Revolut

Short answer: the best online/app-first banks in Australia

If I were choosing an everyday online bank in Australia right now, I’d shortlist these:

1. Macquarie Bank — best overall “set-and-forget” online bank
2. Up — best app experience and budgeting/saving tools
3. ING — best established direct bank with broad appeal
4. ubank — best simple high-interest savings setup
5. ANZ Plus — best big-bank digital challenger
6. CommBank — not online-only, but the most-used digital banking app in Australia

Australia’s online-bank scene is a bit different from the US: the best options are mostly digital-first arms of licensed banks rather than standalone neobanks.

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My top recommendations

1. Macquarie Bank — best overall for most people

Product to look at: Macquarie Transaction Account + Macquarie Savings Account

Macquarie is probably the easiest default recommendation if you want a clean, low-fee online bank without lots of hoops. Its transaction account has no monthly account fees, Macquarie refunds domestic ATM operator fees in Australia, and it doesn’t charge international purchase fees or overseas ATM withdrawal fees, though overseas ATM operators may still charge their own fees. (macquarie.com.au)

It also has strong real-world customer satisfaction signals: Finder’s 2026 online-only bank account awards named Macquarie Bank the Most Loved, Most Trusted, and Legendary Service online-only bank account. (finder.com.au) Roy Morgan also reported that Macquarie gained main-bank share in 2024, alongside newer digital banks. (roymorgan.com)

Best for: everyday banking, savings, travel spending, people who want “good enough rates, no fuss.”
Watch out for: no branch network for normal day-to-day help; rates can change.

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2. Up — best app and budgeting experience

Product to look at: Up Everyday + Up Savers / 2Up

Up is the most “neobank-feeling” option in Australia and is especially good if you want spending insights, savers, round-ups, joint money tools and a genuinely modern app. Up says it passed 1 million customers in 2024, with more than $2 billion in deposits, and highlights features like Savers, Round Ups and 2Up joint banking. (up.com.au) Finder’s 2026 banking-app satisfaction coverage also named Up the Most Loved Banking App, scoring 4.48 out of 5 in that category. (finder.com.au)

Up’s standard pricing is also strong: no monthly service fee, free direct debits/online payments, 0% international transaction fees, and no Up fee for many standard account uses. (up.com.au) Up is issued by Bendigo and Adelaide Bank, so deposits count under that banking licence for the Financial Claims Scheme. (up.com.au)

Best for: younger users, couples, budgeting, multiple savings buckets, a great app.
Watch out for: fewer “full-service bank” products than CBA/ANZ/NAB/Westpac or Macquarie.

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3. ING — best established online bank

Product to look at: ING Orange Everyday + Savings Maximiser

ING is one of the long-standing direct banks Australians actually use. ING says it has over 2.23 million active customers in Australia, and Canstar named ING its 2026 Bank of the Year for the seventh year in a row, citing value across transaction/savings accounts, home loans and customer satisfaction. (broker.ing.com.au)

The Orange Everyday account has no monthly account-keeping fee, no ING international transaction fees, no ING international ATM withdrawal fees, domestic ATM withdrawals with no ING fee, mobile wallet support and utility cashback features, though third-party ATM operator fees can still apply. (ing.com.au)

Best for: people who want a proven online bank, everyday spending, travel, and cashback-style perks.
Watch out for: ING benefits and savings rates can involve conditions, so check the current terms before relying on them.

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4. ubank — best for simple savings goals

Product to look at: ubank Spend + Save

ubank is a strong option if your priority is savings. It’s part of NAB, and ubank announced it had reached 1 million customers in November 2025. (ubank.com.au) Its Save account setup supports multiple Save accounts, savings targets, and bonus interest on combined Save balances up to a stated cap when the criteria are met. (ubank.com.au)

The key condition is simple but important: to earn bonus interest, ubank says you need a Spend account and must grow your combined Save balance by at least $1 each month, excluding bonus interest. Withdrawals are allowed, but you still need to finish the month ahead by the required amount. (ubank.com.au) ubank also says it doesn’t charge fees, though third-party fees such as overseas ATM operator fees may apply. (ubank.com.au)

Best for: savers who like separate goals and can meet the monthly growth rule.
Watch out for: if you dip into savings and fail the growth rule, you may miss bonus interest for that month.

