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Macquarie Bank Savings Account 5.25% p.a. Interest on up to $250,000, 5.05% to $2M, 4.60% above $2M (No Hoops) @ Macquarie Bank

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Macquarie Bank Savings Account 5.25% p.a. Interest on up to $250,000, 5.05% to $2M, 4.60% above $2M (No Hoops) @ Macquarie Bank
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ScoutOP on 29/09/2026 - 14:45 macquarie.com.au (1275 clicks)
Last edited 29/09/2026 - 14:52 by 1 other user

Followed up by RBA decision to increase cash rate today (4.60%, +0.25) 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 15 October 2026. You can view our new rates below:

New Rates
Rate Type Interest Rate Balance Range
Variable Welcome Rate 5.60% p.a. Up to $250,000
Variable Ongoing Rate 5.25% p.a. Up to $250,000
Variable Ongoing Rate 5.05% p.a. $250,000.01 – $2,000,000
Variable Ongoing Rate 4.60% p.a. $2,000,000.01 and above
Previous Rate
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
Good for Millionaires I guess.
Financial Bank Account Savings Account

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Comments

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  • sinners007 on 29/09/2026 - 14:51

    Title needs to be updated to reflect the 5.25% for balances under $250K.

    • 0
      • Dollar General on 29/09/2026 - 14:57

        Title has been edited as per comment

        • 1
      • sinners007 on 29/09/2026 - 14:58

        When you posted it, the "5.25% p.a. Interest up to $250,000" was not there. It has since been updated … MATE!

        • 5
        • ScoutOP on 29/09/2026 - 15:00

          All good, thanks !!

          • 1
  • Dollar General on 29/09/2026 - 14:52

    No point having more than $250k in the account

    • 8
    • tightm8 on 29/09/2026 - 15:13

      I'll worry about that in 10 years. But thanks for letting me know!

      • 24
    • TightLikeThisx on 29/09/2026 - 18:37

      How am I suppose to pay off my credit card at the end of the month?

      • -1
    • x d on 29/09/2026 - 20:02

      Now waiting to see what Westpac will do to its Life Savings account. If they increase it to 5.25% with for without the 250k limit like MacQ has just done, I would imagine that there will be quite a few transfers from MacQ to Westpac.

      UBank is also looking like it's going to be popular again, with 5.35% for up to $1 mil.

      https://www.ozbargain.com.au/node/976953

      • 0
  • Roe Jogan on 29/09/2026 - 15:05

    no hoops vs everything else, im always no hoop

    • 22
    • arcticmonkey on 30/09/2026 - 01:41

      Judo is basically no hoops for 5.35%

      • 3
  • nguyentran on 29/09/2026 - 15:12

    BOQ 5.8 is still looking better with only 5 bpay and 1k deposit

    • 0
    • dontpanic on 29/09/2026 - 15:27

      BOQ's 5.8% is only up to $50,000.

      Their equivalent account is 5.4%, with hoops to jump through. If you fail to meet the criteria one month (for whatever reason), you more than wipe out whatever extra interest you earn. So you have to judge how good you are with sticking to the criteria.

      Personally I prefer a set-and-forget setup - sticking with a mix of Macquarie (for easy liquidity) and Judo (which are only 0.05% lower than BOQ, and only require a $300 deposit which can be automated).

      • 9
      • nguyentran on 29/09/2026 - 15:40

        You can create up to 8 savings accounts, dont understand why someone neg me hahaha

        • 6
        • bird380 on 29/09/2026 - 15:53

          I thought it’s 9 accounts

          • 0
      • sintakz on 29/09/2026 - 16:47

        You can make 5x transactions by transferring from card to card through Beem. Pretty handy, can set it up automatically as well if you’re so inclined.

        • 2
  • cashless on 29/09/2026 - 15:16

    Good for Millionaires I guess

    Actually bad for millionaires. If you have $1m in savings, you’ll only get a 0.05% increase in interest on $0.75million of your savings

    • 7
      • fredblogs on 29/09/2026 - 17:50

        why?

