Money's 2024 Bank of the Year


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Macquarie Bank has been named Money's 2024 Bank of the Year as part of the Consumer Finance Awards.

More than 90 different banks operate across Australia, leaving us spoilt for choice. Yet we also have one of the most concentrated banking sectors in the world. One bank is tackling the challenge head on and looks primed to turn the big four into the big five with its fresh approach to consumer banking.

In 2024, Macquarie Bank returns to the winner's podium as Bank of the Year for the second consecutive year. It's no mean feat in our competitive market and Ben Perham, head of personal banking at Macquarie Banking and Financial Services Group, says the win "demonstrates that our leading digital banking experience continues to resonate with our customers".

consumer finance awards 2024 bank of the year

It's not just about a seamless digital experience. Macquarie is offering value for money. The Macquarie Transaction account is a game changer, allowing customers to 
earn a high return (4.75% at the time of writing) on their everyday money with no strings attached.

Macquarie's Savings account dials the return up even higher, with bonus interest for the first four months, followed by a revert rate that matches the Transaction account. For savers who are wary of having to meet strict conditions to earn a decent return on their cash, both these Macquarie accounts will be very appealing.

"Customers don't need to jump through hoops or meet a range of deposit requirements to receive a competitive rate," says Perham.

"Macquarie pays the same rate on both (savings and transaction) accounts, with no fees. So, Macquarie customers can have confidence that their savings are working hard for them however they choose to manage their money."

On the mortgage front, Macquarie Bank's home loans come with digital features and functionality designed to let borrowers manage their account in a way that best suits their personal circumstances.

As a guide, Macquarie's Offset Home Loan allows borrowers to have up to 10 offset accounts. This may sound a lot, but it lets homeowners create different savings buckets to tick off a variety of personal goals while still cutting the cost of their home loan.

Instead of focusing solely on loan rates or fees, Macquarie Bank has made its fast loan turnaround times a key point of difference.

Perham explains: "Customers tell us they love the market-leading turnaround times in the application stage, which enables them to make decisions with confidence."

Macquarie is also working hard to protect customers' money, with its digital verification app.

"Customers have access to Macquarie Authenticator, our market-leading digital verification app, which provides actionable, real-time push notifications for transactions and account activity," notes Perham.

"It means they can have peace of mind knowing they have control over their accounts."

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