Neobanks and money apps are the newest places to stash and manage your cash - but how do you choose between all the features and technology they have on offer? Mozo’s dedicated neobank and money app comparison hub makes finding the right neobank or money app match a breeze.
Read moreNeobanks and money apps aren’t quite like traditional banks, so while the rates and features of offer from a neobank’s bank accounts, savings accounts and home loans are important, neobanks and money apps really are all about innovative features and technology.
That’s why the Mozo neobank and money app comparison table below can help you to compare standout features like the latest payment options, money management tools and handy travel benefits all in one place.
Found a neobank or money app that ticks all the boxes? Because neobanks and money apps are 100% digital, signing up is as simple as downloading the app. No matter what smartphone platform you use, taking the next step and signing up through Mozo is easy.
Australia’s first SME-focussed challenger bank offering business loans as well as personal term deposits.
Earn up to 2.15% p.a for 1 and 5 year terms. Minimum $1000 deposit. 0.10% loyalty bonus on top of standard rate if you reinvest. Deposits up to $250,000 covered under govt financial claims scheme. 3 months to 5 year terms available.
Judo provides business lending solutions for small to medium-sized businesses. Borrow from $250,000. Equipment loans, finance lease, business and line of credit loans.
As a Judo Bank customer you’ll get your own dedicated business banker who gets to know you and the funding needs of your business.
Built to be fast and nimble, Judo Bank is Australia’s first SME-focussed challenger bank. Founded in 2016 and headquartered in Melbourne, it now employs over 140 people.
To learn more, read our comprehensive Judo Bank review.
100% independent, digital neobank designed for Australians.
Designed from the ground up for mobile, Xinja is going head to head with Australia’s traditional banks. It has obtained a full Australian banking licence and offers bank and savings accounts via the Xinja app with home loans and personal loans set to launch in the near future.
Earn a juicy 2.25% interest on balances up to $245K in the Xinja Stash account, which is linked to your Xinja Bank Account. No minimum deposits, intro periods or minimum payments. 100% fee free, instant sign up via Mobile app.
Xinja is promising travel-friendly products with no international ATM, card or currency conversion fees. Plus, instant account freeze if you lose your card.
Based in Sydney, Xinja’s mission is to build a bank with its customers, designed in their interests, that helps them make better money decisions without the angst.
To learn more read our comprehensive Xinja review.
Organise your money effortlessly. Earn interest on your savings. Sign up in under 3 minutes.
No monthly fees and earn up to 2.00% interest when you make 5 card purchases per calendar month. Savings round-up functionality to help you save for your goals. Plus voice banking with Siri to check balances or transfer funds.
Automatically receive a $5 bonus into your new Up account when you use the special code MOZO5 at sign up.
Built-in budgeting including: weekly spending notifications, time and location stamps so that you can track where and when you spend your money, optional account balance notifications with each transaction.
Up cards work around the world, pay no international purchase fees or overseas ATM withdrawal fees, get great exchange rates and instant purchase notifications in AUD.
Founded in 2017, Up now has over 100,000 Australian customers. Up is backed by Bendigo and Adelaide Bank in banking, and Mastercard in payments. Deposits provided through the Up apps are protected by the Financial Claims Scheme, up to $250,000 per person.
To learn more read our comprehensive Up Bank review.
A digital only bank designed to help people save money. Sign up now for beta access.
First neobank granted a full licence to operate as an Authorised Deposit-Taking Institution in January 2019. Volt has already launched a savings account and is likely to release a bank account in the near future, as well as credit options like personal loans and home loans down the track.
From personalised insights, fast and speedy application and approvals to full transparency on fees and charges, Volt promises to be a bank that works for you.
With a no strings attached savings rate of 1.90% and some handy savings prompts, the Volt Save account could help you grow your savings stash without the hassle.
Established in 2017, Volt Bank is part of the technology-led banking revolution sweeping Australia’s shores. The first bank granted a full ADI licence, Volt is not only determined to change the way we use banking technology, but how banks actually operate from protecting your data, money, and making honest recommendations.
To learn more read our comprehensive Volt review.
100% mobile, no fees and money management and insights at your fingertips. What banking should be in 2020.
Be one of the first 10,000 users to sign up and you’ll lock in exclusive benefits for the life of your account. Perks include early access to new features and updates, a limited issue Hay Card and much more.
No foreign exchange fees, no international transaction fees and up to $500 fee free international ATM withdrawals per month. Hay’s app unique travel mode automatically detects when you head overseas and gives you crystal clear insights of how your account balance is tracking in local currencies.
From real time spending notifications to monthly summaries that show you how much you’ve spent, where and what on, Hay’s simple interface turns your day-to-day spending into useful visualised insights that help you to stay in control of your money.
Founded in 2018, Hay is a Sydney-based fintech on the verge of getting its Restricted Authorised Deposit-taking Institution (RADI) Licence which would put it on the path to becoming a fully-fledged Australian bank. Hay's waitlist is open now, so early adopters can sign up to become a founding member and one of the first to get access to the prepaid card, account and Hay app.
To learn more, read our comprehensive Hay review.
A bank with great rates and no monthly fees. Real time personalised insights to help you spend less and save more.
Earn up to 2.00% interest when you deposit $1,000 per month into any of your 86 400 accounts. No monthly fees. Free cash withdrawals from over 10,000 Australian Bank ATMs. Deposits up to $250,000 covered by Australian Government financial claims scheme.
86 400 have combined convenience and competitive rates to create their brand new home loans. Digital applications, faster approvals and broker assistance are just some of the features making 86 400's home loans innovative.
