in1bank was granted a restricted Authorised Deposit-taking Institution (ADI) license in December 2019, gaining an unrestricted ADI on Thursday.
This marks the first neobank to be granted a full banking licence courtesy of APRA in 2023, with Alex Bank the previous recipient of a full banking licence back in December 2022.
in1bank is touted as the first Australian bilingual digital bank, tailored to both Australian and Chinese customers.
in1bank is headed by CEO James Tong, with the in1bank board comprised of experienced independent directors including an independent chairman.
"We aim to be a trusted and secure digital-first bank that focuses on underserviced market segments, in particular the Chinese-speaking population, by providing the first bilingual digital mobile banking service in Australia," Mr Tong said.
"Customers of in1bank enjoy the same government guarantee through the Financial Claims Scheme as all the local banks."
In August 2022, in1bank noted its intentions to list on the Australian Securities Exchange (ASX) through an Initial Public Offering (IPO), in the second year after becoming a new ADI - that timeframe now at 2024-2025.
As of August 2022 it had raised $20 million in capital and was seeking a further $18 million in 'Round C' capital.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $269 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $302 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $296 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
