A new Australian digital bank (2024)

FAQs

Does Australia have a digital bank? ›

in1bank | A new Australian digital bank.

Who are the Big 4 banks in Australia? Commonwealth Bank, Westpac, National Australia Bank, and Australia and New Zealand Banking Group (ANZ) are known as Australia's Big Four banks by virtue of their market share and market value.

Most digital banks offer accounts that are easier to open, have lower fees and often come with features that make them more customer-centric, like included insurance or the possibility to make investments easily.

Keeping it short and sweet the answer is yes, it's possible for non-residents to open an Australian bank account. The longer version is that while not all banks and account types are available for non-residents, there are a number of options out there provided you meet the criteria.

ANZ, for example, says it has an AI system that can identify bank customers at risk of financial distress about 40 days earlier than usual, based on transaction data. Scam detection is another area ripe for AI assistance.

Chime is the biggest digital bank in the U.S., with over 13.1 million digital banking users. And Revolut based in London has more than 19,130,000 million users, making it the biggest digital bank in the UK.

Participating banks include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo.

“Bendigo Bank is consistently recognised as Australia's most trusted bank because we continue to put our customers at the centre of everything we do. We are dedicated to building even stronger relationships with our 2.6 million customers by prioritising integrity, reliability, and customer-centricity,” Ms Baker said.

What is the most profitable bank in Australia? ›

Australia's big four banks, for example, reported a record full-year profit of nearly $32.5 billion between them (up 12.4 per cent compared to the previous financial year). The Commonwealth Bank posted the largest profit ($10.2 billion) followed by NAB ($7.7 billion), ANZ ($7.4 billion) and Westpac ($7.195 billion).

Online banks use the same encryption and FDIC insurance that brick-and-mortar banks do to protect their customers.

Online banking is generally safe and not easy to hack — as long as you take the right steps to protect your information. This means setting up strong passwords and changing them frequently, and using additional tools like two-factor authentication to give yourself an extra layer of protection.

In June, the federal Treasury and the Reserve Bank of Australia announced it would release a paper in mid-2024 intended as a stocktake of work on Central Bank Digital Currencies (CBDC) in Australia so far.

Bank from the comfort of your own home using Westpac Live Online Banking. Bank simply and securely with Australia's #1 banking app, packed with features to help you master your money.

Online banking security FAQ

Online savings accounts may be safe. They are typically offered by banks that employ security measures such as encryption, fraud monitoring, and authentication.

You can open a bank account online in Australia without any problems. Australia's four main banks NAB, Commonwealth Bank, ANZ and Westpac offer online applications for their standard current and savings accounts which are open to anyone, including those travelling on visas.