Macquarie Group Ltd (ASX:MQG) approaches 52-week high as it seeks deposits and faces margin pressure

SYDNEY, July 17, 2026, 09:06 AEST

• The ASX cash market stayed in pre-open. Macquarie’s most recent close was A$256.73.
• Macquarie Bank’s latest 12-month deposit rate stands at 5.20%, while top rates from leading banks are between 5.25% and 5.30%.
• Macquarie will hold its annual general meeting on July 23.

Macquarie Group Ltd is experimenting to see if digital convenience can expand retail funding, even while its 12-month product is priced five to 10 basis points below the headline rates offered by major banks.

This forms the main investor test. Macquarie needs to attract balances by designing appealing products, rather than relying solely on pricing. Achieving this would broaden funding sources and help contain margin pressures.

Shares closed Thursday at A$256.73, slipping 0.55%. They climbed as high as A$260.57 during the session, marking a 52-week peak.

Macquarie climbed 1.8% during the five sessions to Thursday. The S&P/ASX 200 (INDEXASX:XJO) advanced roughly 0.9% in that span.

Macquarie’s digital product provides terms ranging from three months to one year, with a minimum investment requirement of A$25,000. The 5.20% one-year interest rate is valid for deposits up to A$1 million.

On Friday morning, published 12-month rates were as follows:

Macquarie consequently concedes five to 10 basis points. Its minimum balance requirement is also five times greater. The structure indicates a focus on a product-led acquisition approach.

Macquarie had around A$4 billion in term deposits—equivalent to 3.5% of its household deposits—the Australian Financial Review said this week. This provides significant flexibility to adjust its funding mix.

Over one year, applying 10 basis points to that balance amounts to about A$4 million. This reflects pricing sensitivity, not company guidance.

Customers are required to maintain a linked Macquarie transaction or savings account. This stipulation could strengthen ongoing customer ties. Still, the product matures and does not automatically renew. As a result, retaining customers may be more challenging.

Banking and Financial Services accounted for A$1.61 billion toward earnings in fiscal 2026, an increase of 17%. Macquarie noted that tighter margins, caused by competition in deposits and lending, partly offset gains.

“Our goal is to bring that same offering to the term deposit sector,” Macquarie Bank’s head of deposits and payments, Olivia McArdle, said. Macquarie

The stock ended Thursday trading at nearly 20.1 times its reported fiscal 2026 earnings per share of A$12.77, a valuation that offers limited buffer for sluggish deposit inflows or additional margin decline.

Macquarie’s AGM is scheduled for 10:30 AEST on July 23, with proxy voting closing on July 21. Investors are expected to focus on updates related to deposits, margins, and trading.

Risks: Published deposit rates may fluctuate. Intensifying competition may put pressure on banking margins. Macquarie additionally highlights global factors, market volatility, geopolitics, as well as tax and regulatory issues as near-term uncertainties.

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