Macbank (Macquarie) have the highest advertised savings account rate in the market at this time - 4.85%. It is a level far better than any term deposit.
But it is a "welcome" rate - you only can get it for the first four months, and after that it reverts to 4.50%.
And also there is a limit of $250,000. For amounts $250,00 to $1,000,000 the 4.50% rate applies.
These are attractive offers.
But they have today (August 1, 2025) made them even more attractive. They have raised the upper limit to $2,000,000.
That means a lot.
Previously, above $1 mln the rate reverted to 2.25%. Now it doesn't revert to $2.25% until your funds in the account exceed $2 mln.
By our calculations, if you had $2 mln and accessed their "welcome rate" the extension will have improved your before tax interest earnings by $22,500 per year. It is an improvement of an overall effective rate from 3.39% to 4.51%.
| Before | |||
| $250,000 | 4.85% | 4 mths | $4,042 |
| $250,000 | 4.50% | 8 mths | $7,500 |
| $750,000 | 4.50% | 12 mths | $33,750 |
| $1,000,000 | 2.25% | 12 mths | $22,500 |
| -------- | -------- | -------- | |
| $2,000,000 | 3.39% | $67,792 | |
| After | |||
| $250,000 | 4.85% | 4 mths | $4,042 |
| $250,000 | 4.50% | 8 mths | $7,500 |
| $750,000 | 4.50% | 12 mths | $33,750 |
| $1,000,000 | 4.50% | 12 mths | $45,000 |
| -------- | -------- | -------- | |
| $2,000,000 | 4.51% | $90,292 | |
| -------- | |||
| Net benefit | $22,500 | ||
Over the whole $2 mln deposit, it is an improvement of an overall effective rate from 3.39% to 4.51% for a $2 mln deposit. Hard to beat.