Consumer Finance Awards 2025: Bank of the Year
Macquarie Bank has been named Money's Bank of the Year as part of the 2025 Consumer Finance Awards.
- Find out how we chose the winners
- Order your copy of the July awards issue
- Check out more from the 2025 Consumer Finance Awards
Australians are spoilt for choice when it comes to banking. Consumers have almost 100 different banks to pick from. It makes taking out Money's Bank of the Year award no easy win - yet, Macquarie Bank has taken out this coveted award for the third consecutive year.
Ben Perham, head of personal banking at Macquarie, says, "We're thrilled to be named Bank of the Year for the third year in a row. It underlines for us that our leading digital banking offering continues to resonate with Australians."
Perham says, "At Macquarie, we are continuously looking for ways to simplify and enhance our customers' banking experience."
There is no doubt Macquarie Bank has taken a long, hard look at what Australians want from their bank accounts and aimed to match the main requirements.
"Our transaction and savings accounts have been designed to help our customers grow their savings effortlessly, offering great rates with no catches or hoops to jump through, such as monthly deposit conditions or transaction requirements," says Perham.
As the first Australian bank powered by a cloud-based core banking system, Macquarie has also unlocked faster processing speeds and a faster online account-opening experience. Customers can open an account online, or via Macquarie's mobile banking app, within minutes.
For many Australians, however, managing spare cash is just one side of the household finance equation. Getting great value on a home loan is also a key consideration.
"For our home loan customers, we prioritise clarity in rates and fees, ensuring that there are no hidden surprises," says Perham.
"Whether our customers prefer fixed rates for predictability, variable rates for flexibility, or offset accounts to reduce their interest payments, we offer a range of options to meet their needs."
Perham adds: "We know that households are closely monitoring rate changes, so to make the process simpler, we automatically adjust the minimum monthly mortgage repayments for our variable home loan customers using direct debit. This means when we make changes to our rates, there's no need to call or go online to request repayment changes."
With the rise of scams and fraud, Macquarie Bank understands that security is a top priority for customers.
Perham explains: "That's why we introduced Macquarie Authenticator, our market-leading digital security app." It sends detailed alerts directly to a customer's device, allowing them to approve account activity in real-time, 24/7.
The upshot, according to Perham is that "our customers can be confident that any request was initiated by them, and they can approve or deny the request in real-time". The response to Macquarie Authenticator has been overwhelmingly positive, says Perham, with more than one million Macquarie customers now using the app to verify more than one million collective actions on their accounts each month.
Why they won
Savings accounts with no strings attached and home loans that tick the box for value.
Top products
An interest-bearing everyday account, savings accounts with high, no-strings-attached rates, and the power of digital technology.
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