Alex Bank was granted a restricted Authorised Deposit-taking Institution (ADI) license in mid-2021.

This follows a tumultuous year for neobanks that saw 86 400 absorbed by NAB's ubank and former neobank Volt returning its own banking licence despite having no live products, citing lack of funding.

Alex Bank currently offers personal loans from 8.45% p.a. (8.45% p.a. comparison rate*) depending on your credit profile with savings accounts currently offered as invitation-only products.

Those granted approval to the invite only savings account offering will receive a current savings rate of 3.40% p.a. with no minimum deposit or bonus conditions to receive the rate. 

This product once live to a broader consumer base, will compete with the likes of ANZ Plus, offering a digital app-only savings account dubbed ANZ Save with no deposit or bonus conditions to achieve a savings rate of 3.75% p.a. 

Alex Bank CEO Simon Beitz noted the granting of an unrestricted ADI is a proud moment for the entire Alex Bank team.

"It represents the culmination of several years of hard work and enables Alex Bank to accept deposits and scale our business leveraging our investment in new generation technology that enables fast and efficient straight-through processing," Mr Beitz said. 

"We’re excited to expand our suite of products including term deposits, adding to our award-winning personal loan and savings account”.


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      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

      The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

      Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of June 13, 2024. View disclaimer.

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