main indexes match to the 7-9% mark

            Cash returns is rarely over 3% or so above inflation (RBA rates keep it this way); it’s mainly for pausing assets where you trust the currency.

            None of this is financial advice and historical data isn’t an accurate prediction of the future, but when you’re talking historically, long term shares has always been best

          • SydBoy on 20/07/2025 - 08:18

            @amsaini15: there are many LIC & ETF that provides more then that once you add franking credit… but as always with stock market (incl. etf) there is risk of losing capital.

            you only put money into stock that you don't need and you won't be bother if they lost.. !

            no one will tell you which one as there are many and individual circumstances decide which one is good for them… and no one knows what are your circumstances and no one probably has licence to advise so just remember past performance is not guarantee of future performance and you could lose all your principal capital invested in stock at any time !

      • Dyl on 20/07/2025 - 06:26
        +4

        Literally all of the index based ones over the last couple of years? NDQ, IOZ, IOO, IEM…

        NDQ is up stupid amounts, like 100% over 5 years.

        • SydBoy on 20/07/2025 - 08:18

          i still can't believe i sold NDQ :D :D :D

          • Dyl on 20/07/2025 - 09:45

            @SydBoy: I’m still HODL, it’s basically recovered all the losses from earlier in the year

            Up over 120% + divs over the past 5 years on them shares. Part of it is the currency factor, USD is stronger against AUD than 5 years ago.

            ASX is kind of crappy returns for my risk tolerance, IOZ only up 30% in the same timeframe

    • buffalo bill on 20/07/2025 - 09:18
      -1

      Yeah like the next few years. Say Mango man makes a bad announcement a day before you require your funds, and you're in the hole.

  • Lps on 19/07/2025 - 23:22

    This is a decent deal for those relying on cash investment, as the rba rate (therefore most variable retail deposit rates) will fall between 0.25 and 0.5% during the intro period, giving a benefit (on a balance just <$1m) of $200-$400/month

  • tunzafun001 on 19/07/2025 - 23:27
    -2

    So… What happens to balances over $250k in the first 4 months?

    • Lps on 19/07/2025 - 23:30
      +1

      They go up

      • tunzafun001 on 19/07/2025 - 23:38
        -2

        By what %?

        • Lps on 19/07/2025 - 23:40
          -1

          Look up

          • tunzafun001 on 19/07/2025 - 23:42
            -1

            @Lps: Says first 4months up to $250k

            Says 4.5% up to 1M AFTER 4 months

            So what about > $250k first 4 months???

            • Lps on 19/07/2025 - 23:45
              -1

              @tunzafun001: Can’t >$250k qualify as a balance up to $1m (as long as it doesn’t go over $1m)?

              • tunzafun001 on 19/07/2025 - 23:46

                @Lps: Title for $250k + only says after 4 months? What happens in the first 4 months?

                • Lps on 19/07/2025 - 23:48
                  -1

                  @tunzafun001: I’m done now. I don’t give grammar lessons.

                  • tunzafun001 on 19/07/2025 - 23:50
                    -2

                    @Lps: I guess you cant see it.

                    The title doesnt address balances $250k - $1M IN THE FIRST 4 MONTHS!

                    • Lps on 19/07/2025 - 23:55

                      @tunzafun001:

                      I guess you can’t see it

                      I guess not

                      • SpeedRunnerLink on 19/07/2025 - 23:57
                        +2

                        @Lps: He can see, just too complicated for them to understand.

                        • tunzafun001 on 20/07/2025 - 00:25
                          +2

                          @SpeedRunnerLink: Not at all ..I read T&Cs a lot and notice details.

                          This title does not cover $250k to $1M for the first 4 months…

                          I'll clear it up…

                          Op -it's 4.5% for balances above $250k - $1M regardless of time frame.

    • SpeedRunnerLink on 19/07/2025 - 23:39
      +3

      Did you even bother to read the title or click the link to read it?

      it changes to 4.5%.

      Talk about being spoon fed.

      • tunzafun001 on 19/07/2025 - 23:40
        -7

        Read the title again… This doesn't mention $250k+ in first 4 months.

  • MeesusEff on 19/07/2025 - 23:43

    If ive already got the transaction account, if i opwn a savings one, will it be linked? And if its linked, do i get the intro rate?

    • triggerr on 20/07/2025 - 00:18

      Savings acc requires a transaction account to open so in a sense, yes. The welcome rate will apply automatically from open date. If in joint names, it will open once the other applicant approves the request.

    • Essem on 20/07/2025 - 08:04

      Yes, open a savings account from within the app, very easy. I transferred $20k from UBank to my Macquarie debit account as this was already an account I had previously transferred to, just in case UBank put a hold on it. Then immediately transferred to my new Saving account. Went through immediately and shows at 4.85%.
      Only first saving account gets the intro rate, so need to wait for 4 months to split into other accounts.

  • tqqq on 19/07/2025 - 23:57

    thanks for the spot OP, will look at parking my 250k here. Cheers!

  • Fredfloresjr on 20/07/2025 - 00:05
    +5

    Too late OP, invested my $250k to horse 7 this morning.

  • Punka on 20/07/2025 - 00:18
    +1

    Or this is actually better

    https://www.rabobank.com.au/high-interest-savings-account

    5.15 for first 4 months, then move to another bank

    • tunzafun001 on 20/07/2025 - 00:36

      Looks pretty good. What's the catch?

      Off memory Rabo, ING, MQG, ME, Ubank, and Boq are the top options.

      • Herbs on 20/07/2025 - 08:23
        +3

        Bingo! I'm with all of them but will probably leave uBank end of this month.

  • OfferScooperHQ on 20/07/2025 - 00:54
    +5

    Wow people have this much money 🤑

    • iNeedMoreMoney on 20/07/2025 - 08:30

      I wonder the same

      • BargainBenno on 20/07/2025 - 09:58
        -1

        There are professions in Sydney paying 400k a year. Some households have two people earning this much so earn 800m between them and a mill in cash is pretty much their play money savings. We lived in St Ives in Sydney where houses were often four mill. The day care was almost $200 a day and was always booked out. Kids would arrive at 6.30 am for breakfast and get picked up at 7 at night. Why have kids. We were over the road from a Jewish school and security was an issue due to numerous incidents with racism towards them so rents were low for our flat, that’s why we were able to get it.

        • OfferScooperHQ on 20/07/2025 - 10:02
          +3

          400k per year! More like 8 years salary here 😅

        • reloxation on 20/07/2025 - 10:57

          400k + 400k = 800k x

        • tunzafun001 on 20/07/2025 - 11:32

          100% agree with childcare / kids. I took 4 years LWOP. Money can't buy that experience.
          Gov covers something like 80% of that $200. Fully understand that for someone working at Woolies, Bunnings etc…if they didn't buy their house 10 years ago…then they need to access it.

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