The Macquarie Business Savings Account has a standard variable rate of 4.65% p.a. for accounts with a deposit of up to $1,000,000 and 3.35% p.a. for accounts with a balance over $1,000,000. To be eligible, you need to be either a sole trader or director of an Australian Proprietary company (more eligibility criteria may apply). It also has no monthly fees and offers fee-free transactions from mobile/internet banking and BPAY.
With no monthly account fees, free transactions, and a high interest rate, Macquarie’s Business Savings Account is a great choice for hard working business owners to get their money working for them. Just keep in mind that any deposit over $1,000,000 will be subject to a 4.65% p.a. rate and accounts with over $1,000,000 sit at a 3.35% p.a. rate.
In addition to advantageous interest rates, Macquarie also offers a save when you spend feature through the Macquarie Marketplace. Through this service, Macquarie allows you to access discounts of up to 10% on over 50 different retailers.
To use Macquarie’s Business Savings Account, you or your business cannot have held certain Macquarie products such as a savings, term deposit, home loan, credit card, or online trading account.
Importantly, if you or your business hold an Australian Financial Services License (AFSL), Australian Credit License (ACL), or are an Australian Financial Services authorised representative or credit representative, you will be ineligible for the the Macquarie Business Savings Account. Also, you cannot have any trusts in your entity structure.
Macquarie’s Business Savings Account is intended to be used by business owners who are the sole trader or the director of an Australian proprietary company.
Keep in mind that the interest rate is only 4.65% p.a. for accounts up to $1,000,000, with deposits over that amount being subject to a rate of 3.35% p.a.
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Balances from $0: 4.65% p.a. |
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n/a |
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$0.00 |
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n/a |
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Unlimited transactions from phone, internet and BPay |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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n/a |
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no |
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no |
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no |
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no |
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no |
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no |
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yes |
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yes |
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no |
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Must be either a Sole Trader or director of an Australian Proprietary company. |
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none |
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5.35% p.a. (for $0 to $250,000)
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4.40% p.a.(for $0 to $250,001)
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5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
2.00% p.a.(for $0 to $250,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
High Interest Savings Account
4.40% p.a.(for $0 to $250,001)
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Savings+Bonus
2.00% p.a.(for $0 to $250,000)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
