Global marketsUpdated 14h ago

Macquarie set to pay a $14m fine over savings rates.

A welcome rate sounds effortless; checking every transaction for the right interest does not. Macquarie Bank admitted that its “welcome rate” promotions breached the Corporations Act, and is set to pay a $14 million court-imposed penalty. ASIC argues customers shouldn’t have to inspect every transaction just to make sure they received the correct interest. The penalty comes amid a broader crackdown on complex savings conditions that risk short-changing consumers. An offer meant to sound simple has turned into something customers may feel they need to keep tabs on.

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