The Australian Securities and Investments Commission (ASIC) has urged consumers to check that their banks are paying promised savings interest rates, warning that higher advertised rates may be temporary or conditional. Banks are responsible for providing clear, accurate account information and paying the applicable interest rate when customers meet the conditions.
Consumers should check the rate actually applied to their account, the requirements for earning higher interest and when promotional rates expire. Conditions may include making deposits, limiting withdrawals or increasing the account balance. Customers who cannot understand the conditions or identify their current rate should seek an explanation from their bank. Those who meet the requirements but are not receiving the promised rate should raise the discrepancy with their bank.
ASIC is monitoring the issue through enhanced supervision of banks. Previous enforcement includes a 2025 Federal Court order requiring ANZ to pay an AUD 40 million penalty for misleading statements about savings interest rates and failing to pay promised interest to tens of thousands of customers. ASIC has also commenced proceedings concerning Macquarie Bank Limited's advertising of its promotional Welcome Rate for new savings account customers.