Australia's fifth-largest bank has passed on the full 25 basis point rate to its savings account customers, effective immediately.

The four-month welcome rate has dropped to 5.10% p.a. on balances up to $250,000 with the variable ongoing rate falling to 4.75% p.a. on balances up to $1 million.

The transaction account, notable for being one of the only such products in Australia to bear an interest rate, will also be lowered by 25 basis points to 2.50% p.a. on all balances up to and over $1 million. 

This takes effect on 28 February, and follows an out-of-cycle cut to the rate in October when it was cut by 2.00% (200 basis points). 

Shake up in savings account market

Macquarie was among the last of market-leading high interest savings account contenders to announce its rate changes.

Earlier on Thursday, ING announced cuts to its market-topping Savings Maximiser account interest rate, effective Friday 28 February.

The Dutch-owned online bank will cut its maximum rate by just 10 basis points to 5.40% p.a., down from 5.50% p.a.

The Savings Maximiser bonus rate will increase 40 basis points to 5.35% p.a. with the standard base rate plummeting by 50 basis points to 0.05% p.a. from 0.55% p.a. 

The 5.40% p.a. maximum rate, with conditions, remains among the highest savings accounts rates available on the market.

See also: Which banks are lowering savings rates after the RBA's February rate cut?

How does Macquarie compare to the big banks?

Macquarie's new ongoing rate of 4.75% p.a. is in line with the best rates offered by the majority of the big four.

Westpac's Life and eSaver accounts, NAB's Reward and iSaver, and ANZ's digital-only ANZ Plus Save accounts all offer a top rate of 4.75% p.a. if certain conditions are met.

However, Macquarie continues to apply no monthly deposit conditions in achieving its 4.75% p.a. ongoing rate.

The top rate on CommBank's GoalSaver savings account is now 4.65% p.a., also with conditions attached. 

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
More details
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Savings Account

    More details
    Disclosure
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 4, 2025. View disclaimer.

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