ING vs Macquarie Savings Accounts (2026)
A side-by-side, data-driven comparison of two of Australia’s most-compared savings accounts, using live Open Banking rates (5 September 2026).
ING
5.49%
- Rate typeBonus (conditional)
- Base rate0.01%
- ConditionsMonthly conditions
- Bonus cap—
- FeeNo fee
Macquarie
5.35%
- Rate typeIntroductory
- Base rate5.00%
- ConditionsIntro rate
- Bonus cap$250,000
- FeeNo fee
On the headline maximum rate, ING leads today (5.49% vs 5.35%) — but the right pick depends on whether you can meet monthly conditions and how long you’ll hold the balance. ING requires monthly conditions; Macquarie is an intro rate that reverts.
ING or Macquarie: how they differ
The core structural distinction between the ING Savings Maximiser and the Macquarie Savings Account lies in how each bank unlocks its headline variable return. ING operates as a conditional bonus account. To earn the total rate shown in the comparison table, account holders must actively satisfy three monthly criteria: deposit at least $1,000 from an external source into any personal ING account, make five or more settled eligible card purchases, and ensure the Savings Maximiser balance is higher at the end of the month than it was at the start (excluding interest). Missing any of these steps results in earning only the standard base rate for that period. Furthermore, ING caps its bonus rate eligibility at balances up to $100,000.
Macquarie, by contrast, removes monthly transactional hurdles entirely. New customers receive a fixed introductory promotional rate for the first four months on eligible balances, after which the account reverts to a standard ongoing variable rate. Crucially, both the introductory and revert rates require zero deposit minimums, zero monthly card transactions, and no requirement to grow the balance month-on-month. Withdrawals can be made at any point without forfeiting interest calculations for that calendar month, offering operational flexibility that conditional accounts do not provide.
Both institutions operate as authorised deposit-taking institutions (ADIs), meaning deposits with either bank are covered by the Australian Government Financial Claims Scheme up to $250,000 per account holder per ADI. When comparing these structures, the decision centres on behavioural preference: whether the discipline of monthly criteria aligns with daily banking habits, or whether an unconditional structure better suits irregular cash flows or short-term parking of capital. Note that all advertised rates are indicative and subject to change by the respective banks, and interest earned across both accounts is treated as taxable income at individual marginal rates.
Consider ING if you already intend to use an ING Orange Everyday account as your primary transaction hub, reliably execute five settled card transactions and a $1,000 monthly deposit, consistently grow your balance each calendar month, and hold a balance under the $100,000 bonus threshold.
Consider Macquarie if you require regular access to your funds without risking penalty base rates, hold a balance exceeding typical conditional caps, prefer an automated savings strategy free of monthly card transactions or deposit targets, or want a high promotional rate for a defined four-month period.
Frequently asked questions
What happens if you make a withdrawal during the month?
With the ING Savings Maximiser, a withdrawal can reduce your closing balance below the opening balance. If your end-of-month balance is not strictly higher than the previous month's end balance (excluding interest earned), you forfeit the bonus interest component and receive only the base rate for that month. With Macquarie, withdrawals carry no penalty; interest is calculated daily on the closing balance and paid monthly, regardless of how many withdrawals occur.
Can you hold and use both accounts simultaneously?
Yes. Savers can hold accounts with both institutions simultaneously. Because both ING and Macquarie are separate licensed Australian ADIs, eligible deposits at each bank are protected independently under the Financial Claims Scheme up to $250,000 per entity. Some savers use Macquarie for irregular transactions or funds exceeding ING's $100,000 bonus threshold, while maintaining ING for active monthly savings.
Which account is better suited for a static lump sum?
For an existing lump sum where no further contributions are made, Macquarie avoids the risk of failing balance-growth requirements. ING requires the balance to grow each calendar month to trigger the bonus rate, meaning a static balance that is drawn down or left unchanged will not qualify. Macquarie applies its current introductory rate for four months and its ongoing rate thereafter without requiring active monthly additions.