Macquarie Bank to pay $14m penalty over savings account offers

Résumé détaillé

The fast-growing bank has compensated 40,000 account holders and will pay a penalty after regulators targeted marketing around introductory interest earnings.

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 as interest rates rise.

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