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5. ANZ Plus — best big-bank digital challenger

Product to look at: ANZ Plus Everyday + ANZ Plus Growth Saver / Flex Saver

ANZ Plus is ANZ’s newer digital banking platform, and it has real scale: ANZ said in March 2025 that ANZ Plus had reached 1 million customers and nearly $20 billion in deposits. (anz.com.au) The account bundle is app-first, with no monthly account fees, savings goals, card controls, round-ups and other money-management features. (exclusives.anz.com.au)

It’s worth considering if you like the idea of a modern app but still want a major-bank parent behind it.

Best for: people who want a big-bank-backed digital account with savings goals and security features.
Watch out for: ANZ Plus is a separate digital experience from traditional ANZ banking, so make sure its support model and features suit you.

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6. CommBank — best if you mean “best online banking app,” not online-only bank

Product to look at: CommBank app + Smart Access / NetBank Saver / GoalSaver

CommBank isn’t an online-only bank, but if your question is “which bank has the best online/mobile banking that people actually use?”, it has to be mentioned. CommBank says more than 9 million Australians use the CommBank app, and Canstar named CommBank Digital Banking – Bank of the Year in 2026 for the 17th consecutive year. (commbank.com.au) Canstar cited features like real-time tracking, PayID, digital card access, cardless ATM transactions, AI-driven insights and 24/7 support through Ceba. (canstar.com.au)

Roy Morgan also found CBA was the main financial institution for 32.8% of Australians in 2024, far ahead of other banks. (roymorgan.com)

Best for: people who want the most widely used banking app, branches, ATMs, cards, home loans and support in one place.
Watch out for: not usually the sharpest on fees or savings rates compared with online-first banks.

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Quick pick by use case

• Best overall online bank: Macquarie
• Best app / budgeting: Up
• Best established direct bank: ING
• Best savings-goal setup: ubank
• Best big-bank digital account: ANZ Plus
• Best mainstream banking app: CommBank

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Safety note

For cash deposits in Australian banks, check that the provider is an authorised deposit-taking institution or operating under one. The Australian Government Financial Claims Scheme protects eligible deposits up to $250,000 per account holder per ADI. (apra.gov.au) This limit is per banking licence, so brands under the same licence can be aggregated — for example, Up deposits are with Bendigo and Adelaide Bank, and ubank is part of NAB. (up.com.au)

Best Online Banks in Australia

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

🏆 Top Picks

Up Bank – The standout for app experience and customer love. Up Bank, which is owned by CBA, operates entirely online without physical branches. (Note: Up is actually backed by Bendigo & Adelaide Bank, not CBA — sources vary here, see note below). It consistently ranks #1 for satisfaction, and it has been named the most loved banking app this year by customers, with Up, ING and Ubank among the top 5 for customer satisfaction. People love it for creating one of the most innovative banking experiences available in Australia, reimagining what a bank can be — think gamified savings ("Up has a feature where you can set up multiple savings goals").

ING (Orange Everyday) – A long-time favourite for everyday banking. ING operates entirely online in Australia, and it's praised because digital-first options like ING stand out for low fees, automation, and easy online access, making them ideal for tech-savvy users who don't need branches. It's also known for global ATM fee rebates and cashback on eligible bills.

UBank – Great for savers. Ubank, owned by NAB, has transformed itself into one of Australia's leading digital banks, combining competitive interest rates with innovative technology after merging with 86400 in 2022. Many reviewers note Ubank typically offers about 0.75% higher interest than Up Bank.

Macquarie Bank – The "best overall" pick in several 2026 rankings for its clean digital experience. The 2026 Finder Award winner is the Macquarie Transaction Account: zero monthly fee with no conditions to meet, no international transaction fees and refunded domestic ATM operator fees. It's popular with professionals and investors who want full-service banking (home loans, credit cards) without branches.

ANZ Plus – The big bank's digital-first answer. It offers everyday accounts, savings, loans, and credit cards, with the ANZ Plus app featuring no monthly fees and built-in saving tools — a good bridge if you want a major bank's backing with a neobank-style app.

Quick Comparison

Context

Digital-first banks like Up, ING, Macquarie, and ANZ Plus tend to offer the most competitive fee structures and the best app experiences, with minimal or no branch networks, while traditional banks like CommBank, ANZ, NAB, and Westpac have the most extensive branch and ATM networks — useful if you ever need cash deposits or in-person help.

My take: If you want the most-loved everyday app, go Up. If you want the best all-rounder with zero fees and real banking products (home loan, cards, savings), Macquarie is hard to beat right now. ING remains a safe, well-established choice too.

