Macquarie Savings Account Review: Rates, Fees, Safety & How to Open

If you’ve been searching for a savings account that doesn’t charge monthly fees or demand a minimum balance, Macquarie Bank has likely crossed your radar. A variable rate that recently rose to 5.00% p.a. and a trading controversy make it a bank worth understanding before you commit.

Monthly account fee: $0 ·
Minimum balance requirement: $0 ·
Total Australian savings held: Over $200 billion ·
Deposits earning interest: 97% of deposits ·
Parent company: Macquarie Group Limited

Key facts at a glance

A summary of the core details that define this product.

Does Macquarie have a savings account?

Yes, Macquarie Bank offers an online savings account that stands out for its simplicity. No monthly fees, no minimum deposit, and no hoops to earn the advertised rate.

Macquarie savings account features

• Zero fees: No account-keeping or transaction fees (Finder)
• No conditions: No monthly deposit or card spend required to get the bonus rate (Canstar)
• High balance ceiling: Interest paid on balances up to $2 million

Differences between savings and transaction accounts

Macquarie savings account is purely for earning interest — it doesn’t come with a debit card or direct bill payment. You’ll need a linked everyday transaction account (also free) to move money in and out.

What is the Macquarie savings account interest rate?

As of May 2026, Macquarie offers a welcome rate of 5.10% p.a. for the first 4 months on balances up to $250,000, then an ongoing variable rate of 4.75% p.a. on balances up to $250,000 — and the ongoing rate applies up to $2 million.

Current interest rate and how it compares

• Introductory rate: 5.10% p.a. for 4 months (confirmed by Macquarie Bank official site)
• Ongoing rate: 4.75% p.a. (official) or 5.00% p.a. after the 22 May 2026 increase on balances up to $2 million (Macquarie Bank news)
• No conditions: Unlike many competitors, Macquarie doesn’t require minimum monthly deposits to earn the advertised rate

Interest rates from other banks: 7% and 9.5% offers

Some banks advertise eye-catching rates of 7% or even 9.5% p.a. on savings accounts, but these are almost always conditional — requiring monthly deposits, minimum transactions, or limited balances. Macquarie’s ongoing 4.75%–5.00% may seem lower, but the lack of strings can make the real return higher for savers who don’t want to chase promotional conditions.

Is Macquarie a good savings account?

For most Australian savers, Macquarie’s savings account is a strong candidate — but it’s not perfect for everyone.

Pros of Macquarie savings account

• No fees: $0 monthly keeping fee ($0 minimum balance) (Finder)
• No conditions: You earn the bonus rate without any deposit or transaction requirements (Canstar)
• High limits: Interest paid on balances up to $2 million
• Reputable parent: Backed by Macquarie Group, an ASX-listed financial institution (Macquarie Bank official site)

Cons and considerations

• Not the highest rate: Some conditional accounts offer higher headline rates
• No branch access: Fully digital — may not suit those who prefer in-person banking
• Controversy overhang: The trading scandal, though unrelated to deposits, may affect some customers’ peace of mind

What is the Macquarie controversy?

Macquarie Bank has faced scrutiny over reported trading irregularities. While details remain limited — and no direct impact on savings accounts has been confirmed — the controversy has sparked questions about the bank’s risk culture.

Details of the trading controversy

Reports from industry watchers suggest Macquarie’s commodities trading desk may have engaged in practices that regulators are investigating. The bank has not made a public statement beyond acknowledging a review.

Impact on depositors and bank reputation

For now, the controversy appears isolated to trading operations, not retail banking. Macquarie remains well-capitalised and regulated by APRA and ASIC. However, reputation damage could affect customer trust over time.

How do I open a Macquarie savings account?

Opening an account is entirely online and takes only a few minutes.

Step-by-step online application

1. Visit Macquarie’s savings account page
2. Click “Open an account” and complete the quick application (verified by Canstar as a 3-minute process)
3. Provide identification (driver’s licence, passport or Medicare card)
4. Link an existing transaction account for transfers
5. Fund the account – any amount, including $0

Documents required

• Australian driver’s licence or passport
• Tax file number (optional but recommended to avoid withholding tax)
• Your myGov or Medicare details (alternative ID)

Three high-interest accounts, one clear difference: Macquarie skips the conditions.

Upsides and downsides at a glance

Steps to open and start earning

Follow these steps to get your Macquarie savings account active and earning interest immediately.

• Step 1: Go to Macquarie’s savings account page and tap “Open an account”
• Step 2: Verify your identity online using your licence or passport
• Step 3: Link your everyday transaction account
• Step 4: Deposit any amount — even $0 — and you’re set

Once open, the welcome rate applies immediately on all new deposits for the first 4 months.

What we know vs what’s unclear

Confirmed facts

• Macquarie offers a savings account with no monthly fees (Finder)
• Macquarie Group is the parent company (Macquarie Bank official site)
• Introductory rate is 5.10% p.a. for 4 months

What remains unclear

• Exact current ongoing rate (sources vary from 4.75% to 5.00%)
• Whether the trading controversy will lead to regulatory fines or changes for retail customers

Perspectives from the market

“Macquarie’s high interest online savings account with no monthly fees is a standout in the Australian market.”

— Macquarie Bank official website

“I’ve had a Macquarie savings account for a year — interest credits every month with zero conditions. Current rate is around 4.25%.”

— Reddit user in r/AusFinance

What this means for Australian savers

Macquarie’s savings account sits in a rare sweet spot: competitive rates without the usual fine print. For savers who value simplicity and predictability, it’s a compelling choice. The trading controversy adds a layer of uncertainty, but no evidence suggests depositors are at risk. For Australian savers looking to park cash with a top‑tier bank and earn solid interest, the decision is clear: open an account if you want no‑hassle returns, or chase higher conditional rates if you’re willing to manage the rules.

Related reading: Best Savings Accounts Australia

For a detailed breakdown of current offerings, see our full review of Macquarie savings account rates and features.

Frequently asked questions