RBA Rate Hike: Macquarie Bank Leads the Charge, But What Does It Mean for Your Savings and Mortgage?
Macquarie Bank has moved swiftly to adjust interest rates following the Reserve Bank of Australia’s (RBA) latest cash rate increase. This move, impacting both home loans and deposit accounts, signals a continuing trend of adjustments across the financial landscape. But what does this mean for everyday Australians?
Impact on Home Loan Holders
Macquarie will increase its variable home loan reference rates by 0.25% p.a. From April 2, 2026. This follows a pattern observed in February, where Macquarie opted for a more measured approach compared to other major banks, delaying the rate increase to allow customers time to adjust. Ben Perham, Head of Personal Banking at Macquarie, emphasized the bank’s commitment to supporting customers through these changes, highlighting the availability of online financial assistance.
The broader market is responding to the RBA’s decision. News.com.au reports that several banks are now passing on the interest rate pain to borrowers. This is a critical time for homeowners to review their financial situations and explore options for managing their repayments.
Savings Accounts See a Boost
On the positive side, Macquarie is increasing the variable interest rates paid on transaction and savings accounts by 0.25% p.a., also effective April 2, 2026. This is a direct response to the RBA’s encouragement for savers to seek out the best deposit rates. Currently, Macquarie Savings Account holders will earn 4.75% p.a. On balances up to $2 million, with a welcome rate of 5.10% p.a. For new accounts up to $250,000 for the first four months.
Perham noted that some banks are only increasing ‘bonus’ or ‘welcome’ rates, which are often limited to new customers. Macquarie’s approach aims to provide a consistent, competitive rate for all customers.
Macquarie’s Growing Market Share
Despite the rising rate environment, Macquarie’s home lending portfolio is experiencing significant growth – approximately four times the average of the major banks. This success is attributed to competitive rates, fast turnaround times, and a superior digital experience. The bank has been recognized as ‘Bank of the Year’ by Mortgage Professional Australia for five consecutive years.
Term Deposits and Transaction Accounts
For those seeking fixed-income options, Macquarie is offering a 5.00% p.a. Rate on 12-month Term Deposit accounts up to $1 million, starting March 19, 2026. Transaction Account holders will benefit from a 2.50% p.a. Variable rate from April 2, 2026. Importantly, Macquarie does not charge monthly account keeping fees or international transaction fees and refunds ATM withdrawal fees.
Navigating the Rising Cost of Living
Macquarie Bank is actively supporting customers facing financial pressure due to the rising cost of living. Financial assistance is available online, with a specialist team providing tailored support. This proactive approach underscores the importance of banks working with customers during challenging economic times.
FAQ
Q: When will the rate increases take effect?
A: The changes to variable home loan rates will take effect from April 2, 2026. Changes to savings and transaction account rates also take effect on April 2, 2026, with term deposit rates from March 19, 2026.
Q: What is Macquarie’s current savings account rate?
A: The ongoing variable rate for Macquarie Savings Accounts is 4.75% p.a. On balances up to $2 million.
Q: Does Macquarie charge fees on its accounts?
A: No, Macquarie does not charge monthly account keeping or international transaction fees on its transaction or savings accounts.
Q: Where can I find financial assistance if I’m struggling with my mortgage?
A: You can apply for financial assistance online through the Macquarie website: https://www.macquarie.com.au/financial-assistance.html
Did you understand? Macquarie has been named ‘Bank of the Year’ by Mortgage Professional Australia for five years running, highlighting its commitment to customer service and innovation.
Pro Tip: Regularly compare interest rates across different banks to ensure you’re getting the best possible return on your savings and the most competitive rate on your home loan.
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