Australians could be earning less interest on their savings than they expect, with ASIC urging consumers to check they are receiving the rate they have been promised by their bank.  

ASIC warned that introductory, welcome and bonus interest rates can come with conditions or only apply for a limited time.  

Australians have nearly $1.8 trillion in household deposits, but the conditions attached to higher savings rates can be difficult to understand. 

ASIC Commissioner Alan Kirkland said banks have a responsibility to give customers clear and accurate information about their savings accounts.  

‘Banks need to make it simple for customers to understand what they have been promised and then deliver on that promise. If a customer qualifies for a particular interest rate, they should receive it. 

‘If the conditions are too complex or difficult to decipher, customers may miss out on interest they could otherwise be earning,' Commissioner Kirkland said. 

Commissioner Kirkland said consumers should not assume they are guaranteed the highest rate advertised by their bank. 

‘Higher advertised rates may only apply for a limited time or may depend on the customer meeting certain conditions. 

'Consumers should check what conditions apply, whether they are meeting them and whether their bank is paying the interest rate they have been promised.  

'If you don’t understand the conditions attached to your account or can’t easily work out what interest rate you are receiving, contact your bank and ask them to explain it. 

‘And if you have met the conditions for a higher rate but aren’t receiving it, raise it with your bank.’ 

Commissioner Kirkland said ASIC would continue to closely monitor the issue through enhanced supervision of the banks and would not hesitate to act in instances of consumer harm.  

ASIC has already taken action where a bank failed to deliver on its promises to customers. In 2025, the Federal Court ordered ANZ to pay a $40 million penalty for making false and misleading statements about savings interest rates and failing to pay the promised interest rate to tens of thousands of customers. 

ASIC has separately commenced proceedings concerning Macquarie Bank Limited’s advertising of its promotional Welcome Rate for new savings account customers: see 26-275MR Macquarie admits failures over savings account Welcome Rate offer. 

Consumers should understand what they need to do to qualify for a higher rate and check their bank is paying that rate when they meet those conditions. When reviewing their savings accounts, ASIC’s Moneysmart advises consumers should check: 

• the interest rate currently being applied to their account 
• whether an advertised rate is introductory, promotional or conditional 
• exactly what they need to do to qualify for a higher rate 
• whether they need to make deposits, limit withdrawals or increase their account balance 
• how long any introductory or promotional rate lasts 
• the rate that applies when the promotional period ends 
• whether another account offers a more suitable rate or conditions. 

Background 

ASIC has a 2026 enforcement priority focused on pricing practices affecting the cost of living for Australians, as well as an enduring enforcement priority focused on systemic compliance failures by large financial institutions that result in consumer harm.  

The Australian Competition and Consumer Commission’s Retail Deposits Inquiry Final Report found that, on average, 71% of bonus interest accounts did not receive the bonus interest rate each month in the first half of 2023. 

Consumers can find information about choosing a savings account, comparing interest rates and understanding conditions that may apply to higher rates at Moneysmart.