One caveat: ownership details (e.g., who backs Up Bank) vary slightly between sources, so it's worth double-checking current details on each bank's official site before signing up, since offers and rates change often.

If you are looking to ditch the "Big Four" (CBA, Westpac, ANZ, and NAB) and move to a digital-first bank, the Australian market has some of the best offerings in the world.

These online-only banks (often called neobanks or digital banks) don't have physical branches, but they make up for it with incredibly slick mobile apps, higher interest rates, and lower fees.

Crucially, every bank listed below holds an APRA ADI (Authorised Deposit-taking Institution) licence. This means your money is legally protected up to $250,000 by the Federal Government’s Financial Claims Scheme, exactly the same as if you bank with CommBank or Westpac.

The following online banks are highly rated and widely used in Australia.

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1. Up Bank (The Best for App Experience & Budgeting)

Owned by Bendigo and Adelaide Bank, Up is arguably the most loved digital bank in Australia, consistently winning "Neobank of the Year" and customer satisfaction awards. It is heavily popular with Millennials and Gen Z, but its powerful budgeting features make it great for anyone.

• Savings Interest Rate: 5.35% p.a. on balances up to $1 million.
• The "Hoops" (Criteria): Super easy. You only need to make 5 card purchases a month using your Up card or digital wallet. Unlike other banks, you don't have to grow your balance or avoid making withdrawals to get the bonus rate.
• Why people love it:
  • The UI: Hands-down the best-designed banking app in Australia. It gives you instant merchant emojis, categorized spending insights, and tracks your upcoming bills.
  • "2Up": An incredibly easy way to set up co-banking or joint accounts with a partner.
  • Wise Integration: Up has Wise built directly into the app, making cheap international money transfers seamless.
  • No Fees: $0 monthly account fees and $0 international transaction fees.

2. Ubank (The Best "Middle Ground" for High Rates & Easy Criteria)

Backed by NAB, Ubank underwent a massive upgrade when it merged with the digital bank 86 400. It strikes the perfect balance between offering a highly competitive interest rate and having incredibly easy conditions to meet.

• Savings Interest Rate: 5.35% p.a. ongoing (with a 6.10% p.a. introductory 4-month rate for new customers) on balances up to $1 million.
• The "Hoops" (Criteria): Just grow your combined savings balance by at least $1 by the end of the month (excluding interest paid). That's it. No minimum card transaction count required.
• Why people love it:
  • Create up to 10 separate Save accounts: Great for envelope-style budgeting (e.g., "Car Insurance," "Holiday Fund," "Groceries").
  • No International Fees: No foreign exchange fees for online or overseas shopping.
  • Shared Accounts: Easily set up shared savings and transaction accounts with a partner.

3. Macquarie Bank (The Best "No-Hoops" Option)

While Macquarie is a massive financial institution, it operates as a digital-first retail bank with no traditional branch network. It has gained a massive following because it treats savers with incredible fairness.

• Savings Interest Rate: 5.25% p.a. on balances up to $250,000.
• The "Hoops" (Criteria): Absolutely none. There are no deposit requirements, no withdrawal restrictions, and no transaction quotas. You get this high rate passively, even if you don't touch the account.
• Why people love it:
  • High-Yield Transaction Account: Even your everyday spending transaction account earns a high variable rate of 3.00% p.a.
  • ATM Fee Refunds: Macquarie doesn't charge you to use ATMs, and they will actually refund any fee charged by domestic ATM operators.
  • Discounted Gift Cards: The in-app marketplace allows you to buy digital gift cards at a 3% to 10% discount for major retailers (Woolworths, Coles, Airbnb, Myer), which is basically free money for your weekly grocery run.
  • Top-Tier Security: Renowned for having some of the best app-security and fraud-prevention features in the business.

4. ING — Savings Maximiser & Savings Booster (The Highest Ongoing Yield)

ING is a global giant but has operated in Australia for decades as an online-only bank with no branches. Historically, ING has offered the benchmark-setting interest rates in Australia, but they make you work for it.

