One missed month costs a $50,000 saver $219: the bonus-rate fine print after Macquarie’s $14 million penalty
Macquarie's admission that its "bonus" welcome rate was not a bonus has put savings account fine print in the spotlight, just as banks pass on the Reserve Bank's latest rise. VNN worked out what the conditions on the most popular bonus accounts are worth, and what they cost when you miss them: at today's rates, one missed month takes about $219 off a $50,000 balance. This report sets out the numbers, the month-end traps, and a one-line test for choosing a bonus account or a no-strings one.
Macquarie Bank has agreed to a $14 million penalty after admitting that the “bonus” welcome rate it offered new savers often replaced its standard rate rather than sitting on top of it. The lesson for every saver is the same one the regulator is pressing: the headline number on a savings account is only as good as the conditions underneath it.
This report does the sums the banks do not. Using the rates and conditions on each bank’s own website on 11 November 2026, VNN calculated what bonus accounts pay when you meet every condition, what one or two missed months cost at $20,000, $50,000 and $100,000, the exact month-end deadlines Perth savers need to know through Christmas, and a simple rule for deciding whether a bonus account is worth the effort over a no-strings one. It ends with a checklist to keep.
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