Macquarie Bank will pay a fine and has compensated tens of thousands of customers after publishing a confusing description of how its “welcome” interest rate operates on deposits. The penalties come amid intensifying regulatory scrutiny of savings account rates and fees in a rising interest rate environment.
Macquarie, the fastest-growing player in the household deposit market with $116 billion in customer deposits and a 6.5 per cent share, has stopped offering “welcome rates” as of September.
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