Neobanks and money apps are the newest places to stash and manage your cash - but how do you choose between all the features and technology they have on offer?
Our handy comparison table lets you compare everything from the latest payment options and money management tools to rates and fees on neobank bank accounts, savings accounts and home loans - all in one place!
Mobile based account and card offering global spending, money transfers, and share trading.
The Revolut card is accepted globally wherever Visa is. Get the real interbank exchange rate on transactions, saving you money. The number of free ATM withdrawals and fee-free currency exchange depends on the pricing plan you choose.
Revolut’s app includes a built-in budgeting tool so you can track your spending or set up limits for things like grocery spending or nights out! Instant spending notifications also help you to keep track of your spending.
Revolut’s round-up feature siphons off your spare change to help you save for your goals. Full flexibility and control means you can choose to round up every transaction, set up a recurring payment or simply make one-off contributions.
About Revolut
Revolut launched in 2015 in Europe and in Australia in 2019. It has 30 million customers globally.
To learn more read our comprehensive Revolut review.
A platform that makes it easy for cross-border businesses to manage their finances and send money overseas.
You’ll be able to issue virtual or physical cards to your employees to cover business expenses around the world, plus manage those cards online with ease.
Whether you’re dealing with international customers, suppliers or staff, Airwallex says you can send money overseas and have it arrive in as little as one business day.
International card transactions are automatically converted at Airwallex’s market leading FX rates. Depending on the currency, Airwallex says you'll pay just 0.3% or 0.6% FX margin above the interbank exchange rate.
Founded by friends from the University of Melbourne, Airwallex offers a suite of APIs and a global account to help businesses manage payments no matter where they take place. When signing up, make sure to use your business email, not your personal one, so your application receives priority attention.
Putting a 21st century spin on everyday finance for kids.
Let your kids make purchases in-person and online or via Apple Pay with their very own, Spriggy Prepaid Visa Card. Control card balance top ups and view card transactions yourself, and let your kids customise their card with a number of unique designs.
Use the Spriggy app to receive real-time notifications of the purchases being made, alerts for insufficient card funds and freeze and unfreeze the card in-app with the touch of a button.
Introduce your kids to the idea of saving by helping them set up custom savings goals in-app, complete with visuals. Kids can add money towards their goals, track their progress and only access the funds once the goal is completed.
Founded in 2015, Sydney-based Spriggy is on a mission to help kids start building positive everyday money habits from day one. Since launch, Spriggy has welcomed over 300,000 members.
At the moment Spriggy has an exciting no annual fee offer for the first year. For a limited time only you could get your first year of Spriggy paid for by NAB when you sign up and connect an eligible NAB account or debit card by 31 December 2022 for up to 4 children (T&Cs apply).
To learn more check out our comprehensive Spriggy review.
An Australian superapp designed for easier money management and payment processing.
Bano's Visa card is a prepaid card that offers up to 1.8% cashback on all of your purchases. You can opt for digital and physical cards, and if you opt for the physical, in-app customisation is available.
Split the bill with ease in the Bano app by sending, requesting and receiving money amongst friends. If you and your friends all use the Bano bill-splitting option for your transaction, you may be eligible to receive up to 20% cashback.
Send and receive money across 37 currencies (and growing!), with links to banks in 180 countries. Currency conversions are only subject to the applicable exchange rate, and you are able to carry multiple currencies at once - which could make this a great choice for travel.
Bano is an Australian "super app" fintech, combining your payment and money management needs into one place.
To find out more, read our full Bano review.
A digital spin on pocket money and spending for Aussie kids.
Allow your kids to make their own purchases in-person or online with a customisable Prepaid Mastercard or wearable band, both of which can be topped up by parents through the ZAAP mobile app.
Have full visibility of your kids' transactions and their card balance with the Parent Wallet in the ZAAP app. Transfer money instantly from the Parent Wallet to the Child Account if needed, or set up recurring transfers for pocket money each week.
Create a savings goal and help your kids hit their target with one-off payments or scheduled transfers into the dedicated Savings Wallet in the ZAAP app.
About ZAAP
Launched in 2019, ZAAP is one of the first Australian fintechs to create a purpose-built money tool for Australian kids and parents. To find out more check out our comprehensive ZAAP review.
