Macquarie Bank faces expected A$14 million civil penalty over savings rate marketing
Key Facts
Macquarie Bank admitted breaching Australian corporations law in how it promoted the introductory interest rate on savings accounts and is expected to pay a civil penalty of A$14 million, according to an ABC News report published on 11 November 2026. The bank and the Australian Securities and Investments Commission (ASIC) proposed the penalty to the Supreme Court of New South Wales, where it remains subject to approval. The bank said it would not contest the regulator’s proceedings. The case concerns how the savings rate was presented to new customers and how clearly its terms were explained. It comes as the regulator stresses the importance of customers understanding the conditions attached to higher returns on their deposits.
Macquarie described the rate as a "variable introductory rate" and a "bonus," wording ASIC said could suggest that the rate was added to the standard variable interest rate. But during the four-month promotional period, the rate generally operated as a fixed rate that replaced the standard rate, according to ABC. The confusion emerged when the standard variable interest rate exceeded the introductory rate. Customers then received the higher standard rate, while some expected an additional bonus margin on top. The bank said the offer’s wording did not adequately explain how the rate applied in that situation.
ASIC said Macquarie’s systems and controls were not robust enough to detect the risk that customers might misunderstand how the introductory rate worked. Macquarie said the products in question were advertised on its website between December 2021 and September 2022. The case therefore addressed how savings account offers were presented during that period, not merely the level of the advertised interest rate. The bank said customer complaints about the rate’s description prompted it to review the descriptions of all products on its website. It added that the regulator acknowledged the bank’s conduct was not deliberate, but that it should have explained more clearly how the rate applied, and apologized for the confusion.
An ASIC commissioner said Australians hold about A$1.8 trillion in household deposits and that the conditions attached to higher savings rates can be difficult to understand. The case highlights the effect of the language used to market these accounts, particularly when customers understand a bonus to be added to the base interest rate. In its statement, Macquarie said its review covered the descriptions of all products it offers through its website. It also acknowledged that it should have explained the way the rate applied better. The proposed penalty and agreed proceedings remain subject to the court’s decision.
The case coincided with an announced leadership transition at Macquarie, though sources have not linked the two developments. The group announced in July that Group Chair and Chief Executive Shemara Wikramanayake would retire in November and that Greg Ward would succeed her. Wikramanayake left the boards of the group and the bank on 6 November 2026, while Ward was appointed to both boards effective 7 November. When the change was announced, Wikramanayake said they had worked together for 30 years and described Ward as an excellent candidate to succeed her. The group announced its half-year results for the financial period ended 30 September 2026 on 6 November.
In trading, MQBKY closed at $174.25 on 9 November 2026, according to EL7 data. That price was from a session before details of the case were published on 11 November. The approved data here does not include documented figures for the stock’s high or low during the 9 November session. The next legal development depends on the Supreme Court of New South Wales approving the proposed penalty. The report did not specify when the court would issue a decision.