- Alex Bank has been granted an unrestricted banking licence to become Australia's newest bank.
- Currently Alex Bank offers personal loans and invitation-only savings accounts with term deposits on the horizon.
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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| Lender | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Secured Type | Early Exit Fee | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
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6.24% p.a. | 6.95% p.a. | $389 | Variable | Unsecured | $0 | $10 | $495 | $23,334 | |||||||||||
5.95% p.a. | 5.95% p.a. | $386 | Fixed | Unsecured | $0 | $0 | $0 | $23,171 | |||||||||||
5.76% p.a. | 5.76% p.a. | $384 | Fixed | Unsecured | $0 | $0 | $275 | $23,066 |
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