May 28, 2026 – 12.07pmSome $370 billion sitting in low or zero-interest customer accounts has long been the bedrock of the big four banks’ funding and profit growth, but the model is under growing pressure from Macquarie as it grabs market share with its increasingly popular no-strings-attached savings products.The implications are potentially huge. The big banks could face a hit to earnings of up to 40 per cent if they move to compete with Macquarie and other lenders by increasing their interest payments, in a worst-case scenario modelled by investment bank UBS.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Macquarie could halt the big four’s $370b lazy deposit gravy train
Customers are wising up to the major banks’ bonus saver accounts, which require them to meet certain conditions to earn a higher interest rate.
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