Macquarie Bank Savings Accounts

Macquarie Bank is a provider of a range of retail banking products including savings accounts, transaction accounts, term deposits, home loans, credit cards and vehicle finance.

What savings accounts does Macquarie Bank offer?

At the time of writing, Macquarie Bank offers one savings account product. Features of Macquarie Bank’s Savings Account include:

  • welcome variable rate for the first four months on deposits up to $250,000
  • no fees
  • ability to set up multiple savings buckets

You can view the current interest rates on Macquarie Bank’s Savings Account in Canstar’s comparison tables.

Compare Savings Accounts

Macquarie Bank Saving Accounts FAQ

Does Macquarie Bank’s savings account require a linked transaction account?

Yes, Macquarie Bank says its Savings Account product is only available with a Macquarie Transaction Account.

You can compare transaction accounts with Canstar to potentially find one that suits your requirements.

What online and mobile banking services does Macquarie offer with its savings accounts?

Macquarie Bank offers a mobile banking app that is available for download through the App Store and Google Play store. Macquarie Bank says the app features real-time notifications which alert you each time you make a transaction on your Macquarie credit or debit card. The app also offers users discounts of up to 10% on eGift Cards that can be used at leading retailers in Australia.

How do I apply for a Macquarie Bank savings account?

Before applying for a Macquarie Bank savings account, consider comparing it against other savings accounts on Canstar’s database to help ensure it is the right one for you. You can then apply for a Macquarie Bank savings account online, provided you have the correct documentation.

Compare Savings Accounts

To open a Macquarie Savings Account, you’ll need to link it to a Macquarie Transaction Account. There’s no need to complete a separate application, you can select to open a Savings Account in the Macquarie Transaction Account application.

Before applying for a Macquarie Bank savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you.

If you decide to open a Macquarie Bank savings account, you will need to meet the following criteria:

  • Be at least 14 years old
  • Be a permanent Australian resident
  • Have an Australian address, email and mobile number
  • Be applying as an individual or joint application

Additionally, the savings account must be in the same name(s) as your Macquarie transaction account. In the case of joint accounts, the savings account must be in the name of at least one or combination of transaction account holders’ name(s).

Macquarie Bank says you’ll also have to have the following information handy:

  • personal details about yourself
  • your Tax File Number

Once your account is opened, Macquarie Bank may require you to deposit a minimum amount before your account can be activated – check the Target Market Determination (TMD), terms and conditions and other key documentation for more information on how much you might need to deposit.

Macquarie Bank was founded in 1969 with just three staff members in a Sydney office. Today, it is a multinational financial group that provides a wide range of financial services in consumer and business banking in over 25 countries.

This content was reviewed as part of our fact-checking process.

Written by: Tamika Seeto | Last updated: December 7, 2021