886400

G’day! If you’re looking for the best online banks in Australia – meaning no branches, app-based banking, and decent interest rates – you’ve actually got some solid options now. A bunch of the flashy pure neobanks (like Volt and Xinja) closed down, so the “online banks” that people actually use are mostly the digital arms of established banks, plus one or two app-first players backed by bigger banks.

Here are the ones worth considering in Australia right now:

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1. UBank (part of NAB) – best for high interest savings

UBank is basically the rebadged 86400 platform, and it’s one of the most popular “online-only” banks in the country.

• No monthly account keeping fees
• Competitive ongoing savings rate on the UBank Save account
• Multiple sub-accounts for saving goals
• Great app, easy to use
• FSCS protection via NAB

Why people use it: It’s simple, reliable, and has one of the highest ongoing savings rates without many hoops.

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2. ING – best for everyday banking + fee-free ATM access

ING doesn’t have branches, so it behaves like an online bank, but it’s been around for decades and has a massive customer base in Australia.

The combo people use:

• ING Orange Everyday transaction account
• ING Savings Maximiser for interest

Key perks:

• No monthly fees
• Fee-free ATM withdrawals everywhere in Australia if you deposit $1,000+ per month and make card purchases
• Attractive savings bonus rate if you meet simple conditions
• Apple Pay / Google Pay
• Great overseas card rates

Why people use it: If you want a workhorse everyday account that gives you almost no fees anywhere, ING is a fan favourite.

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3. Up Bank – best for app experience & budgeting

Up is an app-first online bank backed by Bendigo & Adelaide Bank, so your money is safe under an authorised deposit-taking institution.

• No monthly fees
• Real-time notifications with a modern, friendly app
• Great budgeting tools, round-ups, and “Savers” wallets
• “Up Pay” for splitting bills
• 2-day early pay for some wages

Why people use it: If you’re under 35 or just love a slick app, Up is the banking experience people actually enjoy. It doesn’t always have the highest savings rate, but it’s very popular.

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4. Macquarie Bank – best for savings + flexible features

Macquarie is technically one of Australia’s largest banks, but it operates mostly online/digitally with no traditional branch network.

• No monthly fees across their accounts
• High ongoing savings rate on the Macquarie Savings Account
• Transaction accounts with Visa debit, Apple Pay, Google Pay
• Great app, and customer service is well-regarded
• You can open multiple savings accounts easily, and they allow instant transfers between them

Why people use it: It’s well-suited to people who want a secure, “big bank” but don’t want to step into a branch. Their savings rates are consistently strong with no penalty if you withdraw money.

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Quick summary – who should you pick?

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A quick heads-up

A few years ago there were true “neobanks” like Volt, Xinja and 86400, but they either shut down or got bought out. That means today’s “online banks” are mostly products from the big, established players, just delivered 100% online. That’s actually a good thing – your money is protected by the Australian Government’s deposit guarantee, and you get the modern app experience without the risk of the bank disappearing.

If you want to be really picky, a lot of people also run a traditional bank account (like CommBank or Westpac) alongside an online bank for salary/ATM deposits, but honestly, most everyday needs are covered by the options above.

Hope that helps! Have a crack at one and see if it fits your bark. 🐨