Alex Bank granted restricted banking licence

man-looking-at-alex-bank-personal-loan-on-computer

Alex Bank, also known as Alex, has become the latest Australian digital banking player to be approved by the Australian Prudential Regulation Authority (APRA) as a restricted authorised deposit-taking institution.

Announced last week, APRA’s decision means that Alex Bank will be able to conduct ‘limited banking business’ for up to two years under the restricted licence, and it’s a major step on the path to Alex becoming a fully-fledged digital bank

Founded in 2018, the independent Brisbane-based bank launched its first product - the Alex Person Loan - in July last year. 

Offering personalised rates fixed rates between 5.45% (5.45% comparison rate*) and 19.99% (19.99% comparison rate*) depending on a borrower's credit history, the Alex Personal Loan can be applied for entirely online and it (currently) doesn’t come with any establishment fee. 

Alex’s loan was also named Best New Loan Product by our expert judges in the 2021 Mozo Experts Choice Personal Loan Awards.

Going forward it appears that a savings account will be the first deposit account launched by the bank, though Alex states on its website that: “The timing will depend on how long it takes for us to be fully accredited as an ADI by APRA.” 

RELATED: What can we expect as non-major banks join the open banking party from July 1?

Interested in reading more about the latest digital banking and finance news? Keep up to date with our articles and guides on the Mozo fintech hub.

Compare personal loans - last updated 24 February 2024

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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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