Macquarie Business Savings vs Judo Bank Business Savings
A head-to-head comparison between Australia's leading digital business savings account and specialist SME challenger bank.
Macquarie suits Sole Traders and Companies with balances up to $2M wanting zero linked account fees and a top rate of 4.65% p.a. Judo Bank suits Pty Ltd Companies and Trusts seeking 4.60% p.a. on balances up to $250k with no linked operational account requirements.
Macquarie Business Savings Account
Earn an ongoing variable rate of 4.65% p.a. on balances up to $2,000,000 with no monthly account fees and no minimum deposit. Available to Sole Traders and Australian Proprietary Companies with an ABN.
Business Savings Account
Earn 4.60% p.a. on balances up to $250,000 and 3.90% p.a. from $250,001 to $2,000,000. At-call with no monthly account fees. Available online for Australian Private Companies, Trusts with individual trustees, and Incorporated Associations with an ABN.
Feature-by-Feature Comparison Matrix
| Feature / Rule | Macquarie Business Savings Account | Business Savings Account |
|---|---|---|
| Headline Variable Rate | 4.65% p.a. (up to $2,000,000) | 4.60% p.a. (up to $250,000) |
| Tier Threshold for Top Rate | Up to $2,000,000 | Up to $250,000 (drops to 3.90% above $250k) |
| Sole Trader Eligibility | Eligible (Australian Sole Traders accepted) | Ineligible (Sole traders strictly excluded) |
| Trust & SMSF Eligibility | Ineligible (Trusts & SMSFs cannot open this account) | Eligible (Family/discretionary trusts accepted) |
| Linked Account Requirement | None (External bank transfers supported) | None (External bank transfers supported) |
| Monthly Account Keeping Fees | $0 | $0 |
Detailed Analytical Breakdown
Both Macquarie and Judo Bank offer market-leading at-call business savings accounts that do not force you to move your daily operational checking account or pay monthly bank fees. However, their target market determinations and entity criteria are fundamentally different.
Macquarie's Business Savings Account pays 4.65% p.a. on balances up to $2,000,000. It accepts Sole Traders and Pty Ltd Companies via a streamlined digital application. However, Macquarie explicitly restricts Family Trusts, SMSFs, and Partnerships from this specific account (directing them instead to the Cash Management Accelerator).
In contrast, Judo Bank's Business Savings Account welcomes Family Trusts and incorporated associations, but strictly excludes Sole Traders. Additionally, Judo Bank's peak rate of 4.60% p.a. is capped at $250,000 (aligning with the FCS government guarantee limit), after which the rate steps down to 3.90% p.a.
Frequently Asked Questions
Can a Sole Trader open an account with Judo Bank?
No. Judo Bank's Business Savings Account is strictly limited to Australian registered Pty Ltd companies, trusts with individual trustees, and incorporated associations. Sole traders should consider Macquarie or Rabobank.
Can a Family Trust open a Macquarie Business Savings Account?
No. Macquarie's standard Business Savings Account excludes trusts. Trusts should use the Macquarie Cash Management Accelerator Account linked to a CMA.
Do either of these accounts require a linked transaction account?
Neither Macquarie nor Judo Bank requires a linked transaction account with their institution. You can link your existing everyday business account from CommBank, Westpac, NAB, ANZ, or any other Australian bank.