• Savings Interest Rate: 5.75% p.a. on the Savings Maximiser (up to $100,000). Alternatively, they offer a Savings Booster with a 6.25% p.a. 4-month intro rate, reverting to 5.40% p.a. on balances up to $500,000.
• The "Hoops" (Criteria): Very strict. Every month you must:
  1. Deposit at least $1,000 into any of your ING personal accounts.
  2. Make 5+ settled card purchases.
  3. Ensure your Savings Maximiser balance is higher at the end of the current month than it was at the end of the previous month.
• Why people love it:
  • Industry-Leading Rates: If you are willing to jump through the hoops, you get one of the highest ongoing, guaranteed yields on the market.
  • Excellent Travel Perks: Meeting the monthly hoops also unlocks rebates on international transaction fees and refunds on up to 5 ATM fees per month (even globally).

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Summary: Which one should you actually choose?

For most Australians, the strongest online-first choices are Up, ING and ubank. They are established, widely used brands—not obscure fintechs—and all offer everyday transaction accounts, savings products and mobile banking. Finder’s current comparison places all three among Australia’s top online-only banks.

Practical shortlist

• Choose Up if app quality, spending insights and a modern user experience matter most. Up ranked highly for customer satisfaction and was named a leading non-major consumer bank in 2025.
• Choose ING if you actively use the account and can meet the monthly conditions needed for fee waivers and rebates. Check the current requirements before switching.
• Choose ubank if you want a straightforward digital bank with a competitive savings companion account and NAB ownership behind it.
• Use a major bank alongside one of these if you regularly need branches, cash deposits, business banking or complex lending support.

What to check before opening one

1. Savings conditions: bonus rates commonly require monthly deposits, card transactions or balance limits.
2. ATM and international fees: confirm overseas transaction fees, ATM rebates and exchange-rate mark-ups.
3. Cash and branch access: online banks may not support cash deposits or face-to-face service.
4. Deposit protection: eligible deposits with Australian authorised deposit-taking institutions are covered by the Financial Claims Scheme up to the applicable government limit.
5. Separate spending and savings: a common setup is Up or ING for daily spending, plus ubank or another high-interest account for savings.

Best default recommendation: start with Up for everyday banking, ING if its rebates suit your spending, or ubank if savings interest and simplicity are the priority. Rates, fees and eligibility rules change frequently, so compare the current product terms before applying.

In Australia, “online bank” usually means app-first/no-branch banking. The ones people actually use at scale are Macquarie, ING, Ubank, Up, and ANZ Plus. After that: Great Southern Bank, ME Bank, Bankwest, MyState, and Judo for business.

Here’s the practical shortlist:

Top online banks/products in Australia

1. Macquarie Bank — best all-rounder

• Products: Transaction Account, Savings Account, Home Loans.
• Why people use it: No monthly fees, competitive ongoing interest, no hoops, excellent app, good home loans, and strong travel/ATM features.
• Best for: Using as your main everyday bank without chasing bonus conditions.

2. ING — best for high-interest savings

• Products: Orange Everyday + Savings Maximiser.
• Why people use it: One of the most popular high-interest savings setups. Usually requires you to deposit $1,000+/month, make 5+ card purchases, and grow your balance.
• Perks: ATM fee rebates, no ING international transaction fees, and 1% cashback on eligible utility bills when conditions are met.
• Best for: People happy to meet monthly conditions for a top savings rate.

3. Ubank — best simple bonus savings

• Products: Ubank Spend + Ubank Save.
• Why people use it: Owned by NAB. Save account usually pays bonus interest if you deposit $200+/month, with no card-purchase hoops. Good app and no monthly fees.
• Best for: People who want NAB backing but a simpler digital experience.

4. Up — best app for younger users

• Products: Up Everyday + Saver + Home Saver.
• Why people use it: Owned by Bendigo and Adelaide Bank. No monthly fees, no international transaction fees, fee-free ATMs at major banks, excellent app, 2Up joint accounts, and good savings tools.
• Best for: Under-35s, app-first users, couples, and first-home savers.

5. ANZ Plus — best big-bank digital option

• Products: ANZ Plus Everyday + ANZ Plus Save + Home Loans.
• Why people use it: ANZ’s app-only digital bank. No monthly fees, competitive savings, and big-bank security without branches.
• Best for: People who want a major bank but a modern app.

6. Great Southern Bank — best customer-owned

• Products: Everyday Account, Home Saver, Home Loans.
• Why people use it: Customer-owned, competitive rates, good service, popular with first-home buyers.
• Best for: People who prefer not to bank with a listed big bank.

7. ME Bank — best for home loans/savings

• Products: Everyday Transaction Account, Savings Account, Home Loans.
• Why people use it: Industry super-owned, online-only, competitive home loans and savings.
• Best for: Home loan borrowers and savings customers.

