The Macquarie Bank Savings Account pays a competitive ongoing rate with no monthly conditions required to earn it. There are no minimum monthly deposit requirements, no linked transaction account to maintain, and no withdrawal restrictions that would reduce what you earn.
That puts it among the cleaner no-conditions options in Australia. Most high-interest savings accounts require you to deposit a set amount each month, grow your balance, or make a minimum number of card transactions to earn the advertised rate. Macquarie drops those requirements entirely — the rate you see is the rate you get, month after month.
New customers receive an introductory rate for the first four months, capped at balances up to $250,000. After that period ends, the account reverts to the standard ongoing rate. It is worth comparing carefully — a higher ongoing rate can outperform a flashier intro offer within six to twelve months, depending on your balance.
Macquarie doesn't operate retail branches, and the account is opened and managed entirely online. To open a savings account, you need a Macquarie Transaction Account first — both can be set up at macquarie.com.au. Phone support is available for existing customers. Macquarie Bank is an authorised deposit-taking institution (ADI) regulated by APRA — deposits are protected under the Financial Claims Scheme up to $250,000 per account holder per ADI.
In terms of positioning, the Macquarie Bank Savings Account sits between the Big Four banks — which typically pay lower ongoing rates — and the highest-rate online banks that come with strict monthly conditions. It suits savers who want a competitive rate without monthly hoops, and who are comfortable managing their account online.