Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion

Asic says customers should not have to check every transaction to ensure they receive the correct interest

Macquarie Bank is set to pay a $14m court-imposed penalty after it admitted to breaking the Corporations Act with its “welcome rate” promotions.

The penalty comes amid a crackdown by Australian Securities and Investments Commission over complex savings conditions that risk short-changing consumers grappling with the cost of living.