Most of our regular banking transactions can be carried out online and in-app. Some banks are even 100% online banks. These banks don’t operate any branches and offer their products completely digitally, which gives them the opportunity to provide big discounts and savings to their customers.
However, almost all banks in Australia allow you to manage your account online via Internet banking or a mobile banking app.
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. In the case of home loan lenders, some providers employ mobile lenders who are able to meet with borrowers who prefer to have some face-to-face contact with their bank.
Here's a few of the most-popular online banks, with products and services offered via a mobile banking app.
| Bank | Products and services offered |
|---|---|
| ING | A division of ING Bank (Australia), ING offers everyday transaction accounts, savings accounts, term deposits, business savings accounts, commercial mortgage accounts, home loans, superannuation accounts, self-managed super funds (SMSF) cash accounts and SMSF term deposit accounts. |
| ME Bank | Owned by industry super funds, ME Bank offers transaction accounts, online savings accounts, term deposits, credit cards, personal loans, home loans, and business savings accounts and term deposits. |
| Ubank | A division of National Australia Bank, ubank offers home loans, savings accounts, combined savings and transaction accounts, term deposits and SMSF accounts. |
| Rabobank | The online-only arm of Holland’s RaboBank, Rabobank is a savings specialist and offers high-interest savings accounts, regular savings accounts, notice savings accounts, term deposits, and SMSF accounts. |
| 86 400 | Now owned by NAB, 86 400 is a bank built and operated entirely via a mobile app. It offers a bank account, savings account and home loan which you can apply for and manage online. |
| Up Bank | Up Bank is similar to 86 400 in that it's a digital bank built and operated via an app. It's now owned by Bendigo and Adelaide Bank, but still doesn't have any physical bank branches. |
There’s a wide range of factors you need to consider when comparing the online-only banks in Australia. Make sure to consider:
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