Macquarie Bank Targets High-Savers With New Offer

Macquarie Bank is ramping up efforts to attract wealthy savers by offering 4.5% interest on deposits up to $2 million, with no conditions attached. This bold move aims to grow its retail deposit base and may increase pressure on competitors who are already dealing with tighter margins and customer turnover.

Macquarie has built a reputation for challenging Australia’s major lenders, especially in the home loan market. With household savings now totaling $1.6 trillion, the bank is shifting focus beyond mortgages to capture a larger share of deposits. In the first half of the year, its savings balances grew by 11%, outpacing system-wide growth and lifting its market share above 5%.

This new offer marks a significant escalation. Previously, Macquarie applied the 4.5% rate only to balances up to $1 million and reduced it to 2.25% on amounts above that. Now, by increasing the limit to $2 million without requiring a minimum deposit or ongoing account growth, the bank is removing barriers that many rivals continue to impose, especially on customers with larger balances.

In comparison, most major banks require customers to meet monthly conditions such as making minimum deposits or avoiding withdrawals to access top rates. Without these conditions, their rates fall sharply. Macquarie’s approach removes this complexity and is likely to appeal to retirees and high-net-worth individuals who value simplicity and competitive returns.

The results suggest the strategy is working. Macquarie’s total retail deposits rose to $82.5 billion by June, up from $62 billion a year earlier. Its loan book is also growing quickly, with home loans increasing by 2.3% in June alone, which is more than triple the industry average for the month.

Although it is still early days, Macquarie appears to be gaining momentum at a time when Australians are holding a significant portion of savings in low-risk options and looking for better value. The response from the big four banks remains to be seen, but more savers could be drawn to a challenger bank offering fewer restrictions and a higher return.

Source: Australian Financial Review, Macquarie Bank, Canstar

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