Macquarie Bank named Bank of the Year - Savers

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

It was recognised for offering competitive interest rates without the complex conditions that often apply to savings accounts, helping Australians make the most of their cash savings.

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

Macquarie Bank at a glance

• Winner: Savings Account of the Year
• Why they won: Competitive interest rates without restrictive conditions or monthly hurdles
• Top product: Macquarie Savings Account

Helping Australians make every dollar count

Australians may be feeling the pinch from rising living costs, but that hasn't stopped many households building substantial savings balances.

Australian Prudential Regulation Authority (APRA) data shows Australians are holding $1.729 trillion in savings, up from $1.682 trillion in December 2025.

That's a significant pool of cash and, in a challenging cost-of-living environment, making every dollar work harder has become increasingly important.

A focus on what customers want

Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "Our team spends all of its time thinking about what our customers really want and how we can best deliver that."

"We know our customers value no fees and high interest rates without the usual strings attached."

"That's why we've invested a lot of time simplifying our offering, while reinvesting the benefits of our technology investment into the rates and experiences our customers enjoy. That's a deliberate choice and one we're really on."

Saving without the hoops

Macquarie's Savings Account, which links seamlessly with the Macquarie Transaction Account, has become the bank's most popular savings product.

"What sets it apart is that customers can earn a fantastic interest rate, without doing anything. No hoops and no catches," says McArdle.

"A lot of banks have introduced complex savings accounts, requiring customers to meet certain conditions each month to unlock their elusive 'bonus' interest rate."

"Those conditions have become complex and restrictive, with many customers now forced to deposit a certain amount, make a number of transactions, or not make any withdrawals each month to earn a good return."

"Miss one small condition and the interest rate can often drop to near zero."

Competitive returns from day one

By contrast, McArdle says, "customers earn a competitive interest rate on every dollar from day one."

"There are no deposit requirements, no minimum transactions and no restrictions on withdrawing funds."

This straightforward approach removes the need for customers to track monthly conditions while still earning a competitive return on their savings.

Top product: Macquarie Savings Account

The Macquarie Savings Account offers customers a competitive interest rate without requiring regular deposits, minimum transactions or limits on withdrawals.

It is also designed to work seamlessly with the Macquarie Transaction Account, giving customers flexibility while helping their savings grow.

As McArdle notes, "Our Macquarie Transaction Account stands out as one of very few in the market that actually pays interest."

"That makes a huge difference, as our customers know they'll still earn interest on the money they use for their everyday spending."

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

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