        • 0
        • ScoutOP on 30/09/2026 - 11:54

          If you’re temporarily holding the cash, then yes. But if your aim is to grow your wealth, savings accounts are certainly not the way to go. There are much better investment options available.

          • 0
          • fredblogs on 30/09/2026 - 12:58

            @ScoutOP: With more risk though

            • 1
          • LFO on 30/09/2026 - 19:13

            @ScoutOP:

            If you’re temporarily holding the cash, then yes

            Probably the one and only reason someone will have that cash "in waiting" rather than "in production".

            • -1
      • timhn on 29/09/2026 - 18:57

        What if you need to park your inheritance for few months before decide what to do with it? Or you just sold you house/business?

        • 0
      • mike6969 on 30/09/2026 - 07:18

        Actually it's a smart thing to do in uncertain times, especially when interest rates are higher than inflation

        • 1
  • AngusD on 29/09/2026 - 15:16

    Why does the interest rate get lower as the balance gets higher? Is there anything to stop you just spreading the money across multiple accounts? In which case why not just have the same rate regardless of balance if they're paying out the same amount in interest?

    Is this something to do with the govt bank guarantee being limited to $250k? Or is it some other rich person problem that I'm unaware of?

    • 1
    • jdizzles on 29/09/2026 - 15:32

      I imagine it’s a combination of the $250k guarantee and also wanting to incentivise customers over $1m /$2m to their private wealth offerings

      • 3
      • gyrex on 29/09/2026 - 16:12

        What offerings do they have in their private wealth products? Do they offer higher interest rates on balances >$2M?

        • 0
        • tightm8 on 29/09/2026 - 21:35

          Promise of higher returns on riskier products, with higher fees that the bank pockets.

          • 3
    • overbyte on 29/09/2026 - 16:34

      https://www.macquarie.com.au/everyday-banking/savings-accoun…

      Macquarie's interest rate brackets work like income tax.

      The interest is calculated on the brackets separately then added together, instead of a single number applied to the total balance.

      • 2
    • cashless on 29/09/2026 - 16:41

      The predictions on this forum from 4 weeks back prove to be correct

      • 2
      • muwu on 08/10/2026 - 01:19

        Nice call, @Devastator0, +1

        • 0
    • fredblogs on 29/09/2026 - 17:57

      is that confirmed that you can spread it across multiple accounts in your name to get the higher interest?

      • 0
      • basketcase86 on 29/09/2026 - 22:28

        I think you can have 250 in the savings and 250 in the interest account linked it to. So 500k of you split it

        Edit: sorry the transaction account is like 2.75% at the moment.

        • 0
    • suti1 on 30/09/2026 - 08:41

      The answers are in APRA's APS210

      https://www.apra.gov.au/standards/aps-210

      In Table 3, the 'run off rate' for retail deposits is noted depending on whether a deposit is a:

      • stable deposit, (5% run off rate)
      • less stable retail deposit (10% run off rate)
      • Higher run-off less stable retail deposits (25% run off rate)

      The higher the run off rate the more a bank needs to hold HQLA (high quality liquid assets) as the deposit is more likely to be withdrawn.

      Tables 1 and 2 notes the criteria — the 25% run off rate applies if a deposit scores 3 points or more where:

      1) Deposit balance is greater than any government deposit guarantee limit where it exists and, in its absence, where the deposit balance is greater than the equivalent of AUD 250,000 — 2 points —- This is why most banks apply lower rates for >$250k
      2) Deposit is an on-line account — 2 points.
      3) Absence of an established customer relationship — 1 point
      4) Deposit is heavily rate‑driven — 1 point.

      For all Macquarie accounts, I would suggest that (2) and (4) already apply and they should be pinged at the 25% run off rate however Macquarie being Macquarie have probably skirted around these definitions for a while and hence why (1) is now coming into play which is forcing them to lower rates >$250k just like all other banks have done.

      • 1
  • Birdseye on 29/09/2026 - 15:24

    Wish Judo Bank would pull their finger out. Didn't raise their savings rates last time, no word this time either.

