The four-month fixed welcome rate is now 5.50% p.a. up to a balance of $250,000.
As it's fixed, existing customers in their intro period won't have the higher rate afforded to them, and will have to stick with 5.35%.
After the four month period is up, the rate reverts to an ongoing 5.00% p.a. as announced on Monday, though the ongoing rate applies on balances all the way up to $1 million.
Both are effective Thursday 17 October.
There are no deposit conditions to attain either rate, such as minimum deposits or balance growth, minimum card taps, or age limits.
See Also: Compare Savings Accounts
Explaining the move
The move is a peculiar but promising one from Macquarie Bank, given very little activity in savings accounts in recent months.
InfoChoice database research for September revealed that four providers adjusted savings account rates in the month, all in a downward direction.
Nineteen providers adjusted term deposit rates in the month, and average rates observed across all terms declined by between 7 and 18 basis points.
The slide has continued so far in October.
However, an explanation for Macquarie's upbeat product news could be the fact that wholesale funding rates have bounced back from a recent nadir through August and September.
For example, the 5-year Australian Treasury Yield has appreciated by 47 basis points compared to a month ago, at 3.82%.
The 2-year yield has increased by 25 basis points to 3.78%.
Macquarie Bank, consequently, also increased fixed home loan rates on Tuesday.
This was also a move at odds with the rest of the market, indicating Australia's fifth-biggest bank could be more sensitive or agile in light of the recent wholesale market news.
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