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Banking

Australia — Banking: Online Banks

Australia has an active digital-only banking ('neobank') sector alongside the traditional Big Four's own online/mobile banking. The most prominent digital-only banks are Up (owned by Bendigo and Adelaide Bank), ubank (owned by NAB, which absorbed the earlier neobank 86 400), ANZ Plus, and Revolut. All digital-only banks operating as authorised deposit-taking institutions (ADIs) are covered by the same government deposit guarantee as traditional banks, up to AUD 250,000 per account holder per institution.

VerifiedMozo and Finder guides to Australian digital banks and neobanksLast reviewed: 2026-08-31

Key facts

  • Prominent Australian digital-only banks include Up (Bendigo and Adelaide Bank), ubank (NAB), ANZ Plus, and Revolut
  • 86 400 and Xinja were earlier neobanks; 86 400 was acquired by NAB and merged into ubank, while Xinja returned customer deposits and surrendered its banking licence in 2021 — a reminder that not all fintech-branded 'banks' survive
  • Digital banks that hold a full Authorised Deposit-taking Institution (ADI) licence are covered by the Australian Government's Financial Claims Scheme deposit guarantee (up to AUD 250,000 per account holder per institution), the same as traditional banks
  • The Big Four banks also offer full-featured mobile/online banking apps alongside branch access, so 'online banking' in Australia isn't limited to dedicated neobanks

Steps

  1. Opening an Online/Digital Bank Account — Digital banks typically require identification documents (passport or driver's licence), proof of address, and a tax file number (TFN) if available. Some digital banks restrict account opening to Australian residents or those with a local mobile number — check each provider's eligibility criteria before applying.
  2. Using Online Banking — Once an account is opened, users access banking services entirely through the provider's mobile app, including managing accounts, paying bills, transferring funds, and (for some) applying for savings products or loans.

Costs

  • Account maintenance fees: Most Australian digital banks (Up, ubank, ANZ Plus) charge no monthly account-keeping fees
  • International transaction fees: Varies by provider — Revolut and Wise-linked accounts typically offer lower international fees than traditional bank cards

Timelines

  • Processing time for online account applications: Often same-day to 1-2 business days for fully digital applications, once identity is verified

Required documents

  • Identification documents (e.g. passport, driver's licence)
  • Proof of address
  • Tax file number (TFN), where applicable

Common mistakes

  • Assuming all digital/online banks in Australia are covered by the government deposit guarantee — check that the provider holds a full ADI licence, not just a fintech partnership
  • Not checking residency or local mobile number requirements before applying, since some digital banks are not open to non-residents

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