Macquarie Bank has introduced a new advertising campaign called ‘Your savings game changer’ to highlight its approach to savings accounts and the conditions often imposed by other banks. The campaign, which will appear on television across Australia, responds to increased public concern about conditional or 'bonus' interest rates that require customers to meet specific criteria in order to access higher returns.
The bank points out that many financial institutions require actions such as minimum deposits, transaction numbers, or limits on withdrawals for customers to receive advertised high interest rates. If these requirements are not met, the average ongoing variable interest rate can fall as low as 0.19% per annum. According to the Australian Competition & Consumer Commission (ACCC), approximately 70% of Australians with bonus interest accounts regularly do not satisfy these conditions.
In contrast, Macquarie offers a high-interest savings account without fees, deposit requirements, withdrawal restrictions, or minimum transactions. Customers currently receive an ongoing variable rate of 4.25% per annum on balances up to $2 million in their Savings Account. New clients opening an account online are eligible for a variable welcome rate of 4.60% per annum on balances up to $250,000 for four months on their first account. The bank also provides a linked Transaction Account with an ongoing rate of 2.00% per annum at a time when many similar products offer no interest.
Ben Perham, Head of Personal Banking at Macquarie Bank, said: “With a Macquarie transaction or savings account, what you see is what you get. That sounds like a simple proposition, but unfortunately today many savers are being lured into opening accounts advertised with high headline rates only to be tripped up by complex monthly conditions and miss out on the opportunity to receive the return they deserve on their savings. With household savings growing at their fastest pace on record to reach an all-time high of $1.64 trillion, it is critical that Australians check they aren’t being caught out by their bank.”
“This campaign is designed to show that we’re not here to play the game, but to change it. We don’t think that savings should be hard work, and we certainly don’t agree that accessing your own savings may mean you lose out on the rate you deserve. We’re introducing much needed competition in the savings market and here to show Australians what better banking looks like.”
A calculation based on average base rates from major Australian banks shows that standard ongoing rates can drop significantly if customers do not meet bonus conditions.
The ACCC's Retail Deposits Inquiry Final Report found most Australians with bonus accounts fail regularly to qualify for higher rates.
Macquarie encourages individuals considering its products or any financial product generally to review their personal circumstances before making decisions and seek appropriate advice.