10 Best Digital Banks in Australia 2023 | Expert Opinion

Traders Union

In the modern era, there has been a significant shift towards digital banks as consumers move away from traditional banking systems. It is projected that around 216.8 million people will be using digital banks by 2025. Selecting the right bank to suit your specific needs can be a daunting task. To assist you in making an informed decision, Traders Union experts have compiled a list of the top 10 digital banks in Australia.

Digital Bank: definition

In Australia, the term “internet banks” refers to credit and financial institutions offering online banking services through official websites and mobile apps. Digital banks in Australia operate exclusively online, allowing clients to perform various banking activities without the need to visit physical branches. TU analysts argue that with reduced reliance on the human factor, digital banks offer swifter operations, such as instant mortgage or consumer loan approvals based on clients’ credit ratings.

List of the Top 10 Digital Banks in Australia

With the increasing popularity of digital banks in Australia and worldwide, it has become essential to explore the 10 best digital banks in Australia – Traders Union experts have compiled a list to assist consumers in making informed decisions:

  1. Wise: Wise is hailed as the best digital bank in Australia, offering a comprehensive range of online banking services at low fees.
  2. Revolut: Regarded as one of the top online banks in Australia, Revolut stands out for its low fees and regulation by international authorities. It offers various account types for personal and business use and facilitates swift domestic and international transfers.
  3. Bunq: Established in 2012, Bunq is one of Australia’s most reputable digital banks, committed to transparency and supervised by international regulatory bodies.
  4. CIT Bank: CIT Bank is among the largest digital banks, operating not only in Australia but globally. It offers accounts for individuals and businesses, and its savings accounts offer high-interest rates.
  5. ANZ: As a subsidiary of one of Australia’s “Big Four” banks, ANZ offers personal and business accounts with average fees for the region, making it a reliable choice for many.
  6. Monzo Bank: Monzo Bank boasts some of the lowest fees among Australia’s digital banks. Regulated by the Prudential Regulation Authority (PRA) in the UK.
  7. Capital One: Highly acclaimed for its savings account terms, Capital One offers high interest rates and flexible credit instruments tailored to individual needs.
  8. N26: A well-established German digital bank with a strong presence in Australia, N26 offers comprehensive online banking services at reasonable prices, with a free plan available.
  9. Up: Up, also known as Up Money or Up Banking, offers conventional internet banking services, savings accounts, and sub-accounts. Internal transfers are free for users, making it a convenient choice when friends and colleagues use Up Banking as well.
  10. Hay: Hay is widely regarded as one of the best digital banks in Australia, offering high-quality services without a subscription fee. It provides quick account opening, favorable exchange rates, and cashback on purchases under $10.

Conclusion

As digital banks gain popularity in Australia, choosing the right one becomes essential for meeting individual banking needs. With TU’s comprehensive list of the top 10 digital banks in the country, consumers can make informed decisions based on their requirements and preferences. Embracing the convenience and advantages of digital banking has become an attractive option for the modern consumer. More detailed descriptions of these banks can be found on the official Traders Union website.

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