Macquarie Bank Admits Breach Over Welcome Rate Promotions
Macquarie Bank has admitted breaking the Corporations Act, Australia's federal law covering companies and financial services, through its "welcome rate" savings promotions. According to The Guardian, the bank is expected to pay a $14 million civil penalty, a fine a court imposes in civil rather than criminal proceedings. The Australian Securities and Investments Commission (ASIC), the national corporate and financial regulator, published its media release on the matter on 11 November 2026.
The proceedings were filed in the New South Wales Supreme Court. ASIC alleged that Macquarie's 2022 promotional material described the savings offer as a "welcome variable rate" or "bonus". A higher welcome rate applied for a limited period, and ASIC alleged that once the standard rate overtook it, customers received only the standard rate, with no bonus added.
Macquarie has said it will not contest the proceeding. It will admit that it failed to provide financial services "efficiently, honestly and fairly", according to the same reporting.
The case sits alongside wider findings about bonus interest accounts. A 2023 study by the competition regulator found that 71% of such accounts did not receive the bonus rate each month, the Guardian reported.
ASIC Commissioner Alan Kirkland said banks must have systems and processes that deliver on the promises they make to customers.
