NAB

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 are looking to ditch the "Big Four" (CBA, Westpac, ANZ, and NAB) for an online-only or digital-first bank, you are in luck. Australia’s digital banking scene is highly competitive, meaning you can easily find accounts with zero monthly fees, great apps, and high-interest savings.

Importantly, all of these banks are safe. They are fully licensed Authorised Deposit-taking Institutions (ADIs) in Australia. This means your savings are legally protected up to $250,000 per person, per institution under the Federal Government’s Financial Claims Scheme (FCS)—the exact same guarantee that covers the physical banks on the high street.

These are the top online banks in Australia that people actually use, categorised by what they do best:

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1. Up Bank (Up)

• Best for: Budgeting, tech-savvy savers, and couples.
• The Vibe: Gen Z and Millennial favorite. Beautifully designed app that turns managing money into a game.

Up (backed by Bendigo and Adelaide Bank) has arguably the best, most intuitive mobile banking app in Australia. Its spending insights and auto-categorisation are incredibly smart, and it is a favorite for people who like to micro-manage their money into different "pools" or savings goals.

• The Features:
  • 2Up: An incredibly easy joint account setup for partners or flatmates.
  • MayBuy: An anti-impulse buying tool that helps you save for a purchase over time instead of buying on credit.
  • Zero Fees: No monthly account keeping fees, and no international transaction fees (perfect for online shopping or overseas travel).
• Savings Rate (Grow & Flow): Up to 4.85% p.a. on balances up to $250,000.
• The Catch (The Hoops): To unlock the high interest, you must make 5 successful card purchases a month. Under Up's "Grow & Flow" model, your savers are split:
  • Any saver you don't touch during the month earns the 4.85% p.a. ("Grow") rate.
  • Any saver you withdraw from or spend out of drops to a 1.50% p.a. ("Flow") rate.

2. Ubank

• Best for: High interest with very simple, low-stress conditions.
• The Vibe: Pragmatic savers who want a great app but hate jumping through complex spending hoops.

Ubank is owned by NAB (National Australia Bank). After absorbing the neobank 86 400, Ubank took the best parts of its technology to create a streamlined, highly functional digital app.

• The Features:
  • Allows you to open up to 10 sub-savings accounts to split your goals.
  • Great shared accounts and simple billing/spend features.
  • No monthly fees and no international transaction fees.
• Savings Rate: A competitive 5.85% p.a. welcome rate for new customers (first 4 months). It then reverts to an ongoing Everyday Bonus Rate of 5.10% p.a..
• The Conditions: Refreshingly simple. To get the ongoing bonus rate, you just have to grow your total savings balance by at least $1 each month (and hold a Ubank Spend account). There are no card transaction count requirements.

3. Macquarie Bank

• Best for: The "no strings attached" experience (absolutely no conditions).
• The Vibe: For those who are tired of monthly "hoops" and want a premium, grown-up digital banking experience.

Macquarie Bank is technically a major institution, but its retail arm operates entirely digitally. It routinely wins "Digital Bank of the Year" awards because of its stellar app, transaction capabilities, and customer satisfaction.

• The Features:
  • Earn interest on your everyday transaction account: Unlike most banks, Macquarie pays interest on your everyday transaction account, not just your savings.
  • No fees anywhere: No monthly fees, no international card fees, and they refund all domestic ATM fees charged by other banks.
• Savings Rate: An ongoing 5.00% p.a. on savings balances up to $250,000.
• The Conditions: None. You don't have to deposit a certain amount, grow your balance, or make a set number of monthly card transactions. You get the ongoing rate unconditionally.

4. ING (Orange Everyday / Savings Booster)

• Best for: Maximum interest rates and people who use their card heavily.
• The Vibe: Australia’s original branchless favorite.

ING is a massive player in the Aussie deposit space. Their flagship savings product is the Savings Booster account. ING is incredible if you can meet their strict monthly criteria, but can be punishing if you slip up.

• The Features:
  • Free international transactions and rebates on domestic/international ATM fees (if monthly criteria are met).
• Savings Rate: A massive 6.00% p.a. welcome rate for new-to-ING savings customers for the first 4 months (on balances up to $500,000). After 4 months (or for existing customers), it reverts to an ongoing maximum of 5.40% p.a..
• The Catch (The Hoops): To get the maximum booster rates, you must grow your savings balance by at least $100 a month (excluding interest). If you fail to meet this, your rate slips back to a base rate of 2.25% p.a. (Note: Their legacy Savings Maximiser is also available, which requires a $1,000+ monthly deposit, 5 card purchases, and growing the balance).

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Honorably Mentioned: Ethically Minded Banking

If you care about where your bank invests your money (e.g., ensuring your funds do not fund fossil fuels, weapons, or tobacco), Bank Australia is the digital bank of choice. It is 100% customer-owned, B-Corp certified, and has a highly-rated, modern banking app that won Money Magazine's Customer-Owned and Digital Bank of the Year.

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Quick Verdict: Which one should you choose?

• Choose Up Bank if you want the best budgeting app on the market, love visual money tracking, and want fee-free spending when you travel.
• Choose Ubank if you want a top-tier savings rate but only want to worry about growing your account by a single dollar a month.
• Choose Macquarie if you are sick of the "monthly bank games" and just want a high, stable rate on your money with zero rules or transaction requirements.
• Choose ING if you are highly disciplined, spend on your card regularly, and want the absolute highest interest rate possible.

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. 🐨