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Macquarie Bank Savings Account 5.00% p.a. Interest on Balance up to $2,000,000 (No Hoops) @ Macquarie Bank

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Macquarie Bank Savings Account 5.00% p.a. Interest on Balance up to $2,000,000 (No Hoops) @ Macquarie Bank
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ScoutOP on 05/05/2026 - 14:48 macquarie.com.au (1585 clicks)
Last edited 05/05/2026 - 14:54

Followed up by RBA decision to increase cash rate today Macquarie bank have announced increase in savings account interest rates:

What does the RBA’s latest rate rise mean if I’m an everyday banking customer?  

In line with the increase to our variable home loan reference rates, we will also be increasing the interest rates available across our Transaction, Savings, Business Savings and Cash Management accounts effective 22 May 2026. You can view our new rates below:

Rate Type Interest Rate Balance Range
Variable Welcome Rate 5.35% p.a. Up to $250,000
Variable Ongoing Rate 5.00% p.a. Up to $250,000
Variable Ongoing Rate 5.00% p.a. $250,000.01 – $2,000,000
Variable Ongoing Rate 2.75% p.a. $2,000,000.01 and above
Financial Bank Account Macquarie Bank Savings Account

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    • pr0k on 05/05/2026 - 14:56
      +23

      This is quite early in the day to be this drunk

    • donman92 on 05/05/2026 - 15:04
      +2

      Bizarre how even the US has permanent fixed home loan rates yet we don't..

      • AircraftFreight on 05/05/2026 - 15:23
        +3

        Today as someone who holds mortgages in both the United States and Australia, I can tell you that it is hard, ridiculously hard to obtain a 30 year mortgage these days. You are often at max getting 10-15 years which dont get me wrong is a lot better than whats over the pacific here in Oz.

        • clover on 05/05/2026 - 17:40
          +1

          Yeah, the bank not committing people to a lifetime of debt does sound better. Keep house prices lower too.

          • donman92 on 05/05/2026 - 17:42

            @clover: Yea just pay it off sooner 🤡

            If not, I would love 15 years @ 2% tyvm

        • soan papdi on 05/05/2026 - 18:40

          Is the US home loan fixed term or can you pay it off early?

      • GreenLego on 05/05/2026 - 16:33
        +4

        Because Fannie Mae and Freddie Mac system privatises the gains and socialises the losses. And governments around the world outside of the US are not comfortable with that.

      • team teri on 05/05/2026 - 16:49
        -3

        Why would the banks offer that if customers don't even take up fixed 5 year mortgages in significant numbers?

        When rates are low punters decide to take the risk of a variable loan to save a few pennies. Only to then complain when rates rise. Morons.

      • T Man on 06/05/2026 - 09:54
        -1

        The government insures their mortgages. Ours doesn't.

        • donman92 on 06/05/2026 - 09:59

          State owned major assets is the way to go I guess.

        • GreenLego on 06/05/2026 - 21:16

          Technically they aren't. It was assumed to be for a long time, and was tested in 2008 and the government did step in. No guarantee that it will happen again, although it probably will.

      • WorstAgreeableRadish on 06/05/2026 - 12:24
        -1

        One opinion I've read is that with that people are less likely to sell their homes if they have a low rate, reducing homes on the market and increasing prices. Which makes sense.

        Actuaries will also ensure banks come out on top 99% of the time with fixed rates.

      • ruprectaus on 06/05/2026 - 21:11

        Socalism, Freedie and Fannie set the benchmark.

        You'd need the government to step in here as well.

    • TerryTightwad on 05/05/2026 - 15:14

      I'm salivating too.

    • basketcase86 on 05/05/2026 - 15:34
      +4

      Stop trying to buy million dollar houses maybe?

      The cash rate going on constricts all debt not just mortgages that people were crazy enough to sign and are now crying that an extra half a percent will put them in trouble. Better off blaming the government for spending too much on NDIS scams and military payouts etc etc.

      The rates need to go .5-1.0% higher this year.

      • donman92 on 06/05/2026 - 16:49

        I feel as if inflation is mainly being overhyped due to the oil crisis. That being said ..those who own those million dollar homes will simply just put the rent prices up to cover their behinds.

        • Igaf on 06/05/2026 - 18:26
          +1

          Inflation was already above the target before the Trump-Netanyahu war. The median price of houses in Sydney, Melbourne, Canberra and Brisbane is already > $1M and Adelaide, Perth and Newcastle (and probably quite a few coastal towns) are fast approaching that level, so it would be wrong to categorise all those owners as wealthy if that's what you're suggesting.

  • Iluvfreebies on 05/05/2026 - 15:00
    +4

    Hopefully other banks will follow.

    • onetwothreefour on 05/05/2026 - 15:35
      +7

      Yes, waiting for Judo Bank to make a move.

