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.

Update resultsUpdate
Filters
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$289
4 months
$0
$250,000
$0
$0
 Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$269
4 months
$0
$249,999
$0
$0
 Featured
  • 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
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$271
–
$0
$250,000
$1,000
$0
 Featured
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$256
–
$0
$250,000
$200
$0
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
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 . View disclaimer.

Image by storyset via freepik



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