Macquarie Bank has admitted failures in promoting its Welcome Rate to new savings account customers.

The bank admitted a breach of the Corporations Act 2001 in a case brought by the Australian Securities and Investments Commission (ASIC) in the NSW Supreme Court.

The parties have jointly proposed an A$14 million penalty. This is on top of the A$8.8 million in compensation Macquarie began and has already paid to nearly 40,000 customers.

Macquarie described the Welcome Rate as a “welcome variable rate” and a “bonus”.

ASIC alleges this wording could lead customers to think it was paid on top of the standard variable rate.

According to ASIC, the rate generally worked as a fixed rate. During the four-month offer, it replaced the standard rate rather than adding to it.

The bank admitted it did not take the steps needed to keep its statements clear and unlikely to confuse new customers.

It also admitted its advertising framework was not strong enough to spot the risk that customers could misread the offer.

Internally, the bank lacked clear guidance on how the product worked. Customer complaints did not lead to a correction quickly enough.

“Macquarie’s systems and controls were not rigorous enough to identify the risk that customers would misunderstand how the Welcome Rate worked,”

said Alan Kirkland, Commissioner at ASIC.

ASIC’s 2026 enforcement priorities include pricing practices that affect Australians’ cost of living.

The regulator also has an ongoing focus on systemic compliance failures at large financial firms that harm consumers.

The Court must still approve the outcome. It will decide if the orders are suitable and if others are needed.

Featured image: Edited by Fintech News Australia, based on image by qalebstudio via Magnific.