|Savings account||Yes (invite only)|
Alex.Bank or more informally, Alex, is an online lender and one of Australia’s newest digital banking players.
Founded in 2018 with headquarters in Brisbane, Alex has a pretty simple philosophy: build a digital bank which offers straightforward products while keeping things as down to earth as possible (hence the name).
And guess what? Alex.Bank hit the road running. It launched a personal loan in July 2020 and in July 2021 it was granted a restricted authorised deposit-tasking institution (R-ADI) licence by APRA. Just 18 months later, it received its full licence.
That means Alex can offer deposit products like bank accounts and savings accounts. Right now, its savings account is in limited release and available through invite only, but you can register your interest online.
Alex.Bank Personal Loan
|Fixed interest rate||From 11.99% p.a. (11.99% p.a. comparison rate*)|
|Borrowing amount||$2,100 - $30,000|
|Fees||No upfront, ongoing, or early repayment fees|
Alex have kept to their motto of keeping things simple with the Alex.Bank Personal Loan. Borrowers can apply for an unsecured loan between $2,100 and $30,000 over a one to five year period which can be used for everything from purchasing a car to paying for a holiday.
The interest rate you’ll be able to receive is based on your credit history, financial circumstances, the amount you intend to borrow, and the length of time you intend to have the loan.
According to Alex, borrowers can apply for the loan online with zero paperwork in just three minutes.
Alex.Bank Savings Account
The Alex.Bank savings account isn't widely available at the moment, but if you've received an invitation you can access a competitive 4.15% interest rate on your savings. There are no upfront or ongoing fees, and you won't have to jump through any hoops to receive the maximum rate.
Alex.Bank's app is available on both Apple and Android phones.
Looking for a personal loan with a competitive rate and relatively simple online application process? Alex could tick all the boxes in this department, especially for borrowers with good credit history.
However, if you're searching for a new bank to call home, Alex probably can’t fill that role quite yet. While they’re on their way to building a digital bank, Alex doesn't have the full range of products you may want from a bank such as bank accounts or home loans. Watch this space though.
Like the sound of the Alex personal loan? You’ll be able to start an application via the alex.com.au website in the link below. That's where you’ll also be able to keep track of any other product announcements in the future.