Macquarie Bank named Bank of the Year - Retirees

Macquarie Bank has been named Bank of the Year - Retirees in the Money Consumer Finance Awards.

It was recognised for offering a suite of accounts that allows retirees to earn competitive interest on their money without the hassle of monthly deposit requirements and restrictive conditions.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Bank of the Year - Retirees
• Why they won: A suite of accounts that lets retirees earn interest without the hassle of deposit requirements
• Top product: Macquarie Transaction Account

Helping retirees make the most of their money

About 4.5 million Australians aged 45 years and older are retired. While retirement is often associated with older Australians, figures from the Australian Bureau of Statistics show the average retirement age is 57.

Regardless of when retirement begins, the common challenge is making savings work harder, particularly during periods of elevated living costs and inflation.

That's where a bank can play a valuable role. With the backing of the government deposit guarantee, savings accounts offer security, but Macquarie Bank also delivers competitive returns across both its Savings Account and everyday Transaction Account.

Removing barriers for retirees

Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "A lot of banks still charge hefty account-keeping fees on their transaction accounts if you don't deposit a certain amount, typically around $2000, each month."

"If you're a retiree and no longer have an income stream, meeting those requirements can be difficult."

That's where Macquarie stands out.

"We don't charge any monthly account-keeping fees and we also refund ATM fees," says McArdle.

"That is very attractive to retirees, who may be on a limited income and are closely managing their finances."

Competitive savings without complicated conditions

According to McArdle, Macquarie's Savings Account has become particularly popular with retirees.

"Most savings accounts have monthly conditions to earn their highest rate. A lot of retirees can't meet these, as they typically involve a minimum deposit each month and restrictions on withdrawals.

"We think everyone should be able to access their own money when needed while earning a fair return on their savings, without having to jump through complex hoops and catches.

"We've found that proposition is really resonating with older Australians in the retirement phase."

Certainty through term deposits

Macquarie Bank is also seeing strong demand for its term deposit products among retirees seeking predictable returns.

McArdle says, "We are also seeing very strong interest in our term deposit products, particularly among older Australians."

"We make it very easy for customers to set aside a portion of their savings while locking in a fixed return. That certainty matters, particularly in retirement."

Top product: Macquarie Transaction Account

Macquarie's Transaction Account stands out by paying a rate of interest that is higher than many savings accounts offered by other institutions.

Combined with no monthly account-keeping fees and ATM fee refunds, it provides retirees with a practical everyday banking solution while helping idle cash continue to earn a return.

Read more: View all winners in the Money Consumer Finance Awards 2026.

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