The new variable welcome rate of 5.50% p.a. will apply from Thursday to all eligible customers on their first Macquarie Savings Accounts for four months on balances up to $250,000.

It’s a 15-basis point jump on the old Savings Account welcome rate of 5.35% p.a.

Earlier this week, Macquarie announced it was upping the interest rate on its Savings Account to 5% p.a. on balances up to $1 million dollars.

The rate applies after the four-month welcome period.

It’s a 25-basis point increase on the old rate of 4.75% and also applies from Thursday.

Still no strings attached

It stamps Macquarie’s Savings Account as a market leader, trumping the majority of term deposit rates currently available on the market.

While other banks’ high-interest savings accounts offer bonus rates of 5.50% p.a., Macquarie’s Savings Account comes without minimum balance or deposit conditions.

It also has no account fees or transaction requirements, marking it as an outlier among high-interest savings accounts offering similar rates.

Transaction account rate lowered

Also this week, Macquarie announced it was cutting the rate offered on its Transaction Account from 4.75% p.a. to 2.75% p.a., also effective Thursday.

The old Transaction Account rate, and indeed the new rate, are still considerably higher than other rates offered on transaction accounts on the wider market.

This week’s rate moves are likely to spark many Macquarie customers to shift their funds to the higher interest earning Savings Accounts.

Previously, both the Macquarie Savings and Transaction Accounts offered 4.75% p.a.

The Macquarie Transaction Account also comes with no fees or deposit conditions and has a debit card attached.

Macquarie also doesn’t charge international processing fees for debit card purchases made outside Australia, either in-store or online.

Macquarie on the move

It's been a big week for Macquarie strategists.

On Tuesday, it swam against the tide in upping its fixed interest home loan rates, increasing them by up to 30 basis points.

That said, Macquarie's previous fixed rates were among the lowest on the market.

Its new lowest fixed rate is now 5.69% p.a. for two, three, four, or five year fixed terms for owner occupiers with loan-to-value ratios (LVR) up to 70%.

Macquarie has been an aggressive player in the home lending market in recent years, snaring a 5.5% market share, largely at the expense of the big four banks. 

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Looking for somewhere to stash your cash? The table below features savings accounts offering some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Use code EASY30 to score $30*
  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure
Use code EASY30 to score $30*

Save Account

  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Get $100 cashback bonus with ING when you open & activate an Orange Everyday & Savings Maximiser bundle. The offer is available until 15/02/2025. Eligibility & T&C's Apply.
Disclosure

Savings Maximiser

  • Get $100 cashback bonus with ING when you open & activate an Orange Everyday & Savings Maximiser bundle. The offer is available until 15/02/2025. Eligibility & T&C's Apply.
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 January 20, 2025. View disclaimer.

Important Information and Comparison Rate Warning

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