Macquarie vs ubank savings accounts
Macquarie is usually the cleaner fit if you want fewer monthly hoops, while ubank can still look stronger if you are happy to keep meeting its linked-account and balance-growth requirements.
By Savings Planner · Guide updated 22 Sept 2026 · Rates checked
See the key differences
As of 14 Oct 2026, Macquarie Macquarie Savings Account advertises 5.00% p.a. (no monthly conditions; first $2,000,000), while ubank Save account advertises 6.25% p.a. (4-month intro, then up to 5.35% p.a.; first $1,000,000), which requires you to grow the balance by at least $1 by month end.
| Comparison point | Macquarie | ubank |
|---|---|---|
| Product | Macquarie Savings Account | Save account |
| Advertised rate | Up to 5.00% p.a. | 4-month intro up to 6.25% p.a. |
| Intro offer | None shown | 4-month intro |
| Ongoing rate | Up to 5.00% p.a. | Up to 5.35% p.a. |
| How to earn the best rate | No monthly conditions. | Grow the balance by at least $1 by month end. |
| Linked account needed | Requires a linked Macquarie Transaction Account account. | Requires a linked Spend account account. |
| Withdrawal restriction | None shown | None shown |
| Age limits | None shown | None shown |
| No hoops | No | No |
| Other notes | None shown | Intro offer is limited to new customers. |
When Macquarie may suit you better
Macquarie Savings Account has no monthly conditions: the stepped rate is paid on the first $2 million regardless of deposits, withdrawals or balance movements, with a lower rate above that. The only structural requirement is a linked Macquarie Transaction Account. Macquarie's welcome-rate offer ended in September 2026, so the rate you see is the rate you keep.
That makes Macquarie the better fit for money that moves: an emergency fund, a house deposit you may need to draw on, or any balance where you would rather not think about month-end. In the current data Macquarie's ongoing rate sits just below ubank's ongoing bonus rate, so the cost of that freedom is small.
When ubank may suit you better
ubank Save pays its bonus rate on balances up to $1 million when you hold a linked ubank Spend account and grow the combined Save balance by at least $1 each month, excluding interest. Withdrawals are allowed as long as the month still ends higher. New customers currently receive a higher welcome rate for the first four months.
If you are a new ubank customer and will keep adding to the account, the welcome rate makes ubank clearly ahead over the first four months, and its ongoing rate stays marginally ahead afterwards. The $1 growth rule is the easiest bonus condition in the market to keep, but it is still a condition: a month where you withdraw more than you add earns nothing above the base.
How to decide
Use the calculated comparison below at your own balance and time frame. Over 12 months for an existing ubank customer the two accounts are close; for a new ubank customer the welcome rate opens a gap for four months that then narrows. Over a longer horizon, the question becomes whether a small ongoing rate advantage is worth a monthly rule.
If you want to hold both an everyday account and a saver with one bank, ubank's linked Spend account and Macquarie's linked Transaction Account are the same kind of requirement, so that is not a differentiator. The real difference is that Macquarie asks nothing of you each month and ubank asks for $1 of growth.
Other comparisons with Macquarie or ubank
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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.