8. Bankwest — best if in WA or legacy CBA

• Products: Hero Transaction Account, Savings, Home Loans.
• Why people use it: CBA-owned, now digital-focused, no monthly fees on Hero, good app.
• Best for: WA customers or people already in the CBA ecosystem.

9. MyState — best for Tasmania/former 86400 users

• Products: Everyday Account, Bonus Saver.
• Why people use it: Took over 86400. Good rates, online-focused.
• Best for: Tasmanians and people who liked 86400.

10. Judo Bank — best business online bank

• Products: Business Savings Account, Term Deposits.
• Why people use it: Online-only business bank, competitive rates, popular with SMEs.
• Best for: Business owners, not personal banking.

For travel/international

• Wise and Revolut are not traditional banks in the same way, but lots of Australians use them for multi-currency, travel spending, and international transfers.
• Pair them with Macquarie, ING, or Up for a strong travel setup.

Quick pick

• One main bank: Macquarie
• Max savings with conditions: ING
• No hoops: Macquarie or Ubank
• Best app: Up or Macquarie
• Big bank security: ANZ Plus
• Customer-owned: Great Southern or ME
• Business: Judo

Caveat: Rates and conditions change often. Check the current rates and PDS before switching. Also, the government’s Financial Claims Scheme covers up to $250,000 per person per ADI, so most of these are safe up to that limit. Avoid dead neobanks like Xinja and Volt; 86400 is now part of MyState.

Up Bank, ubank, ING, and Macquarie Bank stand out as the top online/digital banks that Aussies actually use and rate highly in 2026.

These are popular for their no-fee everyday accounts, competitive savings rates, slick apps, and features like real-time spending insights or budgeting tools. Most operate fully online (no branches), with deposits protected under the Financial Claims Scheme (up to $250k per account holder per authorised deposit-taking institution). Many are backed by established banks (e.g., Up by Bendigo and Adelaide Bank, ubank by NAB), so they're reliable despite being app-first.

Top Recommendations

Here are the standout options based on recent awards (Finder, Mozo, Canstar), customer satisfaction surveys, and user feedback:

• Up Bank — Best overall for most people, especially if you want a brilliant app and easy money management.
  It's frequently named the most loved banking app and tops customer satisfaction for digital experience, value, and tools like spending insights, bill detection, savings "buckets"/goals, and even fun features (e.g., round-ups or joint accounts). No monthly fees, real-time notifications, and strong for everyday spending and budgeting. Aussies love it for making banking feel modern and straightforward. Backed by Bendigo and Adelaide Bank.

• ubank (NAB-owned, post-86400 merger) — Top pick for high interest savers and solid all-round digital banking.
  It often leads or competes closely on savings rates (e.g., competitive USave rates with relatively low deposit conditions) and offers good spending insights via the app. Strong for multiple savings goals and those wanting decent returns without too many hoops. It's transformed into one of the stronger digital players.

• ING — Reliable choice for everyday banking and competitive rates (with conditions).
  Its Orange Everyday account is fee-free for many users, with perks like cashback on certain bills and strong savings options (Savings Maximiser can hit high rates if you meet monthly deposit/spend/growth rules). No international transaction fees in some cases, and it consistently ranks high in satisfaction and awards for value. Great if you're disciplined with conditions.

• Macquarie Bank — Excellent for fee-free transactions and travellers.
  Its Transaction Account often wins awards for zero monthly fees (no conditions), refunded ATM fees, and no international transaction fees. Competitive ongoing savings rates too. Solid app and real-time features make it a favourite for straightforward, low-cost banking.

Other Notable Mentions

• ANZ Plus — A modern digital offering from ANZ with a clean app and security focus.
• Revolut — Growing fast (now with a full Australian banking licence); handy for multi-currency accounts, international transfers, and budgeting if you travel or deal overseas a lot.

Quick Tips for Choosing

• Check current rates and conditions — Savings rates (often 4–5.5% p.a. range depending on the product and eligibility) change frequently; compare on Finder, Mozo, or the banks' sites.
• App experience matters — Up usually wins here for fun and usability.
• Your needs — Everyday spending/budgeting? Go Up. Max savings? ubank or ING. Travel/international? Macquarie or ING/Revolut.
• Switching is easy — Use the Consumer Data Right (CDR/Open Banking) to port your transaction history quickly.

