Best Alex Bank alternatives

#1 alternative

Up

active

Australian spending account with a cheerful debit card.

4.7

Melbourne · 1M+ · Bendigo and Adelaide Bank-backed

7.9Solid

The Australian consumer pick. Archa is the business-card cousin in this register; they solve different jobs.

Best for: Australians who want an ADI-backed everyday account with a beloved app.

Licence

ADI via Bendigo and Adelaide Bank

Protection

Financial Claims Scheme on deposits with Bendigo and Adelaide Bank Limited. Up’s FCS page: Everyday, Savers and Essentials Saver count toward the FCS limit together with any other deposits you already have at Bendigo and Adelaide Bank.

Monthly

Free

#2 alternative

ubank

active

Division of NAB. Same ADI, same FCS $250k cap as NAB. Not a separate bank licence.

Sydney · NAB digital division · National Australia Bank Limited

7.4Solid

ubank is a division of National Australia Bank Limited, ABN 12 004 044 937, AFSL and Australian Credit Licence 230686 — that line is on ubank’s own product footer. APRA’s FCS list files it as a trading name of NAB, not as its own ADI. NAB’s FCS page is blunt: one licence, so the A$250,000 cap is the aggregate of eligible NAB and ubank balances. Up sits on Bendigo. Judo is a separate SME ADI. Alex Bank is a separate ADI with a thinner product. If you already have $200k at NAB, ubank does not give you another $250k of FCS. That is the review.

Best for: Australians who want NAB’s digital division and understand the FCS cap is shared with NAB.

Licence

Division of National Australia Bank Limited — ABN 12 004 044 937, AFSL and ACL 230686. Not a separate ADI

Protection

ubank help: the Australian Government guarantees deposits up to $250,000 per person per ADI including ubank. NAB’s FCS page: NAB and ubank operate under the one banking licence, so the A$250,000 limit applies to the aggregate of eligible NAB + ubank balances. APRA’s FCS list names National Australia Bank Limited * Ubank as a trading name. Shared cap. Not Up. Not Judo.

Monthly

No fees from ubank on the homepage pitch — T&Cs apply

#3 alternative

Judo Bank

active

Australia’s bank built for SMEs. APRA ADI. FCS $250,000 per account holder on its homepage.

Melbourne · Australian SME bank · Listed / institutional — confirm live

6.8Mixed

Judo Bank’s homepage says it is Australia’s only bank built for small and medium businesses, and it prints the Financial Claims Scheme line: deposits protected up to $250,000 for each account holder at Judo Bank. That is an APRA ADI file, not a fintech. Up is the consumer brand (deposits at Bendigo). AMP Bank is wealth. Archa is a credit card. Judo is SME deposits and lending. If you wanted a peach-coloured personal app, you are in the wrong review. If you wanted a named ADI for a company term deposit or a business loan, you are in the right one.

Best for: Australian small and medium businesses that want an ADI, not Up-for-companies theatre.

Licence

Authorised deposit-taking institution — Judo Bank

Protection

Official homepage: under the Financial Claims Scheme, deposits are protected up to a limit of $250,000 for each account holder at Judo Bank. More: apra.gov.au/about-financial-claims-scheme.

Monthly

SME banking / lending tariffs — confirm live. Not a free consumer app.

#4 alternative

AMP Bank

active

Australian ADI. APRA. FCS $250k. Wealth parent, digital skin.

Sydney · ADI retail scale · AMP Limited group

6.6Mixed

AMP Bank is an ADI. FCS applies. Put it next to Up as a different object: wealth-bank deposits versus a Bendigo-issued consumer app. Neither is Revolut.

Best for: Australian residents who want an ADI that is not a Big Four branch, with FCS.

Licence

Authorised deposit-taking institution (AMP Bank Limited)

Protection

Financial Claims Scheme up to $250,000 per account holder per ADI

Monthly

Product-dependent

#5 alternative

Yuh

active

Yuh is not a bank. Swissquote Bank Ltd is. esisuisse cover is CHF 100,000, shared.

Gland · Swiss all-in-one app · Swissquote (100% after July 2025)

7.6Solid

Yuh is not a bank. The English homepage says it in one paragraph: Swissquote Bank Ltd provides the banking, FINMA authorises that bank, and esisuisse cover is CHF 100,000 shared with Swissquote. July 2025 ended the PostFinance joint venture. If you already hold cash at Swissquote, do not count CHF 100,000 twice. Zak is Bank Cler. Neon sits at Hypothekarbank Lenzburg. Read those files separately.

Best for: People who live in Switzerland and want spend plus invest, and who accept Swissquote as the bank.

Licence

Fintech app — not a bank

Protection

Yuh itself is not a bank. Banking sits at Swissquote Bank Ltd, FINMA-authorised. esisuisse covers eligible deposits up to CHF 100,000. Yuh and Swissquote are one entity, so the cap is shared.

Monthly

No fees whenever possible — live list on yuh.com/en/pricing

#6 alternative

Chase UK

active

J.P. Morgan Europe Limited trading as Chase. UK bank, PRA/FCA, FSCS up to £120,000.

London · UK digital bank · JPMorgan Chase

7.6Solid

Chase UK is a bank. The legal name is J.P. Morgan Europe Limited. PRA-authorised, FCA-regulated, FSCS up to £120,000. It is a useful UK current account with honest travel spend. It is not Revolut’s multi-country stack and not a US Chase login. UK tax residents only.

Best for: UK residents who want a JPMorgan current account in an app, with FSCS, and cheap travel spend.

Licence

UK bank

Protection

FSCS up to £120,000 per depositor per bank (Chase UK FSCS page) at J.P. Morgan Europe Limited.

Monthly

£0