Macquarie’s Savings Rate Cut — What It Means for Your Money
Macquarie Bank has just confirmed a change that might not sit well with savers — their popular savings account rates are being trimmed. Starting 15 August 2025, the bank’s variable introductory rate will drop from 4.85% p.a. to 4.60% p.a. for new accounts during the first four months, on balances up to $250,000. Once that intro period ends, the ongoing variable rate will fall from 4.50% p.a. to 4.25% p.a. — and that applies to balances as high as $2 million. The reduction follows the Reserve Bank of Australia’s most recent rate cut earlier this month.
Now, a cut to your savings interest is never the kind of update you look forward to. Less interest means less growth on your hard-earned cash. But Macquarie’s move doesn’t necessarily mean it’s time to pack up your money and move it elsewhere. In fact, while there are banks offering slightly higher rates, most of them come with hoops to jump through — monthly deposit requirements, transaction minimums, balance growth conditions, and more. Macquarie’s ongoing rate, on the other hand, is straightforward: no monthly tasks, no restrictions other than the balance cap. For anyone who values a “set and forget” approach, that simplicity is part of its appeal.
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The other thing to note is the balance limit. Many high-interest accounts cap their best rates at $50,000, $100,000, or $250,000 — anything above that earns much less. Macquarie pays its ongoing rate on up to $2 million, which is rare in the current market. This could make a big difference for larger savers who don’t want to manage multiple accounts.
That said, if you’re happy to meet extra conditions, some competitors are still dangling higher ongoing rates. For example, Bank of Queensland’s Future Saver offers 5.10% p.a. on up to $50,000 for customers aged 14–35, provided they deposit $1,000 and make five transactions each month. ING’s Savings Maximiser pays 5.00% p.a. up to $100,000, but you’ll need to deposit $1,000, grow your balance, and make five card purchases monthly. Virgin Money and MOVE Bank have similar setups, with rates at 5.00% p.a. but different balance caps and monthly rules.
It’s also worth remembering that if the RBA cuts rates again soon — and some analysts think it might — these higher “bonus” rates could come down as well. So chasing the very top rate today might not guarantee you’ll keep it for long.
In short, Macquarie’s cut means your returns will shrink slightly, but its combination of no-conditions interest, high balance limits, and solid ongoing rate still make it competitive for many savers. The choice really comes down to whether you’re willing to trade simplicity for a bit of extra yield — with the understanding that in today’s shifting rate environment, nothing stays the same for long.
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