Australia
activeFeaturedNeobank
- HQ
- Melbourne
- Fee
- Free
Alex Bank
APRA ADI. FCS $250k. Loans and term deposits. Savings waitlist. Not an Up clone.
Legal entity: Alex Bank Pty Ltd
Rate this app
6.6Mixed
AlternativesFive questions
At a glance
Is it a bank?
Yes — Authorised deposit-taking institution — Alex Bank Pty Ltd, ABN 13 627 244 848, AFSL and ACL 510805 (APRA / ASIC). Still read the entity on the statement.
If it fails?
Alex.Bank FAQ: fully licensed ADI, APRA, Banking Act 1959. Covered by the Australian Government Financial Claims Scheme up to $250,000 per person. Restricted ADI in July 2021; full ADI December 2022 (APRA announcement). Savings account was on waitlist when we read the homepage — term deposits are the live deposit product.
Salary?
Not a salary current account on the live menu we read. Term deposits are not payroll.
Open from abroad?
Australian KYC. Not a tourist product.
Monthly fee
$0 monthly or transaction fees on savings (when live) — loans have their own fees
Account number
No IBAN-class local rail on this file.
NeoBankDBVerdict
Licence first · score second
6.6
/10 · Mixed
Alex Bank Pty Ltd, ABN 13 627 244 848, AFSL and ACL 510805, is an APRA authorised deposit-taking institution. FAQ: FCS up to $250,000 per person. APRA granted a restricted ADI in July 2021 and a full ADI in December 2022. The live menu we read is unsecured personal and green loans, secured car and EV loans, and term deposits. A variable savings account was on waitlist. There is no everyday debit card on that homepage. Up is the consumer spend ADI (via Bendigo). ubank is NAB. Judo is SME. Directories that list Alex next to Up as a current-account neobank are selling a product that is not on the site. Use it for a term deposit or a loan. Keep salary at an ADI that actually runs a transaction account.
What it is
Brisbane digital ADI that ‘dares to be fair’. Fair, here, means naming loans and TDs instead of pretending to be Monzo.
Best for: Australians who want an independent ADI for term deposits or a personal loan — not a daily spend account.
Last checked 2026-09-03. Not advice.
What it does well
- +Own APRA ADI — not a NAB skin
- +FCS $250k on their FAQ
- +Founders/licence path is public (restricted 2021, full 2022)
- +Honest product set (loans + TD)
What to watch
- −Not an everyday current account
- −Savings waitlist when we read the site
- −No Visa/Mastercard spend rail on the live menu
- −Do not send salary here unless a transaction account is live
Legal entity, not the app icon
Who is behind it
- Legal name
- Alex Bank Pty Ltd
- Offices
- Brisbane, Queensland — confirm live on alex.bank
The product, not the brand colour
The account
- Platforms
- iOS · Android · Web
- Account types
- Term deposit · Savings (waitlist when read) · Personal / green / car / EV loans
- Partner bank
- Alex Bank Pty Ltd
- Availability
- Australia
- Remote open
- Australian KYC. Not a tourist product.
- Onboarding
- Online apply — FAQ says minutes for term deposits and loans.
- Salary / payroll
- Not a salary current account on the live menu we read. Term deposits are not payroll.
- Local rails
- ADI deposit rails for TDs. No everyday card rail listed.
How money actually moves
- Who holds the cash
- Bank balance
- How money moves
- In-app ledger
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- No card rail listed
Licence first
Safety
Alex.Bank FAQ: fully licensed ADI, APRA, Banking Act 1959. Covered by the Australian Government Financial Claims Scheme up to $250,000 per person. Restricted ADI in July 2021; full ADI December 2022 (APRA announcement). Savings account was on waitlist when we read the homepage — term deposits are the live deposit product.
Holder / issuer: Alex Bank Pty Ltd
- APRA / ASICAuthorised deposit-taking institution — Alex Bank Pty Ltd, ABN 13 627 244 848, AFSL and ACL 510805 · Australia
Fees
- Monthly
- $0 monthly or transaction fees on savings (when live) — loans have their own fees
- FX markup
- Not a travel product
- ATM
- Not a transaction-account bank on the live menu
- Interest
- Term-deposit rates printed live — confirm on alex.bank
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- –Apple Pay
- –Google Pay
- –Virtual card
- –Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- APRA ADI
- Term deposits
- Unsecured personal / green / car / EV loans
- Savings account waitlist on the homepage we read
- No everyday debit card on the live menu
Before you tap Sign up
How to open
Step 1
Decide the product
Term deposit or a loan. Savings may still be waitlist. This is not Up.
Step 2
Australian KYC
Apply on alex.bank / the Alex app.
Step 3
FCS is for eligible deposits
A loan is not a deposit. FCS $250k is per person at this ADI.
Official help: www.alex.bank/about-alex/faqs/
Operator documents
Their own papers
These are the operator’s documents. They outrank this review if they disagree.
Score
- Safety25%
- 8.4
- Fees20%
- 7.8
- Features15%
- 5.4
- App15%
- 7.2
- Global15%
- 2.4
- Support10%
- 7.0
Change log
Full logLicence
APRA granted Alex Bank a full ADI licence
Restricted ADI July 2021, full ADI December 2022. FCS $250k. Live menu is loans and term deposits — savings waitlist when we read the site.
Available in
Straight answers
FAQ
01Is Alex Bank a bank?
Alex Bank holds a banking-style licence (APRA / ASIC). Still read the legal entity on the statement, not the app icon.
02How is money protected?
Alex.Bank FAQ: fully licensed ADI, APRA, Banking Act 1959. Covered by the Australian Government Financial Claims Scheme up to $250,000 per person. Restricted ADI in July 2021; full ADI December 2022 (APRA announcement). Savings account was on waitlist when we read the homepage — term deposits are the live deposit product.
03Where is Alex Bank available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with Alex Bank.
04Card and wallets?
No card rail listed
05Can I open Alex Bank remotely?
Australian KYC. Not a tourist product.
06What is the legal name behind Alex Bank?
Alex Bank Pty Ltd. Read the entity on the statement, not the app icon.
07Can I receive salary on Alex Bank?
Not a salary current account on the live menu we read. Term deposits are not payroll.
08Can I use Alex Bank as a everyday account?
Not on the live menu we read. Term deposits and loans are the product. Savings was waitlist. No debit card listed.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
Alternatives
Full alternatives page
activeNeobank
- HQ
- Sydney
- Fee
- No fees from ubank on the homepage pitch — T&Cs apply
Judo Bank
Australia’s bank built for SMEs. APRA ADI. FCS $250,000 per account holder on its homepage.
6.8Mixed
activeFeaturedNeobankBusiness banking
- HQ
- Melbourne
- Fee
- SME banking / lending tariffs — confirm live. Not a free consumer app.