    • 3
    • dontpanic on 29/09/2026 - 15:29

      They were still competitive after the last rate rise, but if they don't lift rates this time I'll start looking at moving elsewhere.

      • 2
      • Birdseye on 29/09/2026 - 16:08

        Yeah, looking at ING now. Only annoying thing is the requirement for the total balance to increase every month.

        • 0
    • ozproud on 29/09/2026 - 16:03

      I already took my money out of Judo after they didn't increase it last time.
      Also, they had some issues with their loan book, which caused their stock to drop.

      • 1
    • Asti on 29/09/2026 - 17:58

      I abandoned them. No osko is a fairly big compromise for a middle tier interest rate + no meaningful hoops.

      It was a different story when they had a top tier interest rate, but now they're very far behind.

      • 3
    • johnwickspuppy on 30/09/2026 - 13:55

      They finally pulled their finger out. https://www.ozbargain.com.au/node/977093

      • 2
      • Birdseye on 01/10/2026 - 07:46

        Thanks mate!

        • 1
  • browser on 29/09/2026 - 15:32

    From 01/Nov, they will introduce new brackets: $0-25k, $25k-50k, and $50k-250k.

    Hopefully they are not positioning to reduce rates above $50k.

    • 2
    • poppingtags on 29/09/2026 - 15:50

      Damn, looks like they're setting up to start reducing rates within those brackets - otherwise why set it up at all?

      • 8
      • JoeyJoeJoe on 29/09/2026 - 16:52

        Maybe to offset the Australian Housing market low loan growth. Gotta keep their NIMs in check.

        • 0
      • browser on 29/09/2026 - 19:08

        The $250k-2m bracket has the same rate as $0-250k all along, but that is changing, 0.2% less.

        So it's looking likely they will do it to the new brackets, maybe not immediately, but certainly getting ready.

        • 0
    • tm32 on 29/09/2026 - 16:34

      Captured the HISA market to provide their funding to drive mortgage growth.

      Has that strategy changed, the generous savings conditions starting to unwind.

      Start of en****itfication

      • 5
    • HappyPants on 29/09/2026 - 17:57

      Interesting… Where are you getting that info from? They aren't the brackets I'm seeing on that link you provided.

      • -1
      • cashless on 29/09/2026 - 18:06

        Scroll down the page

        • 0
        • HappyPants on 29/09/2026 - 18:54

          Apologies, thanks.

          • 0
    • Lt Cole on 01/10/2026 - 06:50

      So these are new new brackets over the last few months.
      I hope they don't go full-on gimmick.
      Seems no hoops might mean more gimmicks unfortunately.

      Wonder if the 0-25k bucket will eventually go zero interest - or to the opposite end of the scale, with the higher bands reduced more.
      Both ways they ruin the simplicity of what they had.

      • 0
  • SkyeMG on 29/09/2026 - 15:38

    Hmmm vs Ubank…

    • -1
    • artcvan on 29/09/2026 - 15:46

      Good for new customers being able to earn 6.10%… 5.35% ongoing not too bad either.

      I guess you miss out on 0.1% in exchange for no hoops, set and forget. To be fair Ubank isn't terrible either with how it does it so I don't really think their hoops are that bad for that extra 0.1%

      • 0
      • SkyeMG on 29/09/2026 - 15:56

        Hows the new customer thing work tho? is that one only for the first mth or smth?

        • 0
        • artcvan on 29/09/2026 - 16:01

          Its for 4 months and same requirements apply as if you were under the regular rate. So increase balance by $1/mth excluding any earnt interest.

          Think you can't have held a Ubank account before, for 2 years at least. Might have to double check that however

          • 0
          • SkyeMG on 29/09/2026 - 16:02

            @artcvan: Ah that's a thing going w ubank??

            I already have a ubank acc atm lol.

            Thought we was talkin about the Macquarie 5.60%
            "Variable Welcome Rate "

            • 0
            • SkyeMG on 29/09/2026 - 16:04

              @SkyeMG: Ah well,

              that sucks
              ~

              The Welcome rate offer is no longer available to savings accounts opened after 11:59pm AEST Monday 14 September 2026. If you're an existing customer on the Welcome rate offer, this is only available on your first savings account, on balances up to $250,000.00 for four months. The welcome rate is variable and may change during the four-month period. After the expiry of your welcome rate and on additional savings accounts, our stepped ongoing variable rates and balance brackets apply. For more information visit our Help Centre.

