2 publishers · first seen Tue, 10 Nov 2026 22:16 UTC · updated Wed, 11 Nov 2026 01:23 UTC
Macquarie Bank is set to pay a $14 million penalty for misleading customers about its 'welcome rate' savings account promotions, according to the Australian Securities and Investments Commission (ASIC). The bank described the rate as a 'welcome variable rate' and a 'bonus', which ASIC alleges could have led customers to believe it was paid on top of the standard variable rate. Instead, the welcome rate generally operated as a fixed rate that applied instead of, rather than in addition to, the standard rate during the four-month promotional period. Macquarie admitted to contravening the Corporations Act and acknowledged it did not respond to complaints in a timely manner. The bank has already paid $8.8 million in remediation to nearly 40,000 customers. ASIC commissioner Alan Kirkland said customers should not have to scrutinise every transaction to check their bank has paid the correct interest.
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