CommBank

As an Australian, I’d shortlist Macquarie, ING, Up, ubank, and CommBank. They’re the online/digital banking names that come up repeatedly because they combine usable apps, low fees, decent savings options, and real customer adoption.

Quick recommendation

My top picks

1. Macquarie Bank — best all-round online bank

Macquarie is the one I’d pick if you want a strong online bank without lots of monthly hoops. Its transaction account has no Macquarie account fees, domestic ATM fee refunds, no Macquarie international purchase fees, and its linked savings account is advertised with an ongoing variable savings rate — Macquarie’s own page showed 5.00% p.a. ongoing on balances up to $2m at the time checked. (macquarie.com.au) Finder’s 2026 online-only bank account awards also named Macquarie Most Loved, Most Trusted, and Legendary Service among online-only bank accounts. (finder.com.au)

Best for: a clean everyday + savings setup, travel card use, low-fee banking, people who hate bonus-rate games.
Watch-outs: fewer branch-style services; savings rates are variable and can change.

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2. ING — best if you’ll use it as your main account

ING remains one of Australia’s best-known direct banks, and Canstar named it Bank of the Year 2026 for the seventh year in a row, citing value across transaction accounts, savings, home loans and customer satisfaction. (canstar.com.au) ING’s Savings Maximiser bonus rate requires you to hold an Orange Everyday and meet monthly conditions: deposit at least $1,000 from an external source, make at least 5 eligible settled card purchases, and grow the nominated Savings Maximiser balance; the bonus applies to one nominated account and amounts above $100,000 earn the standard variable rate. (helphub.ing.com.au)

Best for: salary going in, regular debit-card spending, cashback/perks, people who can reliably meet conditions.
Watch-outs: if you miss the conditions, the savings rate can drop sharply; the $100k bonus-rate cap matters for larger balances.

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3. Up — best digital banking experience

Up is the best “app-first” option for day-to-day budgeting, categories, spending insights, and shared/couples banking via 2Up. Finder’s 2026 bank account satisfaction awards named Up the Most Loved Bank Account, and Finder also listed ING, Bank Australia, Macquarie and Beyond Bank as loved brands in that category. (finder.com.au) Canstar’s 2026 customer satisfaction awards also named Up Bank the Most Satisfied Customers winner for banks. (canstar.com.au) Up’s pricing page lists no monthly service fee, free direct debits and online payments, and 0% international transaction fees. (up.com.au)

Best for: younger users, couples, budgeting buckets, great UI, travel spending.
Watch-outs: Up’s saver setup uses qualification rules and “Grow/Flow” style rates; if you withdraw from a saver, the rate treatment can change. (up.com.au)

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4. ubank — best for savings buckets and larger balances

ubank is still a popular online savings option, especially if you want multiple savings goals. Its Save account lets you open up to 10 Save accounts, and ubank says bonus interest can apply across combined Save balances up to $1,000,000 if you have a Spend account and grow your combined Save balance by at least $1 each month. (ubank.com.au) ubank is part of National Australia Bank, so the government guarantee is aggregated with any NAB deposits you hold. (ubank.com.au)

Best for: high-balance savers, savings buckets, people who mainly add to savings rather than withdraw.
Watch-outs: the “grow by $1” rule is annoying if you regularly dip into savings; also remember ubank + NAB share the same ADI limit for the government guarantee.

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5. CommBank — best big-bank digital app

If you don’t mind a major bank and want the app that the most Australians actually use, CommBank is the obvious pick. Canstar’s 2026 Digital Banking Awards gave Commonwealth Bank the Digital Banking award for the 17th consecutive year, noting more than 9 million active app users and features like real-time tracking, PayID, digital card access, cardless ATM transactions, AI-driven insights, and 24/7 Ceba support. (canstar.com.au)

Best for: branch/ATM ecosystem, polished app, parents/families, first accounts, people who want support and scale.
Watch-outs: usually not the best savings rates or lowest-friction fee structure compared with Macquarie/ING/Up/ubank.

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My practical ranking

1. Macquarie — best “set and forget” online bank.
2. ING — best if you’ll meet the bonus conditions every month.
3. Up — best app and budgeting experience.
4. ubank — strong for savings goals and large balances, but condition is less flexible.
5. CommBank — best big-bank app, not the best value for pure online savings.

Safety note

For Australian deposit accounts, check that the provider is an APRA-regulated authorised deposit-taking institution or that the account is issued by one. The Financial Claims Scheme protects eligible deposits up to $250,000 per account holder per ADI, not per brand; for example, Up deposits count with Bendigo and Adelaide Bank, and ubank deposits count with NAB. (apra.gov.au)

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.

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. 🐨

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.