These are the ones popping up most in real-user reviews and awards right now—plenty of Aussies have moved their pay into them for the better apps and rates compared to the big four's traditional offerings. Have a look at their apps or websites to see what clicks for you, and always verify the latest fees/rates directly.

The top online banks in Australia include Up, UBank, ING, Macquarie, and Hay, each offering competitive interest rates, fee-free accounts, and highly rated mobile banking experiences.

Top Online Banks and Key Features

1. Up Bank

Up Bank is a mobile-first Australian neobank backed by Bendigo and Adelaide Bank. It is highly rated for its innovative app experience, real-time spending insights, and savings automation features. Users can set multiple savings goals, use round-up features, and enjoy automated categorization of transactions. No monthly account fees are charged, and there are no foreign transaction fees. Up is especially popular among younger, tech-savvy users who value gamification and budgeting tools.

2. UBank

UBank operates as the digital division of NAB and offers high-interest savings accounts, flexible deposit options, and home loans. Its Save account currently provides an interest rate up to 5.50% per annum for eligible deposits. UBank combines the stability of a major bank with digital convenience, making it suitable for customers who want a broad financial overview and multiple savings accounts. Desktop access complements its mobile app, and fees are generally low with no ongoing account charges.

3. ING

ING provides a hybrid experience that blends online banking convenience with traditional banking services. It is ideal for users who travel frequently or want ATM fee rebates, competitive savings rates, and access to loans, insurance, and investments. ING’s interface is simple, although its app is considered less modern than Up or UBank. Bonus interest rates may require conditions like a minimum monthly deposit.

4. Macquarie Bank

Macquarie is a premium online bank with excellent customer service, consistently high interest rates on savings, and integration options with accounting software. It supports multiple savings accounts and offset accounts, with no triggers needed to earn interest. Macquarie is suitable for users who prioritize service quality and a full suite of banking products, although the app’s interface may feel slightly dated.

5. Hay

Hay offers a simple digital wallet and prepaid Visa card with instant spending notifications and real-time transaction analysis. While it does not provide interest-bearing savings, it is a transparent and straightforward option for everyday banking and budgeting. Hay is best for users who want simplicity and low-cost international transactions.

Additional Notable Digital Banks

Wise: Best for international transfers and multi-currency accounts, ideal for globally minded users. Revolut: Offers banking, budgeting, and cryptocurrency trading in one platform; great for tech-savvy and international users.

What to Consider When Choosing an Online Bank

Interest Rates: Choose a bank offering competitive savings rates if your focus is earning interest. Fees: Look for low or no monthly fees, free ATM access, and minimal foreign transaction charges. App Quality: A user-friendly and secure app is crucial since online banking happens primarily through digital platforms. Customer Support: Even without branches, reputable banks offer responsive in-app chat, email, or phone help. Budgeting Features: Features like automatic categorization, round-ups, and savings goals help manage finances effectively.

Summary

For 2026, Up, UBank, ING, Macquarie, and Hay are widely regarded as the leading online banks in Australia, chosen based on customer experience, interest rates, fees, and innovative app features. Up is ideal for a tech-friendly mobile experience, UBank for high-interest savings and financial overview, ING for global access and banking products, Macquarie for premium service, and Hay for fast, simple everyday banking.

Choosing the right bank depends on your priorities: whether you want maximum savings, budgeting tools, or premium service.

The top online and digital-first banks in Australia that people actually use feature $0 monthly fees, competitive savings rates, and strong app ecosystems:

If you'd like to narrow this down, tell me:

ING (Orange Everyday & Savings Maximiser)Why people use it: A market favorite for high-yield savings and zero-fee daily banking.Key Details: The ING Savings Maximiser offers up to 5.50% p.a. total interest, requiring a $1,000 monthly deposit from an external source and 5 settled card purchases per month.

Macquarie Bank (Macquarie Savings Account & Transaction Account)Why people use it: Consistently rated as a top digital bank and major growth disruptor with no hidden conditions.Key Details: Offers a 5.00% p.a. base and bonus rate on the Macquarie Bank Savings Account with $0 monthly account-keeping fees and no minimum monthly deposit requirement.

Up Bank (Up)Why people use it: Australia’s premier mobile-only digital bank and budgeting app hybrid, popular with younger users for automated "Pay/Grow/Spend" trackers.Key Details: Features an app-first interface, digital-only accounts, instant notifications, and a "Grow" rate requiring 5 card purchases per month.

ubank (uBank)Why people use it: Backed by NAB, ubank merges high-interest digital savings with a streamlined, no-fuss app.Key Details: Offers up to 5.00% p.a.-range rates (such as 5% introductory rates for the first 4 months) requiring a $500 monthly deposit from an external source.

