CBA vs Macquarie savings accounts
Macquarie is usually the more competitive choice on rate, while CBA may appeal more if you want to keep things with a major bank you already use.
By Savings Planner · Guide updated 22 Sept 2026 · Rates checked
See the key differences
As of 2 Oct 2026, Commonwealth Bank GoalSaver advertises 5.00% p.a., which requires you to make at least 1 deposit each month and finish the month with a higher balance than you started with, while Macquarie Macquarie Savings Account advertises 5.00% p.a. (no monthly conditions; first $2,000,000).
| Comparison point | CBA | Macquarie |
|---|---|---|
| Product | GoalSaver | Macquarie Savings Account |
| Advertised rate | 5.00% p.a. | Up to 5.00% p.a. |
| Intro offer | None shown | None shown |
| Ongoing rate | 5.00% p.a. | Up to 5.00% p.a. |
| How to earn the best rate | Make at least 1 deposit each month. + more | No monthly conditions. |
| Linked account needed | None shown | Requires a linked Macquarie Transaction Account account. |
| Withdrawal restriction | None shown | None shown |
| Age limits | Available from age 18. | None shown |
| No hoops | No | No |
| Other notes | Requires an Australian residential address. | None shown |
When Macquarie may suit you better
Macquarie Savings Account has no monthly conditions at all: no deposit rule, no balance-growth rule, no withdrawal limit. The rate is stepped by balance, with the top rate on the first $2 million and a lower rate above that, and it is paid whether or not you touch the account. The one structural requirement is a linked Macquarie Transaction Account.
In the current data Macquarie's ongoing rate is level with CBA GoalSaver's bonus rate, which means Macquarie earns the same for doing nothing that CBA earns for meeting two conditions. Macquarie's welcome-rate offer ended in September 2026, so there is no intro period to factor in; what you see is the ongoing rate.
When CBA may suit you better
CBA GoalSaver pays its bonus rate on the whole balance when you make at least one deposit in the month and finish the month with a higher balance than you started. Miss either and the standard rate is a fraction of the bonus. The account is available from age 18 and does not require a linked CBA everyday account in our data, though most GoalSaver customers will already have one.
The case for CBA is convenience rather than rate: if your salary, mortgage or everyday banking is already with CommBank, keeping the savings there avoids a second app and a second set of transfers. For a saver who will always add money each month and never withdraw, the two accounts produce a near-identical result and the decision comes down to where you want your money to live.
How to decide
Ask whether you will ever need to withdraw from savings mid-month. If yes, Macquarie wins outright, because a withdrawal that stops your CBA balance growing costs the bonus for that month while Macquarie is unaffected. If no, the calculated comparison below will show the two very close, and the tiebreaker is whether you want a Macquarie transaction account or would rather stay inside CommBank.
Check the balance as well: the Macquarie top rate runs to $2 million, and CBA's bonus rate applies to the full balance, so neither has a cap that matters for most savers. Both rates are variable, so confirm them on the bank pages before switching.
Other comparisons with CBA or Macquarie
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Open Savings PlannerHow we keep this guide grounded
We use the current Savings Planner product dataset to compare savings accounts by rate model, eligibility rules, bonus conditions, balance caps, intro periods, and projected interest where the page uses a calculated scenario.
Rates last checked: .
This guide is general information only and is not personal financial advice. Check the official bank page before acting, especially if the rate, conditions, or eligibility rules matter to your decision.
For independent background, see Moneysmart on savings accounts and the government's Financial Claims Scheme, which protects deposits up to $250,000 per account holder per bank.