Australian savings held by Macquarie Bank surpass $200 billion

Macquarie Bank has crossed a major milestone in the local banking sector, with its total deposits from households and businesses surpassing $200 billion for the first time.

Macquarie is the first bank in more than 15 years, and only the fifth bank in the nation’s history, to achieve this level of support from Australian savers.¹ Macquarie’s total customer deposits have doubled in just four years,¹ as more Australians seek to access better digital banking experiences while avoiding the outdated monthly fees and restrictive conditions that have become commonplace across the wider market.

A key driver of this growth has been Macquarie’s differentiated, fee-free savings proposition for its personal banking customers. Customers currently earn an ongoing variable rate of 4.25% p.a. on balances up to $2 million held in a Macquarie Savings Account, without having to meet common monthly conditions imposed by other banks to earn their headline ‘bonus’ interest rate each month. These complex conditions typically restrict withdrawals, require customers deposit a minimum amount or complete a certain number of transactions. Macquarie’s Transaction Account also stands out as one of very few in the market to still pay interest, with customers currently earning an ongoing variable rate of 2.00% p.a. on all balances.

Olivia McArdle, Head of Deposits and Payments at Macquarie Bank, said: “Reaching this major milestone is a significant achievement for us and a bit of a wake-up call for our industry. Australians are looking to invest their savings with banks offering products that are easy to understand. They don’t want to navigate a multitude of traps each month to earn a decent return on their savings. They are responding to bank accounts that deliver in the way they expect, and that’s exactly what we’re offering at Macquarie.”

Macquarie pays interest on more than 97% of its total deposits² and charges no monthly account keeping fees on transaction or savings accounts held by its personal banking or business banking customers. It also refunds Australian ATM fees when customers use a Macquarie debit card, while charging no transaction fees when customers make international purchases both in-store and online.³

McArdle added: “When people know their savings are working for them, they can manage their finances with confidence. That sense of certainty we’re providing has been a real game changer and is a key reason why a record number of Australians are now choosing to say: ‘I bank with Macquarie’.”

In the 12 months to September 2025, Macquarie saw its total deposits grow by 24%.¹ Macquarie’s home loan business has also seen strong momentum, with total lending growing 22% over the same period.¹ Macquarie’s total deposits passed $100 billion in 2022 and have grown by more than 360% over 10 years.¹