Meet Infinity, Queensland’s first neobank set to shake up Aussie banking
Yet another neobank is set to launch in Australia in 2020 and this one promises to shake things up with alternative product offerings for future customers.
Although there have been a string of neobanks launched in Sydney and Melbourne over the past 2 years, including Up, Xinja and 86 400, DayTek Capital’s ‘Infinity’ will be the first of its kind to be based in the Sunshine State.
And location isn’t the only thing different about this new neobank, as CEO Will Banks said, “As a low-cost bank, our mission is to disrupt incumbent banks, including other new neobanks, by offering unique and alternative banking products that are tailored to our customers’ financial situations and interests.”
RELATED ARTICLE: 86 400 out of the blocks as first Australian neobank to offer home loans
How is Infinity going to be different to other neobanks in Australia?
DayTek Capital is yet to specify exactly what Infinity will be offering to Australians in 2020, but it does promise to have unique products and services available to retail and SME businesses.
On top of these proposed revolutionary banking products, Infinity also intends to allow customers to have more choice when it comes to how their data is handled. So if you want to sign up to Infinity next year, the new neobank is keen to help you use your data to better manage your personal finances.
How does Infinity’s technology stack up?
Bar a glimpse of the transaction page, Infinity are yet to release detailed information about what features the neobank’s app will have and how it will work. So whether it will truly put the tech in fintech remains to be seen.
That said, DayTek Capital have said that the app will use biometric security and augmented identification, to provide customers with high-tech security for all their banking needs in these digital times.
When can I sign up to Infinity?
With the intention to launch in 2020, Infinity has already taken steps towards achieving a Restricted Authorised Deposit-Taking Institution Licence and aims to apply for a full Authorised Deposit-Taking Institution Licence next year.
So if you’re thinking about embracing the world of neobanks and digital banking in 2020, chances are you’ll be able to sign up to this Queensland-based startup before the end of next year.
Interested to learn more about neobanks? Why not head over to our dedicated neobanks section to read more about what other digital banks are now operating in Australia.
Compare bank accounts - last updated 19 March 2024
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Orange Everyday
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Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^
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- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
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Spend Account
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Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
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No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
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No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
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Mozo experts choice awards won:
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Everyday Options
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An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
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An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
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- Visa Debit
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Everyday Global Account
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Apple Pay, Google Wallet
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No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
- account fee
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- 0% p.a.
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- HSBC
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Mozo experts choice awards won:
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Carbon Insights Account
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0.01% p.a.
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
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An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, PayID, Google Pay
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $0.01: 0.01% p.a.
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