The data compiled by market intelligence company Sensor Tower from January 2019 to August 2022 revealed CommBank remained ahead of the pack in terms of downloads of its banking app. 

Big-four counterparts in Westpac, ANZ and NAB trailed behind, having recently been overtaken NAB-owned ubank.

The number of Aussies switching to ubank coincides with increases to the cash rate, as ubank has passed on each increase in full to its customers with a Save or USave account.

On the other hand, the big-four have not been as generous with their increases to savings accounts, passing on limited increases to savings accounts since May. 

BankAppDownloads.jpg

Earlier this year, neobank 86 400 was absorbed by ubank with its app features such as savings and bonus interest targets adopted to benefit customers. 

Westpac has recently attempted to up the ante in a bid to keep customers using its app, introducing spend tracking, budgeting set-up and insights into top expenses after it acquired MoneyBrilliant last year.

The rise in competition within the banking app space has left some behind, with popular budgeting app Pocketbook ditched by buy now pay later provider Zip as a cost-cutting measure. 

Sensor Tower Managing Director APAC Tom Cui said the rise of neobanks in Australia has been a slower burn than first anticipated, but it appears a tipping point may be on the horizon.

“CommBank downloads are steadily on the decline whilst ubank, Up and Revolut continue to climb,” Mr Cui said. 

“It’s surprising to see that Gen Zer’s are swaying more towards the big four banking apps - perhaps this is because they’re still tied to their parent's preferences and will make the switch to neobanks as they become more financially independent.”

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Mr Cui said the next big trend in the financial services sector is the rise of super apps. 

“These are the ‘Swiss army knifes’ of the world, providing one app for many purposes and will be at the centre of the next battle for banking customers - watch this space,” he said. 

See more: 10 popular apps for budgeting and money saving


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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver Account (Amounts < $250k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          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. Rates correct as of July 15, 2024. View disclaimer.

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