Organise your money effortlessly. Earn interest on your savings. Sign up in under 3 minutes.
No monthly fees and earn up to 4.35% p.a. interest when you make 5 purchases per month with your Up or 2Up debit card, Apple Pay, Google Pay, or other digital wallets. Make unlimited withdrawals and transactions. Savings round-up functionality to help you save for your goals. Plus voice banking with Siri to check balances or transfer funds.
Built-in budgeting including: weekly spending notifications, time and location stamps so that you can track where and when you spend your money, optional account balance notifications with each transaction.
Up cards work around the world, pay no international purchase fees or overseas ATM withdrawal fees, get great exchange rates and instant purchase notifications in AUD.
Founded in 2017, Up now has over 300,000 Australian customers. Up is backed by Bendigo and Adelaide Bank in banking, and Mastercard in payments. Deposits provided through the Up apps are protected by the Financial Claims Scheme, up to $250,000 per person.
To learn more read our comprehensive Up Bank review.
Simple online lending at your fingertips from one of Australia’s emerging fintechs.
Upgrade your car or renovate your kitchen with an Alex Personal Loan. Borrow up to $30,000 with rates starting from 11.99% (11.99% comparison rate*) and no ongoing fees. 1 to 5 year loan terms available.
Why walk into a branch when you can apply for a loan at home, on your smartphone or laptop? Alex has even streamlined the application process so you can be done in as little as three minutes.
Alex Bank also offers a savings account, though this is currently in limited release and available via invite only. If you're interested, you can put your name on the waiting list to receive updates.
Alex is an online lender and neobank. Founded in 2018 and based in Brisbane, Alex offers personal loan and savings products that are light on fees and quick to sign up for.
Like to learn more? Check out our full Alex review.
Australia’s first SME-focused challenger bank offering business loans as well as personal term deposits.
Earn up to 5.20% p.a for a 5-year term. Minimum $1000 deposit. 0.10% loyalty bonus on top of standard annual rate if you reinvest your balance in another term deposit once it's reached maturity. Deposits up to $250,000 covered under govt financial claims scheme. 3 month to 5 year terms available.
Judo provides business lending solutions for small to medium-sized businesses. Borrow from $250,000. Equipment loans, finance lease, business and line of credit loans.
As a Judo Bank customer you’ll get your own dedicated business banker who gets to know you and the funding needs of your business.
Built to be fast and nimble, Judo Bank is Australia’s first SME-focussed challenger bank. Founded in 2016 and headquartered in Melbourne, it now employs over 140 people.
To learn more, read our comprehensive Judo Bank review.
100% mobile, no fees and money management and insights at your fingertips.
Be one of the first 10,000 users to sign up and you’ll lock in exclusive benefits for the life of your account. Perks include early access to new features and updates, a limited issue Hay Card and much more.
No foreign exchange fees, no international transaction fees and up to $500 fee free international ATM withdrawals per month. Hay’s app unique travel mode automatically detects when you head overseas and gives you crystal clear insights of how your account balance is tracking in local currencies.
From real time spending notifications to monthly summaries that show you how much you’ve spent, where and what on, Hay’s simple interface turns your day-to-day spending into useful visualised insights that help you to stay in control of your money.
Founded in 2018, Hay is a Sydney-based fintech on the verge of getting its Restricted Authorised Deposit-taking Institution (RADI) Licence which would put it on the path to becoming a fully-fledged Australian bank. Hay's waitlist is open now, so early adopters can sign up to become a founding member and one of the first to get access to the prepaid card, account and Hay app.
To learn more, read our comprehensive Hay review.
A smart bank account helping you be financially healthy.
Whether its paying bills or travelling across the globe, Douugh helps you to manage payments, get visibility of where and how much you’re spending. The Douugh Mastercard debit can be used around the world and is Apple Pay enabled.
From spending insights to automated savings jars to help you reach your money goals, Douugh’s money assistant, Sophie, will make it easy for you to track and take the stress out of managing your money.
Set spending targets per category. Get real time alerts to help you stay focussed on your goals.
About Douugh
Douugh’s mission is to create a financially healthier world. It was founded in 2016, by the co-founder of Australia’s first peer-to-peer lender, Society One.
