Macquarie Bank ups savings interest rate to 5.50% following RBA hike
In light of the recent RBA decision to increase the official cash rate to 4.35%, Macquarie Bank is bumping up the rates across its savings products.
While more providers are sure to follow suit, Macquarie is the first large bank to keep savers in mind and make a move with savings rates.
To start, the Macquarie Bank savings account welcome rate is increasing to 5.50% p.a. for new customers from 10 November. This rate applies for the first four months on balances up to $250,000.
In addition to the introductory rate increase, the ongoing rate of both the savings and everyday account will increase by 0.25% to 4.75% p.a.. From 17 November, this rate will apply to balances up to $1 million.
With the RBA’s November hike, now could be a good time for savers to keep an eye out for better savings rates.
To find other high interest savings accounts like Macquarie, check out our editor’s picks for best savings accounts. Alternatively, compare high interest saving account providers below to get the latest rates.
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