      • Ghogger on 05/05/2026 - 15:52
        +7

        Judo Bank would be 5.50% if they pass on the full rate rise, fingers crossed

        • bobokingdom on 05/05/2026 - 16:02
          +9

          Aren't they 5.35% already? +0.25%, shouldn't that be 5.60%?

        • onetwothreefour on 05/05/2026 - 16:16
          +1

          would be great if they did but they're already high compared to other banks so not sure if they will. Oh well, we will wait and see.

          • arcticmonkey on 06/05/2026 - 08:14
            -1

            @onetwothreefour: Judo didn't pass on the last one did they?

            • onetwothreefour on 06/05/2026 - 11:29
              +3

              @arcticmonkey: Received this on 19/03

              We are pleased to share some good news with you. Following the recent cash rate announcement from the Reserve Bank of Australia, the bonus variable interest rate on your Judo Savings Account will increase by 0.25% p.a. This change will take effect on Monday, 23 March 2026.

  • Simon Beech on 05/05/2026 - 15:02
    +8

    lol 17 days

    • Onemoredeal on 05/05/2026 - 15:05
      +21

      They also have to change the 4 to a 5 this time.. give them a break

      • RTX9090Ti on 05/05/2026 - 18:07

        they already have digit 5 at the end, just need to move it to the front.

    • soan papdi on 05/05/2026 - 18:46
      +12

      In Nov 2025, they held $200b in savings. Not paying 0.25% interest for 16 days makes them a cool $21m. More bonuses for the execs!

      https://www.macquarie.com/au/en/about/news/2025/australian-s…

    • arcticmonkey on 06/05/2026 - 08:15
      +3

      These scummy billion dollar banks are quick to take but slow to give

      • Ade99 on 06/05/2026 - 08:22

        I assume that is one reason Osko is not available with Judo 🤔

  • Frozensage on 05/05/2026 - 15:09
    +2

    Is the mortgage rate going up tomorrow? Making bank on the margin.

  • JAF on 05/05/2026 - 15:11
    +4

    UBank also going up 0.25% , I got an app notification for it

    • RichardL on 05/05/2026 - 15:18
      +4

      From 12 May 2026, Everyday Bonus Rate will be 5.10% p.a. for ubank.

  • jimbler on 05/05/2026 - 15:26

    What about ice hockey?

    • 5kbjvb3o on 05/05/2026 - 15:43
      +7

      The ice hockey rate, would you believe, still frozen

    • Igaf on 05/05/2026 - 17:12

      No hoops in ice hockey either afaik.
      Speaking of ice. How many of youse know who Australia's latest sporting world champions are?

  • KangaDrew on 05/05/2026 - 15:53
    +33

    Mortgage - automatic increase within a day
    Savings accounts - ehh, we'll get around to it in a week. Or two. Most likely two.

    • ReallyLost on 05/05/2026 - 16:11
      +7

      That's how thieves operate

    • SBOB on 05/05/2026 - 16:20
      +28

      Mortgage rates up - use the elevator
      Savings Rates up - use the stairs

      they swap at the top floor when coming back down

  • mystrd on 05/05/2026 - 16:08
    +3

    Very nice, now let's see Judo's offerings

  • Herbs on 05/05/2026 - 16:17
    +2

    Wish the Govt Guarantee would go up as well. $500k would be nice.

    • reactor-au on 05/05/2026 - 16:40
      +2

      Bail-in will happen before the gov guarantee, basically the gov guarantee is meaningless IMO

      • Igaf on 05/05/2026 - 17:16
        +3

        Compulsory bail-out by Big Gas should be first cab off the rank if it hits the fan.

      • chrisharry53 on 06/05/2026 - 11:21

        Why is that? You think the Government will not let any bank fold and so the $250000 guarantee will never be applied to any accounts?

        I would rather play it safe but did go over the $250k with ING Maximiser account for 4 months intro rate.

    • redhaze1 on 05/05/2026 - 16:44
      +2

      Yes, be careful about holding >$250K in a single financial institution.

      • kaleidoscope on 05/05/2026 - 17:43
        -1

        You mean if bank goes bankrupt / online theft or other tax implications

      • RTX9090Ti on 05/05/2026 - 18:10
        -2

        Yeah need to find 8 banks for my money, which is not easy.

        • Grunntt on 05/05/2026 - 21:29
          +9

          Yeah need to find 8 banks for my money, which is not easy.

          Also becomes more difficult when you realise that it's not any eight banks - they have to be different ADIs (Authorised Deposit-taking Institution).

          ADI

          Refers to the Financial Claims Scheme (FCS) which provides protection to depositors of up to $250,000 per account-holder per authorised deposit-taking institution (ADI) (bank, building society or credit union) in the event of the ADI failing. For joint accounts, each account holder is entitled to the $250,000 guarantee.

          eg Money in Westpac and St George Bank comes under the same ADI. Also Bendigo Bank and Up. As well as Commonwealth Bank and Bankwest.

