Online banks in Australia

Most banks today operate primarily online, with access to your accounts via Internet banking and a mobile app.

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Shirley Liu

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Key takeaways

  • These days, most of our regular banking transactions can be carried out online without ever needing to visit a physical bank branch.
  • Some banks, like ING and Ubank, operate entirely online with no access to bank branches.
  • The Big Four banks still have bank branches around Australia, however these are starting to close down.

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What is an online-only bank?

As the name suggests, online-only banks are operated entirely online. This means that you can apply for and manage your bank accounts over the internet via your computer or mobile, or even take out a home loan 100% digitally.

With no branches to operate, online-only banks have fewer overhead expenses to manage. For example, they have fewer staff to pay and don’t have to pay leasing costs on each of their branches. In theory, this reduction in ongoing expenses allows an online-only bank to pass on those savings to customers by charging fewer fees, offering lower home loan interest rates and providing better products than brick-and-mortar banks.

Some online-only banks specialise in offering savings and transaction accounts, while others also offer credit cards and home loans.

Pros and cons of an online bank

Pros

  • Easy, 24/7 access. You can access your account 24/7 via the mobile app or Internet banking platform.
  • Apply online. You can open a new account entirely online, without needing to visit a physical branch.
  • Competitive offers. Online banks tend to offer products with great rates and low fees.
  • Instant access. You can open a bank account and start making transactions instantly via the digital debit card.
  • Live chat. A lot of banks these days provide a live chat feature to speak to customer service via the app, even outside of working hours.

Cons

  • Customer service. Sometimes you might prefer to speak face-to-face with a person about your banking, which isn't available with an online bank.
  • Phone wait times. If you need to call customer service, there can often be long wait times to speak with someone.
  • No ATMs. Many 100% online banks also don't have any ATMs.
Alison Banney's headshot

"One of the most common concerns people have with online banks is how to withdraw and deposit cash if there are no bank branches. The good news is that you can do this via Australia Post via Bank@Post.

If you do handle cash a lot (for example you're regularly paid in cash), just be sure to check if your bank chanrges any transaction fees for cash deposits via Australia Post."

Editorial Manager, Money

What's the best online bank?

The 2026 Finder Customer Satisfaction Awards found that online bank Up had the best banking app.

Most Loved Banking App: Up

Most Loved Banking App badge

Up bank has been named the most loved banking app this year by customers. With digital tools and features to help you budget and track your spending, customers scored the brand 4.48 out of 5 for this category.

Top 5 bank accounts for customer satisfaction in 2025

The Finder Customer Satisfaction Awards ask Australians which brands and products they trust and love the most. For the bank account satisfaction awards, we surveyed hundreds of Australians to rate their bank accounts. Three out of the top 5 banks are completely online banks: Up, ING and Ubank.

BankOverall satisfactionTrustworthy/reliable
Up★★★★★ 4.63/597%
Picture not described★★★★★ 4.48/5100%
Picture not described★★★★★ 4.39/591%
Picture not described★★★★★ 4.31/597%
Picture not described★★★★★ 4.23/591%

How to choose an online-only bank

There’s a wide range of factors you need to consider when comparing the online-only banks in Australia. Make sure to consider:

  • The products and services they offer. The products and online-only bank offers will obviously have a big bearing on whether or not it’s the right bank for you. For example, if you want to grow your savings through a high-interest online savings account, you may need to choose a different bank to a customer who is looking for a no-frills online home loan. Research the individual products and services each bank offers and then compare them side by side to see how they stack up against one another.
  • Fees and interest rates. As we touched on above, one of the main advantages of an online-only bank is the discounts and savings they are able to offer. With this in mind, look closely at how the fees and interest rates compare to the competition. Is their variable home loan rate competitively low? Do they offer a great interest rate on their online savings account? Are there any hidden fees and charges that could hurt your bank balance?
  • Terms and conditions. It’s always worthwhile to check whether there are any terms and conditions attached to an online-only bank account. For example, in order to open a high-interest online savings account, are you required to open a linked transaction account with the same bank?
  • Their online and mobile banking platforms. If you’re going to be carrying out all of your banking transactions via your computer, mobile phone or tablet, it’s important that the bank’s online and mobile banking platforms are easy to use. Check out reviews of each bank’s offerings and if possible, try them out for yourself before you make a choice about the right bank for you.
  • Supported devices. It’s also a good idea to make sure you can easily access your bank’s app or internet banking portal via your phone, tablet and computer. Any unexpected compatibility issues can be a huge inconvenience.
  • Their reputation. As online-only banking is still a relatively new sector of the industry, it’s important to be sure you end up choosing a bank you can trust. Research how long each bank has been in business, who they’re backed by, and whether or not they have established a good record of always meeting their customers’ expectations.
  • Their customer service. Another important issue to consider is the quality of the customer service a bank offers. Because you can’t just walk into a branch and ask for help, you need to know that you will easily be able to access the support you need whenever you need it. Look for phone, email and live online chat support, including the hours during which they are available, plus it’s also helpful if the bank has a detailed online help centre.

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio

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2 Responses

    Carrol Longest's avatar
    CarrolAugust 26, 2024

    Is CrysTrust Online a legitimate online bank in Australia? Thank you.

      Angus Kidman's headshotFinder
      AngusSeptember 16, 2024Finder

      CrysTrust is not on APRA’s list on authorised deposit-taking institutions, lists a 2011 copyright date and includes references to Zelle, which is a US-only product – so it doesn’t seem to have any actual operations in Australia.

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