              • 0
  • Onemoredeal on 29/09/2026 - 15:46

    Let’s see how all the other banks play it under the excuse of interchange fee reductions

    • 0
  • artcvan on 29/09/2026 - 15:51

    On par with AMP Go (previous highest no hoops account, but only up to $50k) with a higher limit now. Haven't seen any communications from AMP suggesting they'll pass on the new rate yet.

    Unfortunate it's not the same rate up until $2m anymore, but doubt that actually affects most people. Up to $250k is still fine anyway. Only real complaint I have with Macquarie is disputes can't be done in app for whatever reason…

    This makes my choice to stay with one bank over the rest of them even harder lol.

    • -1
    • Onemoredeal on 29/09/2026 - 16:00

      $250k isn’t even the deposit on a parking space in Sydney

      • 0
  • botchie on 29/09/2026 - 15:56

    damn i have $260,000, guess I miss out

    • -6
  • Treasurehunter on 29/09/2026 - 17:31

    Noop
    Interest vs ETF ?

    • -1
    • mike6969 on 30/09/2026 - 07:22

      Risk vs reward
      Ask AI

      • 0
  • Milan028 on 29/09/2026 - 17:34

    Can you use this as offset account and link with homeloan? 😆

    • 0
    • SoTightEcoLPI on 29/09/2026 - 18:18

      You can pay tax on the interest and then drop it taxed into your offset

      • 0
      • Milan028 on 01/10/2026 - 08:56

        Got it. So we need to wait until its matured in short? Cant directly link.. makes sense to me now.

        • 0
  • Iggemo on 29/09/2026 - 17:42

    Just did my 4 months with Rabobank at their 5.6% or whatever so im looking for a new no hoops one. Is this the current best?

    • 0
    • 69dollars on 29/09/2026 - 17:59

      Give bankwest a go, current rate is 5.75% for 4 months, likely to increase next month I'd assume. Only downside people say with the application is you have to send through a selfie…

      • 1
      • cashless on 29/09/2026 - 18:08

        BankWest currently have a competition going where some new applicants (going through the app) can get double interest for 4 month. That is 11.5%. But you have to be a lucky winner

        • 1
  • abacus on 29/09/2026 - 17:54

    They were offering 5% up to 2 million dollars and the interest rate should go up 0.25%, instead of 0.05%.
    I'll be going elsewhere.

    • 0
  • neosin on 29/09/2026 - 18:31

    wait what?????

    My term deposit accounts (I can't move my money) at another bank is paying less than this?

    How can a savings account pay this much interest? Savings account generally means you can move money in and out as much as you want?

    What's the catch here?

    • -3
    • Asti on 29/09/2026 - 18:35

      What's the catch? Shop around. Macquarie interest rate is not high.

      • 1
    • timhn on 29/09/2026 - 18:55

      Term deposit accounts are all have meh interests compared with HISA in last 2-3 years.

      • 4
    • Iggemo on 29/09/2026 - 19:12

      There's no catch. It's been this way for at least a year since banks are now like NBN providers and all "subscription" services that offer a very good "welcome" rate. It's annoying and should be illegal imo, because churning from bank to bank seems a bit extreme imo. Bad enough for telcos.

      • 1
    • onetwothreefour on 01/10/2026 - 08:49

      no way I would have locked my money in a term deposit while interest rates are going up.

      • 0
  • Dyl on 29/09/2026 - 18:48

    Rabobank has 5.4% only have to grow balance by $200, and there’s a 5.9% intro offer with no hoops on their other savings account type

    • 1
  • jikijiki on 29/09/2026 - 20:40

    Questions pls:

    1) if I have $250,001 does the entire account get the lower rate?

    2) Can I create another Macquarie savings account (but under the one login) to bypass the lower rate?

