ASIC sued Macquarie Bank over misleading savings rate advertisements, resulting in a $14 million penalty.

What it means

ASIC, the Australian corporate regulator, has sued Macquarie Bank over misleading advertising of savings account interest rates. Macquarie promoted a 'welcome rate' or 'bonus rate' for new accounts, but ASIC alleges the advertisements could mislead customers about the actual rate they would receive. Macquarie has admitted the failure and agreed to pay a $14 million penalty. This is part of ASIC's ongoing enforcement action against misleading financial product promotions.

Accuracy & sourcesGrounded

The claim is solid: it is based on ASIC's own legal proceedings and Macquarie's admission, reported by multiple reputable news outlets including ABC News Australia, the Australian Financial Review, and The Guardian. The reporting is directly on the primary source, with consistent details across outlets.

How new

This is genuinely new: the story broke on 10–11 November 2026, as confirmed by the publication window.

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