ASIC warns bank savers may miss promised interest on deposits

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ASIC warns on bank savers interest

Highlights

ASIC urges bank customers to verify they receive promised interest rates, warning that promotional or bonus rates often require meeting specific conditions.
ASIC will prioritise enforcement against misleading savings account practices as part of its 2026 focus on pricing practices and systemic compliance failures in major banks.
In 2025, the Federal Court ordered ANZ to pay a $40 million penalty for making false statements about savings rates and failing to deliver promised interest to customers.

Savings rate conditions under closer scrutiny

As reported by ASIC, the regulator is urging consumers to check whether their bank is paying the interest rate promised on their savings accounts, particularly where introductory, welcome or bonus rates apply. It says customers should not assume they automatically receive the highest advertised rate, because those offers may depend on meeting specific conditions or may only last for a limited period.

ASIC Commissioner Alan Kirkland says banks have a responsibility to provide clear and accurate information about savings accounts and to deliver the rate customers qualify for. He says consumers can miss out on interest if account conditions are too complex or difficult to understand, and advises customers to contact their bank if they cannot easily work out what rate they are receiving or do not understand the account terms.

The regulator says consumers reviewing their accounts should check the rate currently applied, whether an advertised offer is promotional or conditional, what actions are required to qualify for a higher rate, and how long any promotional period lasts. It also says savers should check what rate applies after a promotion ends and whether another account may offer more suitable terms.

Enforcement focus sharpens on banks

ASIC says it will continue to monitor the issue through enhanced supervision of banks and will act where savings account practices cause consumer harm. The issue sits within the regulator's 2026 enforcement priority on pricing practices affecting Australians' cost of living, as well as its ongoing priority on systemic compliance failures at large financial institutions.

ASIC points to earlier action against ANZ as an example of enforcement in this area. In 2025, the Federal Court ordered the bank to pay a $40 million penalty for making false and misleading statements about savings interest rates and for failing to pay the promised rate to tens of thousands of customers.

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