February deposit flow analysis of APRA data shows one bank still hoovering up market share, and at an increasing rate. They raised their offer rates further today too

Regular readers will know that we watch the bank household deposit market closely.

It is large; more than $1.7 tln is parked in these accounts as at the end of February 2026, up +8.5% from the same month in 2025. That is an increase in household deposits of +$134.6 bln in a year, a honeypot for any aggressive competitor.

And there is one aggressive competitor who is gobbling up market share in an impressive manner.

And their success is growing.

That competitor is Macquarie Bank. 

They have built their success by hiring key managers from their main rivals, offering high interest rates for both savings and term deposits, and promoting those advantages aggressively - all without being required to keep extensive branch networks.

The latest February APRA data shows just how successful they have been. Macbank won +$2.35 bln of new business in February from January. That bested NAB's +$1.28 bln and Commbank's +$1.20 bln in the month.

For the year to February, Macbank won +$27.4 bln of new household deposits, toe-to-toe with Westpac's +$28.7 bln, NAB's +$16.9 bln, but behind Commbank's +$38.4 bln. But Macbank's performance is outstanding considering they started the year with only a 4.9% market share while Commbank started with a 26.4% market share. Most of Macbank's surge has come from August 2025.

There are losers. Among the big banks that is definitely ANZ who managed to barely hold the deposit book in February from January, and who have given up significant market share in the past year. If they had held their February 2025 market share, they would have had a household deposit book +$6.4 bln larger by February 2026.

Other significant losers have been AMP Bank, Bank of Queensland, and HSBC.

And things are likely to get worse for Macbank's rivals. Macquarie has raised their one year term deposit rate to 5.2% today (from 5.1%) for deposits under $1 mln, and to 5.05% for deposits over $1 mln.

This is forcing everyone else to respond or lose even more share. No bank wants to emulate ANZ and its worrying failures in this category. 

Responders today include Westpac who now have a 5.0% one year TD 'special', and a 5.1% two year 'special'. But these rates are less than from Macbank, so the best they will do is stop existing clients from moving. Even 5% rates won't win new clients attracted to high TD rates.

However, there are some banks with interest rate offers higher than even Macbank. Our monitoring shows Great Southern Bank with rate offers of 5.25% to 5.60% for term deposits on one year or longer. But that comes with Great Southern decidedly on the back foot, after shrinking market share in February. Qudos and Bank Australia are now up at 5.35% for one year. They are also under pressure from the big banks.