Macquarie Bank has gained an extra $19 bln in household deposits over and above the market growth of +10.5%. And no rival seems to be able to do anything about their momentum

Even though their main rivals are stepping up to respond, Macquarie's drive to build its household deposit base is retaining its impressive momentum.

The latest APRA ADI stats for October confirm that.

They have grown their household deposit base by another +$3.4 bln in October. That was only bested by Commbank's +$5.6 bln and Westpac's +$3.9 bln.

However, the gains by Commbank and Westpac only held their position stable, a rise from $442.2 bln for Commbank and from $343.8 bln for Westpac. Macbank's share rose notably because it rose in the month from only $91.7 bln. 

The shift over the past three months emphases the Macquarie gains, up +$9.4 bln from $87.2. That is remarkable because it beats every bank but Commbank. Twenty three percent - nearly a quarter - of the three month gains went to Macbank, far exceeding its 5.2% share of all household deposits in July. It has raised that share to 5.7% by October and that is a very fast rise in this very big pool.

Their rise isn't at the expense of Commbank. Rather, those giving up share are ANZ, NAB in a minor way, and there is significant share losses for all the challenger banks.

And it isn't as though Macquarie's rivals are unaware of what is going on. They are responding it their own way. Challengers like BOQ, Bendigo, HSBC, ING and Suncorp are at the short end of Macquarie's appetite. They have all responded with enhanced interest rate offers, but the effect for them hasn't yet kicked in. They are still losing share.

And the problem for ANZ is worse than it seems. Recently acquiring Suncorp means both are victims of Macbank's ambitions, so they are getting a double hit. Overall household deposits rose +2.5% in the three months to October. But ANZ rose only +1.3% and Suncorp only +1.6%. This is serious chain-dragging.

Macquarie's household deposit drive is remaking the landscape in this segment. Over the past year it's share has risen from 4.5% to 5.7% at a time overall deposits rose +10.4%. That is a real gain of +$19 bln over system.

Macquarie has everyone's attention, but so far the best anyone can do is hold their own. Most are still losing out to them.