    • 0
    • Bill Sneddon on 29/09/2026 - 22:15

      I would assume the lower rate is over $250k, but I would also like to know the same question as I have more than $250kl in there at the moment

      • 0
      • rollem99 on 01/10/2026 - 05:30

        Yes I think that is correct.

        • 0
    • Theowondercat on 30/09/2026 - 10:52

      1st $250k earns higher amount, balance gets the lower rate. You can open several accounts if need be to get that government guarantee on each account up to 250k but only one account earns the higher rate

      • -1
      • donotuse on 03/10/2026 - 20:08

        the government guarantee applies to the total balance per bank, not per account

        • 1
        • Yola on 06/10/2026 - 16:11

          Per financial institution eg. NAB and UBank count as one.

          • 1
  • chk on 29/09/2026 - 21:41

    tough problem for some (not me ) to have, but how does it work if the balance is over 250k, is the lower rate for the entire amount or just the amount over 250k?

    • 0
    • Sebajun on 29/09/2026 - 21:52

      Only the amount over 250k

      • 0
      • chk on 30/09/2026 - 08:48

        Ok thanks have a great day

        • 0
  • PoKGuy on 29/09/2026 - 22:21

    I rate Macquarie Bank.

    Pretty much transferred all my day-to-day transactions to my Macq account.
    Only keep a few hundred bucks in the other bank account for ATM withdrawals.

    My only complain is tax on interest earned, which is an ATO matter, not the bank.

    • 3
    • mike6969 on 30/09/2026 - 07:26

      Do you mean withholding tax on interest?
      You need to provide your tfn to avoid that. That's a legal requirement Macquarie have to follow

      • 2
  • san87 on 29/09/2026 - 22:55

    I have a transaction account with them. Can I get the Variable Welcome Rate if I open a savings account?

    • 0
  • asteroxz-winz on 30/09/2026 - 09:34

    As a multimillionaire, I would like to see the manager…..

    • -1
  • Theowondercat on 30/09/2026 - 10:50

    Ive been a Macquarie bank customer since 1997. They are great. Highly recommend them. Their high interest savings doesn't need conditions like the others banks. Ive just exited ANZ for this reason. Have all funds accessible and earning a good rate regardless of accessing it and not having to add funds as a condition. Awesome service too.

    • 1
  • adam149 on 30/09/2026 - 11:27

    keep the increases coming baby

    • 0
  • orin on 30/09/2026 - 11:32

    Confused by whether the 250k tier is per person or per account, and how it applies to joint accounts.

    As you can open multiple savings accounts, and have 250k in each. Wonder if they will all fall into the 250k tier and thus get the higher rate.

    • 0
    • Jono05 on 30/09/2026 - 14:39

      No it’s not per account.

      • 0
    • Stucaz on 30/09/2026 - 17:24

      Actually it's per person so a joint would mean that each of you are covered up to $250k for a $500k investment

      • 0
  • Darayus on 30/09/2026 - 11:49

    Macquarie has great digital product and pretty efficient in thier customer service

    • 1
  • Grok on 30/09/2026 - 16:10

    So for every $100,000 you have more than the base tier you lose $200

    So jump through hoops or pay $200

    • 0
  • roofyapple on 30/09/2026 - 21:26

    Are they still doing welcome rates for new customers? I don't see it on their website.

    If i open an account today, will the rate auto update in 8 days time or will i be stuck at the old rate?

    • 0
    • donotuse on 03/10/2026 - 20:10

      It ended in mid-September

      • 0
  • aegis123 on 30/09/2026 - 23:34

    just a word of warning - you do NOT want to bank with macquarie, trust me on this

    • -6
  • roofyapple on 01/10/2026 - 00:12

    I don't understand why the refererence to the tier structure in the OP. When i looked at the mac bank website, there is no such tier concept except when it reaches $2mil. an someone enlighten me please

    The way I read it is up to $2mil the interest is 5%, over that, its 2.75%. Is that not the case or am i looking at the wrong product?

    https://www.macquarie.com.au/everyday-banking/savings-accoun…

    • 0
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