Bank AustraliaWhy people use It: Winner of Money magazine’s Digital Bank of the Year and Customer-Owned Bank of the Year for ethical, 100% renewable-powered operations.Key Details: Member-owned structure with full online and mobile banking capabilities, reinvesting profits into member rates and community initiatives.

Quick Comparison

Bank / Brand | Monthly Fee | Max Interest Rate | Key Requirement to Earn Max Rate ING | $0 | 5.50% p.a. | $1,000 monthly deposit + 5 card purchases Macquarie Bank | $0 | 5.00% p.a. | None ubank | $0 | ~4.35% – 5.00% p.a. | $500 monthly deposit Up Bank | $0 | 4.60% ("Grow" rate) | 5 card purchases per month

If you'd like to narrow this down, tell me: Are you looking primarily for a daily transaction account, a high-interest savings account, or both? Do you mind meeting monthly deposit or card-use criteria to unlock bonus interest?

The clear standout online-only banks and digital products that Australians actually use and highly recommend are Macquarie Bank, Up Bank, and ubank, alongside ING and ANZ Plus. Because the traditional "Big Four" physical banks often attach conditions or extra fees to international spending, digitally minded consumers heavily favor these platforms for their superior apps, zero account-keeping fees, and competitive interest rates.

Here is a breakdown of the top digital banking brands dominating the Australian market.

Macquarie Bank: Often considered the gold standard for full-scale digital banking in Australia. It is technically a major bank, but its retail operations are entirely digital.Why people use it: It charges no monthly fees and no international transaction fees on overseas purchases. It actively refunds all domestic ATM operator fees.Standout Perk: The app allows you to buy digital gift cards directly at a discount (e.g., 3% to 3.5% off major supermarkets like Woolworths and Coles), giving users an instant way to save on daily groceries. Up Bank: A highly popular digital bank among millennials and Gen Z, routinely winning awards for the most loved banking app in Australia.Why people use it: Its budgeting features are elite, offering instant transaction notifications, detailed merchant tracking, and automated "covers" (splitting bills instantly).Standout Perk: Up is entirely fee-free, has no international card markup fees, and features "2Up"—one of the most seamless digital joint account setups on the market. ubank: Backed by NAB, ubank operates as a separate digital-only brand designed to compete directly with modern neobanks.Why people use it: It is widely favored by savers who want a high interest rate without a long list of hoops to jump through. Unlike competitors that require you to grow your balance or make multiple card purchases each month, ubank typically only requires a set monthly deposit amount to unlock its bonus interest rate.Standout Perk: A clean, no-fuss digital interface with zero monthly fees and excellent high-yield savings utility. ING Australia: While it is one of the oldest online-first options in Australia, its Orange Everyday account remains a staple product for millions.Why people use it: Historically famous for offering some of the market's highest conditional bonus interest rates on savings and full rebates on worldwide ATM fees.The Catch: To keep your perks active each month, you must deposit a specific amount (usually $1,000+), make at least 5 settled card purchases, and grow your savings balance. It is perfect for a primary salary account but less ideal as a casual secondary account. ANZ Plus: The digital-only transformation product from ANZ, operating entirely through a separate, dedicated app rather than the legacy ANZ platform.Why people use it: It combines a fee-free transaction and savings account with built-in financial health tracking tools. It gives you the digital agility of a modern neobank but with the institutional security and backing of a Big Four bank.

Bank / Product | Monthly Fee | International Transaction Fees | Best Suited For Macquarie Bank (Transaction) | $0 | $0 (Uses Interbank rate) | Everyday banking, global travel, grocery discounts Up Bank (Everyday) | $0 | $0 (Uses Mastercard rate) | Budgeting, expense tracking, joint accounts ubank (Save/Spend) | $0 | $0 | High-yield savings with simple conditions ING (Orange Everyday) | $0 | $0 (Rebated if criteria met) | People using it as their primary salary account ANZ Plus | $0 | $0 | Big Four backing with a modern app interface

Are you looking for an account primarily to maximize high-yield savings interest, or do you need something for everyday spending and overseas travel? Let me know, and I can narrow down the exact interest rates or criteria for you.