Digital Bank Guide

The Best Digital Banks in Australia

September 16, 2021

Digital banking is catching on due to the simplicity, convenience, and ease of use it offers. The banking industry has also embraced the digital revolution. Mobile banks or neo banks are popular in Australia, with better digital technologies. 

Commonly called challenger banks or neo banks, they have no branches and are completely digital. Moreover, they offer 24/7 support, great service, and multiple security features. Let us take a look at some of the best Aussie neo banks, their features, and pricing.

What are the best Digital banks in Australia?

UP

Up is undoubtedly a leader in the digital banking space. The complete financial package they offer for a reasonable price makes it a great option for those looking to manage an account from their mobile devices.

Features

  • It features a Money Insights section that tracks your spending and offers useful insights into where you spend most money and where you can save. This is shown with weekly notifications, merchant ID, and time and location stamps.
  • The Naked Truth section offers insights into your spending habits and provides access to a detailed spending history.
  • You can use Multiple savings accounts that can be customised with names and emojis of your choice.
  • This account includes a free card, unlimited ATM withdrawals, and foreign currency spending. 

Pricing

 

Banking Account

The banking account has $0 account fees, and offers 0% fees for foreign transactions. Overseas ATM fees are $0 as well, and all there is no ATM fee for any of the major banks.

Saver Account

For a savings account, there are 0% interest fees and a maximum interest rate of 0.70%. With $0 account fees, and international money transfers, Up’s platform is definitely attractive to customers.

Pros 

  • Zero fees
  • Mobile payment options with the Osko platform
  • No additional costs overseas
  • International money transfer options
  • Easy signing-up process

Cons

  • Does not offer options like home loans, credit cards, or term deposits
  • No phone banking or branch access

UP Overview

Up bank was formed by Grant Thomas and Dominic Pym. It is a collaboration between Bendigo bank, a licensed bank, and the Australian tech company Ferocia. This Australian banking firm was founded in 2017 and is currently based out of Melbourne, Victoria, Australia. It was the first Australian bank that offered instant Apple Pay support. Up also won the “Exceptional Everyday Account” and “Regular Savers” awards from Mozo’s annual Expert Choice Deposit Awards. By February 2020, they had gained 185,000 customers.

Up has quickly risen to fame as one of the best Aussie Neo Banks, with a loyal customer base and extremely attractive pricing. With spending limits, bill payments, and a holistic financial package, Up offers a relaxed banking experience.

 

Customer Reviews

As we like to do, we had a look over TrustPilot to see what other folks thought of Monese and you can be sure you’ll be in happy company if you choose a Monese account. Out of 13,518 people they gave Monese an ‘Excellent’ 4.4 stars.

Digital banking is catching on due to the simplicity, convenience, and ease of use it offers. The banking industry has also embraced the digital revolution. Mobile banks or neo banks are popular in Australia, with better digital technologies. 

Commonly called challenger banks or neo banks, they have no branches and are completely digital. Moreover, they offer 24/7 support, great service, and multiple security features. Let us take a look at some of the best Aussie neo banks, their features, and pricing.

Revolut

Up is undoubtedly a leader in the digital banking space. The complete financial package they offer for a reasonable price makes it a great option for those looking to manage an account from their mobile devices.

Features

  • It features a Money Insights section that tracks your spending and offers useful insights into where you spend most money and where you can save. This is shown with weekly notifications, merchant ID, and time and location stamps.
  • The Naked Truth section offers insights into your spending habits and provides access to a detailed spending history.
  • You can use Multiple savings accounts that can be customised with names and emojis of your choice.
  • This account includes a free card, unlimited ATM withdrawals, and foreign currency spending. 

Pricing

 

Banking Account

The banking account has $0 account fees, and offers 0% fees for foreign transactions. Overseas ATM fees are $0 as well, and all there is no ATM fee for any of the major banks.

Saver Account

For a savings account, there are 0% interest fees and a maximum interest rate of 0.70%. With $0 account fees, and international money transfers, Up’s platform is definitely attractive to customers.

Pros 

  • Zero fees
  • Mobile payment options with the Osko platform
  • No additional costs overseas
  • International money transfer options
  • Easy signing-up process

Cons

  • Does not offer options like home loans, credit cards, or term deposits
  • No phone banking or branch access

UP Overview

Up bank was formed by Grant Thomas and Dominic Pym. It is a collaboration between Bendigo bank, a licensed bank, and the Australian tech company Ferocia. This Australian banking firm was founded in 2017 and is currently based out of Melbourne, Victoria, Australia. It was the first Australian bank that offered instant Apple Pay support. Up also won the “Exceptional Everyday Account” and “Regular Savers” awards from Mozo’s annual Expert Choice Deposit Awards. By February 2020, they had gained 185,000 customers.

Up has quickly risen to fame as one of the best Aussie Neo Banks, with a loyal customer base and extremely attractive pricing. With spending limits, bill payments, and a holistic financial package, Up offers a relaxed banking experience.

 

Customer Reviews

As we like to do, we had a look over TrustPilot to see what other folks thought of Monese and you can be sure you’ll be in happy company if you choose a Monese account. Out of 13,518 people they gave Monese an ‘Excellent’ 4.4 stars.

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