ANZ Plus

Best Online Banks in Australia

Based on current market data, here are the online/digital banks Australians actually use and rate highly:

🏆 Top Picks

1. Up Bank — The most popular neobank in Australia right now The 2025 Finder Awards found that online bank Up had the best banking app, and Up bank has been named the most loved banking app this year by customers. Up Bank, backed by Bendigo Bank, has created one of the most innovative banking experiences available in Australia. It's known for slick budgeting tools, round-up savings, and a genuinely fun app experience — very popular with younger, tech-savvy Australians.

2. ING — Great all-rounder for savings + everyday banking ING has been a pioneer in the online banking space and continues to offer a solid experience, particularly through its Savings Maximiser account. It's a favourite for people who want high interest with minimal hoops to jump through, and Digital-first options like ING and Macquarie stand out for low fees, automation, and easy online access, making them ideal for tech‑savvy users who don't need branches. ING often runs sign-up bonuses too (e.g., ~$100 for meeting deposit/spend conditions).

3. Ubank — NAB-backed, no-fuss digital banking UBank is the digital division of NAB providing savings accounts and home loans with no monthly fees. Also confirmed: Neobanks like Ubank (NAB subsidiary) and ING offer competitive rates. Ubank is a solid choice if you want a simple, high-interest savings account without a mountain of conditions.

4. Macquarie Bank — Best for a full digital "everyday + savings" combo Popular for its no-fee transaction account paired with competitive savings rates. It sits alongside ING as a digital-first option that stands out for low fees, automation, and easy online access, and it's a common pick for people wanting one clean app to manage both spending and saving.

5. Hay — Straightforward digital wallet Hay is focused on providing users with a straightforward digital wallet experience. Simpler than the others, but a decent niche pick.

💱 For International Transfers / Multi-Currency Needs

Wise is the standout if you frequently send money overseas or need a multi-currency account: Wise specializes in international transfers and multi-currency accounts with competitive fees, supporting over 50 currencies with competitive exchange rates, transparent fees, and no monthly fees or hidden charges. The Wise card is regulated by Australian financial authorities, making it a trustworthy option for handling both domestic and international expenses securely.

Revolut is another option gaining traction: Originally from the UK, Revolut is a versatile fintech platform that offers banking, budgeting, and cryptocurrency services.

🏦 If You Want Digital Convenience with a Safety Net of Branches

If you're not fully ready to go branchless, the big banks now offer strong digital experiences too: major banks such as NAB, ANZ, and CommBank combine national branch coverage with strong apps, allowing customers to manage everything from home loans to everyday banking in one place.

A Few Practical Notes

• Safety: All these banks are APRA-regulated, and the Financial Claims Scheme (FCS) protects deposits up to AUD 250,000 per account holder per institution — so your money is protected the same way whether you're with Up, ING, or CommBank.
• What to compare: interest rate conditions (some require monthly deposits/purchases to unlock bonus rates — ING and Ubank both have variants of this), ATM fee rebates, and whether you need linked home loan/credit card products down the line.

My Recommendation

For most everyday

If you want the best online banks in Australia that people actually use, the short list is Up, ubank, ING, Macquarie, and ANZ Plus. For the most popular and well-regarded digital experience, Up and ubank are the standout online-first brands, while CommBank NetBank is often seen as the most feature-rich mainstream banking platform because of its huge customer base and app usage.

Here’s a practical pick list:

If you want the best overall online bank for most Australians, I’d point you to ubank or Up.
If you want the most widely used big-bank online platform, choose CommBank.
If you want the best app and budgeting experience, choose Up.
If you want a strong all-round digital bank with big-bank backing, choose ubank.

A few important notes:

• “Best” depends on whether you care more about app quality, savings interest, customer service, or brand trust.
• Some popular names in online banking are not full banks in the traditional sense; for example, Wise and Revolut are more useful for international spending and transfers than everyday Australian banking.
• If you prefer a bank with a physical branch network as backup, ING, Macquarie, ANZ Plus, and CommBank are often better fits than a pure neobank.

If you want, I can also give you a top 5 ranked by savings interest, app quality, or everyday transaction accounts.

Top online/digital banks (neobanks or digital-first options) that Australians actually use include Up, ING, ubank, and Macquarie. These stand out in recent 2026 reviews and awards for their apps, low or no fees, competitive interest rates, and strong customer satisfaction—especially for everyday banking, budgeting, and savings.

They operate primarily via apps with no (or very few) physical branches, support PayID/Osko instant payments, Apple Pay/Google Pay, and are backed by APRA-authorised deposit-taking institutions (so your deposits are protected up to $250k under the Financial Claims Scheme). Many Aussies have switched or use them alongside a Big Four account for better rates or features.

Here are the standout options based on recent comparisons from Finder, Mozo, Canstar, and user feedback:

• Up Bank (Up Everyday Account): Frequently tops customer satisfaction and "most loved" awards for its intuitive, feature-packed app with excellent budgeting tools, real-time spending insights, savings "pots," and gamified finance features. No monthly fees, strong user experience (especially popular with younger users), and backed by Bendigo & Adelaide Bank. Great if you want a modern, app-first experience that feels more like a fintech tool than traditional banking.

• ING (Orange Everyday + Savings Maximiser): A long-standing favourite for no-fee everyday banking (with simple conditions like minimum deposits or purchases for fee waivers) and competitive bonus interest rates on savings. It often wins for cashback perks (e.g., on utilities) and has solid customer satisfaction. Fully online, reliable app, and good for those wanting straightforward features with some rewards.

• ubank (Save Account and everyday options): Owned by NAB (after merging with 86 400), it offers competitive high-interest savings rates (often among the top ongoing rates) and a strong digital experience with good spending insights. Popular for savers looking for solid returns without complex conditions.

• Macquarie Bank (Transaction Account + Savings): Regularly wins "best overall" or Finder awards for transaction accounts due to zero monthly fees (no conditions), no international transaction fees, ATM fee refunds, and competitive interest. Excellent digital platform with strong real-time notifications and high customer satisfaction ratings for online-only banking. A top pick for fee-conscious users.

Quick Tips for Choosing

• Best app/experience — Start with Up.
• Savings rates + everyday — Compare ING or ubank (rates change, so check current bonus conditions like minimum monthly deposits).
• Lowest fees/no conditions — Macquarie often leads.
• Cashback/rewards — ING stands out.

Other mentions include ANZ Plus (digital offering from ANZ) and smaller players, but the above are the most commonly recommended and used. Traditional banks like CommBank have excellent apps too, but they're not purely online.

Rates, fees, and features can change, so compare directly on the banks' sites or comparison tools like Finder or Canstar, and consider your needs (e.g., travel FX fees, budgeting, or high savings balances). Always verify eligibility and read the PDS. If you're after international features, options like Wise or Revolut are popular supplements but not full Australian everyday banks.