To learn more, read our comprehensive Douugh review.
Travel the globe with a Pelikin prepaid card. Track your spending via the smart money app. Sign up in as little as 3 minutes.
Use the Pelikin card in over 200 countries around the world, hold up to 5 currencies, no overseas ATM fees when you withdraw over $200 AUD. No minimum load amounts or load fees. Global in-app chat support.
The Pelikin app tracks your spending in all currencies. Get instant spend notifications so that you can keep track of your account balance.
Split bill function and in-app instant transfers to pay friends and/or receive payments on the spot. Freeze and unfreeze your card if you lose it or find it again.
Pelikin is an app-based fintech from Melbourne with a goal of changing the way that Australian travellers manage their money while overseas. The Pelikin travel card is issued by Heritage Bank.
To learn more, read our comprehensive Pelikin review.
App and prepaid card tailored for student spending and saving across campus.
The QPay prepaid Mastercard can be used wherever Mastercard is accepted. Pay no account fees. Tap and go with purchases under $100.
With each tap or swipe you’ll get cash back rewards. Plus, weekly discounts and offers from QPay partners means you’ve always got an opportunity to save.
Stay on top of your spending and account balance with instant spending alerts.
QPay started out as a student payment app for students that helped them buy merchandise, event tickets and club memberships, and now has its sights set on becoming a banking alternative for millennials.
A kid-first app that aims to give young Australians more ownership over their money.
Set daily limits, block specific merchants, and receive real-time notifications each time your child uses their card.
Kids can create ‘Stacks’ to help them achieve their savings goals. Multiple Stacks can be created, and you’ll be able to transfer money between each.
Set up a ‘PayDay’ for your child to motivate them when completing chores, like helping out with the weekly grocery shop or taking clothes off the line.
About Kit
Built by x15ventures, which is owned by Commonwealth Bank, the Kit app is packed with tools to help kids visualise their finances, set and achieve goals, and embrace mindful money habits.
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You’ve heard of online banks, major banks and perhaps even customer-owned banks, but now it’s time to meet the new generation of neobanks and money apps. And no, neobank is not just another buzzword, because neobanks and money apps are real banking and money management alternatives that have flourished overseas and are already doing the same in Australia.
So whether you’re an innovation lover or you’re just on the hunt for a banking alternative, keep reading as we answer some of the most common questions about neobanks and money apps, including the Australian players you’ll want to know about, the features they offer and just how they’re different from their traditional bank counterparts.
Neo bank. It’s as simple as breaking down the word: ‘neo’ (meaning new) and ‘bank’… well, we can let you guess that one. So when we talk about neo banks, or more commonly neobanks, we’re really just talking about the newest types of banks!
What really sets neobanks apart from traditional banks though? The technology their banking platforms are built upon and the new and exciting innovations they offer their customers.
After all, neobanks still offer products like bank accounts, saving accounts and even home loans, and they still have the same levels of security and licencing restrictions of traditional banks - meaning your money and your details are just as secure.
Unlike many existing banks though, neobanks have developed their own fully-digital platforms to run on - platforms that aren’t just digital versions of existing banking systems. That means that neobanks are operated 100% digitally without the need for physical infrastructure like branches.
But the most exciting part about neobanks are the in-built technology features! From the ability to pay or withdraw money with virtual cards to setting budgets and managing money all in one app, neobanks are really trying to make banking smarter and more personal. Plus with reduced overheads, neobanks are also promising to offer more competitive rates and lower fees.
Did we mention that they’re mobile-focused? Customers will only be able to access neobanks online, and generally through a smartphone app, which will no doubt make them a seriously attractive alternative for millennials and tech-loving Aussies wanting to do their banking from the palm of their hand.
While neobanks are fully licenced and regulated banks that offer the kinds of deposit and loan products you might expect from any bank, credit union or mutual, money apps are a little bit different. That’s because there’s no neat bracket which money apps fit into because they’re all built to serve different needs!
Some money apps provide alternative travel money solutions for Aussie travellers with prepaid debit cards and apps which allow them to make purchases and split bills in multiple currencies, or to send money overseas for less.
Other apps are all about equipping Australians with the budgeting and tracking tools to give them a broader picture of their finances across multiple accounts, and even different banks and financial providers, to better help them budget and save.
