ubank 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).
ubank
5.85%
- Rate typeIntroductory
- Base rate—
- ConditionsIntro rate
- Bonus cap$100,000
- FeeNo fee
Macquarie
5.35%
- Rate typeIntroductory
- Base rate5.00%
- ConditionsIntro rate
- Bonus cap$250,000
- FeeNo fee
On the headline maximum rate, ubank leads today (5.85% vs 5.35%) — but the right pick depends on whether you can meet monthly conditions and how long you’ll hold the balance. ubank is an intro rate that reverts; Macquarie is an intro rate that reverts.
ubank or Macquarie: how they differ
The primary distinction between ubank Save and the Macquarie Savings Account lies in how each structure delivers its headline return. ubank operates as a conditional bonus saver that currently features a time-limited welcome margin for new customers. To unlock its full return, account holders must satisfy a simple monthly hurdle—depositing a set amount from an external source—after which the introductory booster steps down to an ongoing conditional bonus rate. In contrast, Macquarie applies an introductory rate for the first four months with zero transaction or deposit prerequisites, before reverting to an ongoing variable rate that also requires no ongoing monthly hoops.
In terms of day-to-day flexibility, both accounts are notably more accommodating than traditional bonus accounts that penalise withdrawals. Macquarie places no restrictions on access; account holders can withdraw funds at any point without impacting their interest rate during or after the promotional window. ubank also permits withdrawals without cancelling bonus interest, provided the monthly incoming deposit requirement is fulfilled. Both institutions accommodate high balance limits, though exact balance caps and criteria differ as outlined in the comparison table above.
From a regulatory standpoint, both ubank (backed by National Australia Bank Limited) and Macquarie Bank Limited are authorised deposit-taking institutions (ADIs). As a result, deposits with either institution are protected by the Australian Government Financial Claims Scheme (FCS) up to $250,000 per entity per licensed bank. All figures displayed are indicative and subject to change, and interest earned across both accounts is treated as assessable income taxable at your marginal rate.
Frequently asked questions
What happens when the introductory rate period concludes on each account?
Once the promotional period ends, both accounts revert to their respective ongoing variable rates. Macquarie moves to an ongoing variable base rate that requires no minimum deposits or transactions. ubank sheds its new-customer welcome margin and reverts to its standard ongoing bonus rate, which continues to require fulfilling the monthly deposit condition to earn full interest.
Does withdrawing money in a calendar month void bonus interest on either account?
No. Unlike traditional bonus saver accounts that require balances to grow each month, neither account penalises withdrawals directly. Macquarie imposes no monthly conditions at all. ubank allows you to withdraw funds as needed without sacrificing the bonus rate, provided you still meet the minimum incoming deposit requirement before the end of the month.
Are deposits in ubank and Macquarie covered under the Financial Claims Scheme?
Yes. Both providers are Australian authorised deposit-taking institutions (ubank operates under National Australia Bank Limited, while Macquarie Bank is an independently licensed ADI). Under the Financial Claims Scheme (FCS), eligible deposits up to $250,000 per person per licensed ADI are guaranteed by the Australian Government. Interest earned remains taxable at your marginal tax rate.