# Macquarie Bank faces A$14m penalty over misleading savings rate promotions

- URL: https://talkfuse.com/story/macquarie-bank-to-pay-14m-penalty-after-confusing-welcome-rate-promotion/
- Published: 2026-11-11T01:23:39+00:00
- Updated: 2026-11-11T01:47:58+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/australia-news/2026/nov/11/macquarie-bank-14m-penalty-welcome-rate-savings-account
- Topics: World

## Key points

- Macquarie is expected to pay a A$14m penalty over its savings rate promotions.
- The welcome rate was not an extra bonus once the standard rate rose above it.
- A 2023 study found 71% of bonus accounts missed their bonus each month.

## Summary

Macquarie Bank is expected to pay a A$14m court-imposed penalty after admitting it broke Australian law through promotions for its savings account “welcome rate”. The case matters because customers could have understood the advertised rate as a bonus on top of the standard rate, while the bank’s systems did not adequately prevent that misunderstanding.

As interest rates rose in 2022, the standard rate overtook the welcome rate, so customers received the standard rate without an additional bonus, according to the regulator. Macquarie says it will not contest the case and will admit it failed to provide financial services efficiently, honestly and fairly. A 2023 study found 71% of bonus-interest accounts missed their bonus in a given month because customers breached conditions; Australia’s official rate is now 4.85%.

---
Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.