Updated 5 July 2026 — rates from CDR APIs
Macquarie vs UBank Savings Account
UBank's 5.10% beats Macquarie's 5.00% — but only if you grow your balance by at least $1 each month. Macquarie asks for nothing and has no balance cap. Here's when each account wins.
Macquarie
Macquarie Savings Account
5.00% p.a.
ongoing rate — no conditions required
- ✓ Zero conditions — ever
- ✓ No balance cap
- ✓ No linked account required
- · 5.35% intro rate for first 4 months (new customers)
- · Lower ongoing rate than UBank
UBank
Save account
5.10% p.a.
ongoing rate (one condition required)
- ✓ Higher ongoing rate
- ✓ One simple condition (grow balance $1/month)
- · 5.85% for first 4 months (new customers meeting condition)
- · $1,000,000 bonus rate cap
- · Earns 0.00% if condition missed
Head-to-head comparison
| Macquarie Savings Account | UBank Save account | |
|---|---|---|
| Ongoing rate | 5.00% | 5.10% |
| Intro rate (new customers) | 5.35% for 4 months | 5.85% for 4 months |
| Rate if condition missed | N/A — no conditions | 0.00% |
| Conditions required | None | Grow balance by $1/month |
| Balance cap on bonus rate | None | $1,000,000 |
| Linked account required | No | No |
Rates current as of 5 July 2026. Always verify directly with the bank before opening an account.
What the rate difference means in dollars
Annual interest at ongoing rates, assuming UBank condition met every month. Excludes intro periods.
| Balance | Macquarie annual interest | UBank annual interest | Difference |
|---|---|---|---|
| $25,000 | $1,250 | $1,275 | UBank +$25 |
| $50,000 | $2,500 | $2,550 | UBank +$50 |
| $100,000 | $5,000 | $5,100 | UBank +$100 |
Rates current as of 5 July 2026. Always verify directly with the bank before opening an account.
UBank's condition is unusually easy to meet
UBank requires your balance to grow by at least $1 each month. That's it — no minimum deposit amount, no debit card purchases, no external transfer requirements. If you're adding any money to savings at all, you'll meet this automatically. Miss it once and your balance earns 0.00% for that month. For most savers, the condition is effectively invisible.
First 4 months: UBank edges ahead on the intro period too
New UBank customers who meet the condition earn 5.85% for the first 4 months (5.10% ongoing + 0.75% intro bonus) — 0.50% ahead of Macquarie's 5.35% intro rate. After the intro period, UBank still holds a 0.10% ongoing edge — assuming the $1/month condition is met.
Choose Macquarie if…
- → You want zero ongoing admin. Macquarie earns its rate automatically every month, no conditions to track, no linked account needed.
- → Your savings balance is irregular — you might withdraw some months, or can't guarantee a net positive movement every month.
- → You're a retiree or drawing down on savings. Macquarie doesn't penalise you for balance decreases.
Choose UBank if…
- → You're actively saving and adding money regularly. The $1/month condition costs you nothing if you're in a savings phase.
- → You want the higher rate without the complexity of ING's three-condition Savings Maximiser. UBank has one condition versus ING's three.
- → Your balance is under $1,000,000. Above that, UBank earns near-zero on the excess — Macquarie has no cap.
Get notified when Macquarie or UBank change their rates
We track rate changes daily. We'll email you when either bank moves.