But just like neobanks, money apps are designed to make paying, sending and managing money from a smartphone a more convenient reality.
When it comes to your money, especially your hard-earned savings, it’s completely normal to consider the reliability and credibility of a bank or any financial institution. But just like traditional Australian banks, neobanks are regulated by the same authorities - APRA and ASIC.
For example, neobank Up Bank’s bank accounts and savings accounts are issued through their partner Bendigo and Adelaide Bank (which is an Authorised Deposit-Taking Institution). This means that deposits up to $250,000 per person with Up Bank are protected by the Financial Claims Scheme (FCS) - exactly the same as any other bank in Australia.
The same is the case for deposits with neobanks like Volt Bank and 86 400 (when they launch). But instead of finding an existing bank to partner with like Up has done with Bendigo and Adelaide Bank, these neobanks have decided to obtain ADI licences of their own.
Money apps and fintechs are regulated slightly differently, but they are still required to have an Australian financial services licence (ASFL) or to partner with someone who does have one in order to offer products like prepaid debit cards.
As we mentioned above, the main difference between neobanks and money apps and their more traditional counterparts is the design of the platforms they run on, but more excitingly, the innovative features and tools they are actually offering (and will offer in the future).
One of the major selling points neobanks and money apps are spruiking is their ability to provide users with more detailed data, spending insights and comprehensive saving tools. This is all part of a push towards more personalised banking and providing users with the tools and information to improve their financial health. They include:
Neobanks are really targeting millennial and tech-savvy Australians, so it just makes sense that they’re offering integration between their mobile apps and the latest smartphone technology including:
In addition to accommodating the latest smartphone technology, neobanks are also giving customers access to the latest payment options.
Another feature neobanks and money apps are really pushing is making their cards and accounts as travel-friendly as possible, because (surprise, surprise) Aussies love to travel. Some of these features include:
There are certainly similarities between Australian digital banks or online only banks like ING, ME, or UBank and neobanks - namely that both are based entirely online and both tend to put more emphasis on creating innovative tools and providing greater insights for their users.
But many online banks are just digital versions of their traditional bank counterparts. That’s meant that internet banking platforms and mobile apps developed by some online banks have been designed as digital versions of existing physical platforms, rather than made for a new generation of mobile and online-savvy consumers.
Just like traditional banks, neobanks and money apps use the latest technology to keep their apps (and your money) secure, including with fraud monitoring systems. But there are always steps you can take to make your own smartphone secure, such as setting up strong passwords or biometric security options on your device and on the apps themselves.
Yes! While neobanks and some money apps are giving their customers the chance to use the latest digital payment options like Apple, Google and Samsung Pay, most (if not all) are also offering physical debit or prepaid debit cards. That means that you’ll still be able to make over the counter purchases with a physical card or withdraw cash with one from an ATM.
Speaking of cards, money app and neobank customers will also be able to use their debit cards, prepaid debit cards and, down the track, credit cards overseas. In fact, many Australian neobanks have made travel-friendly card features a major selling point by offering perks like 0% international transaction fees and even free overseas ATM withdrawals to Aussie travellers.
Given that users will only be able to access many neobanks through their respective apps, losing or breaking a smartphone could mean losing access to your bank account and means of payment. Of course, you could always use the physical neobank or money app debit or prepaid card which can be used to withdraw cash and pay for things online and over the counter, but that might not be much use if you choose to block your account after losing your smartphone.
If you do happen to lose your phone and you’re worried about your account security, most neobanks have a dedicated phone number which you can call for lost or stolen cards and phones.
Neobanks may be operated 100% online or through an app, but you’ll still be able to withdraw cash using your respective neobank debit or prepaid debit card. Just remember to watch out for ATM withdrawal fees, as many neobanks don’t have dedicated ATM networks.
Found a neobank or money app that ticks all the boxes? Because neobanks and money apps are 100% digital, on of the most convenient benefits is being able to apply in-app! All you’ll need to do is download the respective neobank app from the Apple App Store or Google Play store, and sign up with a few simple bits of information like your date of birth, home address, phone number and some form of ID (such as a drivers licence, passport, or medicare card).