    • noz on 05/05/2026 - 17:41

      You'd have to be a brave government. Imagine the headlines .. "Labor protecting the wealth of the rich".

      • arcticmonkey on 06/05/2026 - 08:16
        +1

        They're doing this already with the gas and mining scum

        • Igaf on 06/05/2026 - 11:21
          +2

          Scum's not accurate but the rest is undeniable. Every govt since Howard's tax concessions to Big Gas has failed to do their duty to manage Australia's resources for the beneift of current and future citizens. Gillard made a limp attempt during the second minerals boom, and Pocock is at least rattling their cages now. Albanese's "wrong time" excuse holds no water at all. Pathetic.

  • lakes_8 on 05/05/2026 - 17:27

    Goat bank

  • Lets Go Brandon on 05/05/2026 - 17:44

    I'm a big saver.

    Thanks Albo!

  • sam0041 on 05/05/2026 - 18:29

    Anyone know how long the welcome rate is for? Couldn't find the date, Sorry if i missed it

    • timhn on 05/05/2026 - 19:32
      +2

      4 months. Click on the link in OP then scroll all the way to the T&C's at the bottom.

  • m00c0w on 05/05/2026 - 20:24
    -6

    Putting money into a savings account at the higher ranges is pointless. You'd assume if you had circa $2M available you're smarter and would be better off investing in shares and see some growth and cop the CGT later rather than pay the top tax bracket.

    • fredblogs on 06/05/2026 - 20:51

      what shares can guarantee you 5% capital growth per annum?

      • Igaf on 06/05/2026 - 22:17

        Savings accounts don't deliver anything like that. Tax and inflation take most of the growth.

        • fredblogs on 06/05/2026 - 22:33

          ok to state this another way - what shares can guarantee you the same after-tax return as a bank giving 5% interest?

          • Igaf on 07/05/2026 - 13:45
            +1

            @fredblogs: The after-tax "growth" on 5% bank interest was typically already in negative territory after 30% tax and 3.7% inflation. Indexed Funds regularly return 10+% (less tax and inflation).

            Obviously markets fluctuate so diversification is key if you want to minimise risk. That's how our super funds have managed decent returns for decades despite the GFC, covid, Trump, Putin, Netanyahu etc, AND Australian govts giving our natural resources away for a pittance.

  • ShMiCk on 05/05/2026 - 21:49

    What’s the best account to open up for kids?

    Currently with Aust Mutual but just noticed that if the account has over $5k, interest falls down to 2.3%

    • fredblogs on 06/05/2026 - 21:03
      +1

      That's better than mine - Great Southern bank falls to 1% over $5k

  • drazenm on 05/05/2026 - 22:42

    Happier with MeBank at 5.10%, don't mind spending 30 seconds transferring 2k in and out of the account. Can even make it automatic or get your pay to go in and got nothing to do.

  • Cheap Gamer on 05/05/2026 - 23:30
    +3

    Thanks very much, perfect timing. I need to move my NAB iSaver that's about to lose bonus interest.

    No hoops, thumbscrews, hot pokers, waterboarding, electric shocks, or floggings either. Why can't all banks be this civilised?

  • wardrop on 06/05/2026 - 10:13

    Anyone know of a method to get a similar 5% return but which can be eligable for the CGT discount if held for more than 12 months.

    • nadan on 06/05/2026 - 10:37
      -1

      Yes stock market, etf.

    • Ghogger on 06/05/2026 - 11:48

      Do you have a child or partner earning under the tax-free threshold?
      (not financial advice)

  • nevilleescort on 06/05/2026 - 10:17

    Yes it's no hoops that wins it for me. "Must increase" or "no withdrawals" with the others easily kills their 0.1% rate advantage the first time I actually need to use my savings. Which strangely enough I do quite often. We pulled all the money we had in uBank last year the same month they introduced the new rules to get bonus interest - we would have lost more than that small additional interest several times over if we had stayed.

  • spaceflight on 06/05/2026 - 12:26
    -1

    Variable Ongoing Rate 5.00% p.a.

    Why not Judo bank which is currently offering 7% more interest before passing on the increase.

    If they pass the increase in in full they will be offering 10% more interest.

    The requirement to deposit $300 a month is simple.

  • nonoannie on 06/05/2026 - 14:37

    their 1 year term deposit rate for has increased to 5.35%

    • Devastator0 on 16/05/2026 - 18:00

      Not so great if you want to get a regular income from, let's say, the $2,000,000. Doing that drops the rate down to 5.08%. Savings account works out better in both still getting a decent rate but also convenient if you need to pull out cash from the lump sum.

    • Igaf on 16/05/2026 - 19:30

      No compound interest effectively drops the rate to 5.22% if that matters.

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