# Macquarie Bank to pay A$14m penalty over confusing ‘welcome rate’ promotion

https://mins.news/en/item/138258

- The Guardian, 2026-11-11 01:23 UTC
- Economy
- Original: https://www.theguardian.com/australia-news/2026/nov/11/macquarie-bank-14m-penalty-welcome-rate-savings-account

> Macquarie Bank admitted that its “welcome rate” promotions breached the Corporations Act and is expected to pay a court-imposed A$14m penalty. ASIC said the advertising could lead customers to think the rate was a bonus on top of the standard variable rate, as regulators crack down on complex savings conditions that may leave consumers short-changed.