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Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion

The Guardian World Wednesday 11 November 2026, 01:23 UTC By Jonathan Barrett Business editor 1 min read
Key Points

Asic says customers should not have to check every transaction to ensure they receive the correct interestMacquarie Bank is set to pay a $14m court-imposed penalty after it admitted to breaking the Corporations Act with its “welcome rate” promotions. The penalty comes amid a crackdown by Australian Securities and Investments Commission over complex savings conditions that risk short-changing consumers grappling with the cost of living.

Asic says customers should not have to check every transaction to ensure they receive the correct interest

Macquarie Bank is set to pay a $14m court-imposed penalty after it admitted to breaking the Corporations Act with its “welcome rate” promotions.

The penalty comes amid a crackdown by Australian Securities and Investments Commission over complex savings conditions that risk short-changing consumers grappling with the cost of living.

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Macquarie Bank (ORG) Asic (ORG) Bank (ORG) Australian Securities and Investments Commission (ORG)
Originally published by The Guardian World Read original →

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