Compare the new digital bank entrants in 2019 (also called neobanks) vying for your money that are all based on online platforms or apps which don’t have the expensive overheads and legacy systems that the old banks have.
The neobank entrants should be able to compete heavily on price with some names including 86400, Volt Bank, Xinja with more coming soon.
Volt Bank was the first bank in Australia to receive the new restricted bank licence in Australia but Xinja seems to have been the first to launch any bank products in Australia with their prepaid visa card.
Keep coming back to hear about the latest updates on the latest digital banks in Australia.
We compare the new digital neobank entrants below:
86400 is the number of seconds in a day. The bank plans to launch in 2019 and hopes to have transaction & savings account from day one.
There will be an iOS and Android apps.
Backed by Cuscal, Australia’s largest independent provider of end to end payments providers.
Volt bank is the Sydney based bank that will offer transaction accounts, savings product and term deposits and will offer highly competitive interest rates.
Xinja has a prepaid travel & spending card & transaction account and app. It has a restricted banking licence to start off with but then is likely to get a full licence.