Macquarie Bank customers will be eligible to earn the same interest rate on their transaction accounts as Macquarie’s ongoing high interest savings account rate from 17 June.

The 1.50% p.a. transaction account interest rate is available for balances up to $250,000 for both new and existing customers.

Macquarie Bank's transaction account has no minimum balance or deposit requirements, no transaction conditions, and no need to lock money away for a set period to receive the interest rate.

In addition, new Macquarie Bank customers will also receive the welcome rate of 1.80% p.a. on their first savings account for four months on balances up to $250,000.

The linked debit card also has no foreign transaction fees and Macquarie does not charge to use ATMs overseas - the host ATM may still charge a fee.

Macquarie’s Head of Payments and Deposits Olivia McArdle said Macquarie wanted to transform what a bank account looked like to reward customers for banking with Macquarie.

"It's time Australians earned interest on their everyday bank accounts," Ms McArdle said.

"The concept of having to shuffle your money between separate online savings accounts just to earn competitive interest felt outdated and inefficient.

“We know that there are hundreds of billions of dollars sitting in everyday transaction accounts across Australia earning close to 0% p.a. in interest.

"We won’t make customers jump through hoops to get the higher rate – there’s no charges, fees or deposit conditions.”

Claiming to be one of Australia's fastest account opening experiences, Macquarie Bank customers can apply for transaction and savings accounts, complete identity verification and load their debit card instantly to Apple or Google wallet platforms all in 'under a minute'.

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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 20, 2025. View disclaimer.

    Important Information and Comparison Rate Warning

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