Macquarie Bank has rolled out a nationwide advertising campaign highlighting how it removes the complicated account conditions that often restrict customers.
The ‘Your savings game changer’ television advert calls out the hurdles and hidden conditions that limit returns for savers, while also positioning the bank as a driver of competition and better outcomes for customers.
The campaign launch comes amid growing public scrutiny of the conditional or ‘bonus’ interest rates attached to many savings accounts.
For example, many banks make access to headline ‘bonus’ rates conditional on rules such as minimum deposits, transaction requirements or limits on withdrawals. Failure to meet them can see savers’ returns fall to an average of just 0.19% p.a.
The Australian Competition & Consumer Commission found around 70% of Australian savers are regularly unable to meet these conditions on bonus interest accounts.
Whereas, Macquarie has set itself apart by offering a high-interest savings account free from fees, deposit requirements, withdrawal limits or minimum transactions. Customers currently receive an ongoing variable rate of 4.25% p.a. on their savings.
Therefore, the advert showcases how Macquarie’s savings account breaks from industry norms, featuring a woman in distinct white clothes walking against a crowd dressed in black as the voiceover states: “Saving shouldn’t feel like you’re being played, weaving through fine print, trying not to get caught out.”
Ben Perham, head of personal banking at Macquarie Bank, said: “This campaign is designed to show that we’re not here to play the game, but to change it. We don’t think that savings should be hard work, and we certainly don’t agree that accessing your own savings may mean you lose out on the rate you deserve. We’re introducing much needed competition in the savings market and here to show Australians what better banking looks like.”