Macquarie Bank has reached a new milestone, with its total deposits from Australian households and businesses surpassing $200 billion for the first time. The bank is the first in more than 15 years, and only the fifth in Australia’s history, to reach this level of support from savers.
The bank's customer deposits have doubled over the past four years as more Australians seek improved digital banking services and avoid fees and restrictions common at other institutions. Macquarie attributes much of this growth to its fee-free savings account, which offers a variable interest rate of 4.25% per annum on balances up to $2 million without requiring customers to meet monthly conditions that are standard at many banks.
Macquarie’s Transaction Account also pays interest—currently an ongoing variable rate of 2.00% per annum on all balances—which is uncommon in the market.
Olivia McArdle, Head of Deposits and Payments at Macquarie Bank, stated: “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.”
According to Macquarie, it pays interest on more than 97% of its total deposits and does not charge monthly account keeping fees on transaction or savings accounts for personal or business banking customers. The bank refunds ATM fees within Australia when customers use its debit card and does not charge transaction fees for international purchases made both in-store and online.
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 year leading up to September 2025, Macquarie saw deposit growth rise by 24%. Its home loan lending also increased by 22% during the same period. Since passing $100 billion in deposits in 2022, Macquarie’s total deposits have grown by over 360% across ten years.