Macquarie Bank’s response to the RBA’s interest rate decision

Macquarie Bank today announced it will make changes to interest rates across its variable home loan and deposit products following the Reserve Bank’s decision to increase Australia’s official cash rate. 

Macquarie will increase variable home loan reference rates and the ongoing variable interest rates paid on its transaction and savings accounts by 0.25% p.a. effective from 22 May 2026. The changes will see customers receive an ongoing variable rate of 2.75% p.a. on all balances held in a Macquarie Transaction Account and 5.00% p.a. on balances up to $2 million held in a Macquarie Savings Account. 

Ben Perham, Head of Personal Banking at Macquarie Bank, said: “In response to the RBA’s announcement earlier today, we will be increasing both our variable home loan rates, and the interest rates available on our everyday variable rate bank accounts. To give our customers more time to adjust to the higher interest rate environment, we are once again delaying this increase by more than two weeks. If your financial circumstances have changed, or you’re concerned about meeting your home loan repayments, we encourage you to get in touch with our team to understand what support may be available.”

Macquarie charges no monthly account keeping fees and no international transaction fees on its Macquarie Transaction Account. It also refunds fees charged by other institutions for withdrawing cash from Australian ATMs when using a Macquarie debit card. On a Macquarie Savings Account there are no Macquarie fees and no monthly conditions – such as minimum deposit requirements or restrictions on withdrawals – to earn its ongoing variable interest rates.

Customers can easily apply for financial assistance online at a time that suits them, with our specialist team available to provide tailored support as needed.

We don’t charge any fees in connection with our transaction and savings accounts but others may.

This information doesn't take into account your objectives, financial situation or needs. Before acting on this information, consider if it's appropriate for you.