Savings comparison – Updated June 2026
Ubank vs Macquarie Australia 2026: Which Savings Account Wins?
Ubank has the stronger headline rate and referral bonus. Macquarie is the cleaner no-hoops savings account. Here is how I would choose.
Ubank wins if you want the higher headline savings rate and the $30 referral offer. The catch is that you need to grow your total savings balance by at least $1 each month to earn the bonus rate.
Macquarie wins if you want the least admin. No monthly deposit hoops, no grow-balance rule, no card-purchase rule, no monthly account fees, and a strong ongoing savings rate.
My practical take: Ubank is better for rate-chasers who can meet one easy condition. Macquarie is better for people who hate conditions.
Ubank vs Macquarie is one of the cleanest savings-account comparisons in Australia because both are strong digital banking options, but they suit different personalities.
Ubank is the account I like when the rate is strong and the condition is easy. Macquarie is the account I like when someone says, “I do not want to think about monthly hoops ever again.”
If you are already comparing digital banks, also read my Ubank review, Ubank vs ING comparison and best high-interest savings accounts in Australia guide.
Ubank vs Macquarie: which one wins?
Ubank
Ubank wins on headline savings rate. Its Save account lists an Everyday Bonus Rate of 5.10% p.a. and a Welcome Bonus Rate of 5.85% p.a. for eligible new customers for up to 4 months, on savings up to $1M.
9/10
Best if you can meet the $1 growth rule.
Macquarie
Macquarie wins for simplicity. It lists an ongoing savings rate of 5.00% p.a. on balances up to $2M, with a first-account welcome rate of 5.35% p.a. on the first $250k for 4 months.
8.5/10
Best if you hate conditions.
| Category | Ubank | Macquarie | Winner |
|---|---|---|---|
| Welcome savings rate | 5.85% p.a. for eligible new customers for up to 4 months. | 5.35% p.a. for 4 months on first savings account, on first $250k. | Ubank |
| Ongoing savings rate | 5.10% p.a. bonus rate if monthly condition is met. | 5.00% p.a. ongoing on balances up to $2M. | Ubank by rate, Macquarie by simplicity |
| Condition | Grow total savings by at least $1 by month end. | No monthly deposit, spend or grow-balance condition. | Macquarie |
| Interest cap | Bonus interest on combined Save balances up to $1M. | 5.00% p.a. ongoing up to $2M, then lower tier above that. | Macquarie for larger balances |
| Signup offer | $30 referral offer with code AFWLLL7 after 5 eligible settled card purchases in first 30 days. | No comparable referral offer used here. | Ubank |
| Travel/everyday card | No Ubank international card payment charges; useful backup bank card. | No Macquarie international account fees on purchases; domestic ATM fee refunds. | Both strong |
Want the Ubank signup offer?
Open Ubank through the referral page, enter code AFWLLL7, then make 5 eligible settled card purchases within your first 30 days to qualify for the $30 offer.
Savings rates: Ubank vs Macquarie
Ubank’s current strength is the headline rate. Its Bonus Interest Savings Account page lists a 5.85% p.a. Welcome Bonus Rate for eligible new customers for up to 4 months and a 5.10% p.a. Everyday Bonus Rate on savings up to $1M, when the bonus criteria are met.
Macquarie’s current strength is simplicity. Its Savings Account page lists a 5.35% p.a. first-account welcome rate on the first $250k for 4 months and an ongoing 5.00% p.a. rate on balances up to $2M.
That makes the decision less about which number is bigger and more about which account you will actually manage correctly.
Rates are variable. Savings rates can change quickly after RBA moves or bank repricing. The right habit is to choose the account structure you can maintain, then re-check rates before you move large balances.
Conditions: the real difference
Ubank has one simple condition: grow your total savings balance by at least $1 by the end of the month. That is easier than accounts that demand card transactions, minimum deposits and no withdrawals, but it is still a condition.
If you accidentally move too much money out near month end, you can miss the bonus rate. That is the real Ubank risk. It is not hard, but it does require attention.
Macquarie does not ask you to jump through that hoop. No minimum deposit. No card-purchase requirement. No need to grow your balance. You can access your money without sacrificing the monthly interest condition because there is no monthly condition to meet.
Everyday banking and travel use
Both accounts are better than a lot of old-school bank accounts for everyday digital banking. Ubank has a simple app, Save accounts and a strong rate if you meet the condition. Macquarie has a polished app, a transaction account that pays interest, and excellent fee settings for a normal debit card.
Macquarie says its transaction account has $0 Macquarie fees, domestic ATM fee refunds, no international account fees on overseas purchases, and no Macquarie fee to withdraw cash overseas. Overseas ATM operators can still charge their own fees.
Ubank is also a strong travel backup because it has no Ubank international card payment charges. But if travel spending is the main job, compare both with Up, Wise, Revolut and YouTrip before deciding.
Ubank referral offer
Ubank’s official refer-a-friend page says the offer pays a $30 bonus to the new customer and referrer once the criteria are met. For the new customer, that means signing up with an invite code and making 5 eligible settled card purchases within the first 30 days.
Use code AFWLLL7 during signup. The offer terms say it runs for eligible signups between 2 September 2025 and 30 June 2026 inclusive, and both the referrer and friend must be 18 or over.
Choose Ubank if…
- You want the stronger headline savings rate.
- You can reliably grow total savings by at least $1/month.
- You want up to 10 Save accounts and goal-based buckets.
- You want the $30 referral offer and can make the 5 eligible purchases.
- You already like simple app-based banking.
Choose Macquarie if…
- You want a strong savings rate with no monthly hoops.
- You do not want to worry about grow-balance rules.
- You have a larger balance and care about the higher ongoing balance tier.
- You value domestic ATM fee refunds and clean travel debit-card settings.
- You do not care about a referral bonus.
Which one would I use?
For the highest practical rate, I would use Ubank. The $1 growth rule is easy enough if you know it exists, and the referral bonus is a nice extra for new customers.
For a low-maintenance savings account, I would use Macquarie. If you are the kind of person who hates monthly conditions or moves money in and out often, Macquarie is probably less annoying.
The best answer may also be both: use Ubank for savings you are actively growing, and Macquarie for flexible savings where you do not want to think about conditions.
Final winner: Ubank for rate, Macquarie for simplicity
Ubank is the more rewarding account if you meet the condition. Macquarie is the easier account if you want strong interest without monthly admin.
FAQ
Is Ubank better than Macquarie?
Ubank is better if you want the higher headline savings rate and can meet the $1 monthly growth condition. Macquarie is better if you want a strong savings rate without monthly hoops.
Does Macquarie have bonus interest conditions?
Macquarie does not have the usual monthly deposit, spend or grow-balance conditions on its Savings Account. Its welcome rate applies to your first savings account for 4 months on eligible balances, then ongoing stepped rates apply.
How do I get the Ubank $30 bonus?
Use referral code AFWLLL7 during signup, then make 5 eligible settled card purchases within your first 30 days as a Ubank customer. Check Ubank’s official referral terms before signing up.
Which is better for travel, Ubank or Macquarie?
Both can work well as travel backup cards. Macquarie has especially clean debit-card fee settings, while Ubank is useful if you already use it as your everyday bank. For a dedicated travel setup, also compare Up, Wise, Revolut and YouTrip.
Disclosure: Some links are affiliate or referral links. MoneyHackHQ may earn a commission if you sign up through them, at no extra cost to you. Rates, offers and product terms can change, so confirm the current details on each provider’s own website before signing up.
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