The 86 400 app gives you visibility across all your accounts, from multiple providers, to help you manage your money and make smarter decisions. Automatic predictions of upcoming payments also keep you a step ahead.
86 400 might seem like a strange name for a bank, but it is all about giving Australians easy access to their money and real time information about their finances - every second of the day. Backed by Cuscal, one of Australia’s largest payment solution providers and based in Sydney, 86 400 has a full banking licence from financial regulator APRA.
To learn more, read our comprehensive 86 400 review.
Mobile based account and card offering global spending and money transfers with no fees. Account fees up to $10.99 per month.
The Revolut card is accepted globally wherever Visa is. Get the real interbank exchange rate on transactions, saving you money. The number of free ATM withdrawals and fee-free currency exchange depends on the pricing plan you choose.
Revolut’s app includes a built-in budgeting tool so you can track your spending or set up limits for things like grocery spending or nights out! Instant spending notifications also help you to keep track of your spending.
Revolut’s round-up feature siphons off your spare change to help you save for your goals. Full flexibility and control means you can choose to round up every transaction, set up a recurring payment or simply make one-off contributions.
About Revolut
Revolut launched in 2015 in Europe and recently launched its Australian office, which is headquartered in Melbourne. It has already attracted 5 million customers, over 30 European markets and currently has over 20,000 Australians on its waitlist.
To learn more read our comprehensive Revolut review.
A smart bank account helping you be financially healthy. Sign up now for early access.
Whether its paying bills or travelling across the globe, Douugh helps you to manage payments, get visibility of where and how much you’re spending. The Douugh Mastercard debit can be used around the world and is Apple Pay enabled.
From spending insights to automated savings jars to help you reach your money goals, Douugh’s money assistant, Sophie, will make it easy for you to track and take the stress out of managing your money.
Set spending targets per category. Get real time alerts to help you stay focussed on your goals.
About Douugh
Douugh’s mission is to create a financially healthier world. It was founded in 2016, by the co-founder of Australia’s first peer-to-peer lender, Society One.
To learn more, read our comprehensive Douugh review.
Travel the globe with a Pelikin prepaid card. Track your spending via the smart money app. Sign up in as little as 3 minutes.
Use the Pelikin card in over 200 countries around the world, hold up to 5 currencies, no overseas ATM fees when you withdraw over $200 AUD. No minimum load amounts or load fees. Global in-app chat support.
The Pelikin app tracks your spending in all currencies. Get instant spend notifications so that you can keep track of your account balance.
Split bill function and in-app instant transfers to pay friends and/or receive payments on the spot. Freeze and unfreeze your card if you lose it or find it again.
Pelikin is an app-based fintech from Melbourne with a goal of changing the way that Australian travellers manage their money while overseas. The Pelikin travel card is issued by Heritage Bank.
To learn more, read our comprehensive Pelikin review.
App and prepaid card tailored for student spending and saving across campus.
The QPay prepaid Mastercard can be used wherever Mastercard is accepted. Pay no account fees. Tap and go with purchases under $100.
With each tap or swipe you’ll get cash back rewards. Plus, weekly discounts and offers from QPay partners means you’ve always got an opportunity to save.
Stay on top of your spending and account balance with instant spending alerts.
QPay started out as a student payment app for students that helped them buy merchandise, event tickets and club memberships, and now has its sights set on becoming a banking alternative for millennials.
Reviews, news, tips and guides to help find the best neobank for you.
You’ve heard of online banks, major banks and perhaps even customer-owned banks, but now it’s time to meet the new generation of neobanks and money apps. And no, neobank is not just another buzzword, because neobanks and money apps are real banking and money management alternatives that have already flourished overseas and they’re about to do the same in Australia in a big way.
So whether you’re an innovation lover or you’re just on the hunt for a banking alternative, keep reading as we answer some of the most common questions about neobanks and money apps, including the Australian players you’ll want to know about, the features they offer and just how they’re different from their traditional bank counterparts.
What really sets neobanks apart from traditional banks is technology - the technology their banking platforms are built upon and the new and exciting innovations they offer their customers.
After all, neobanks still offer products like bank accounts, saving accounts and even home loans, and they still have the same levels of security and licencing restrictions of traditional banks - meaning your money and your details are just as secure.
Unlike many existing banks though, neobanks have developed their own fully-digital platforms to run on - platforms that aren’t just digital versions of existing banking systems. That means that neobanks are operated 100% digitally without the need for physical infrastructure like branches.
But the most exciting part about neobanks are the in-built technology features! From the ability to pay or withdraw money with virtual cards to setting budgets and managing money all in one app, neobanks are really trying to make banking smarter and more personal. Plus with reduced overheads, neobanks are also promising to offer more competitive rates and lower fees.
Did we mention that they’re mobile-focused? Customers will only be able to access neobanks online, and generally through a smartphone app, which will no doubt make them a seriously attractive alternative for millennials and tech-loving Aussies wanting to do their banking from the palm of their hand.
While neobanks are fully licenced and regulated banks that offer the kinds of deposit and loan products you might expect from any bank, credit union or mutual, money apps are a little bit different. That’s because there’s no neat bracket which money apps fit into because they’re all built to serve different needs!
Some money apps provide alternative travel money solutions for Aussie travellers with prepaid debit cards and apps which allow them to make purchases and split bills in multiple currencies, or to send money overseas for less.
Other apps are all about equipping Australians with the budgeting and tracking tools to give them a broader picture of their finances across multiple accounts, and even different banks and financial providers, to better help them budget and save.
But just like neobanks, money apps are designed to make paying, sending and managing money from a smartphone a more convenient reality.
When it comes to your money, especially your hard-earned savings, it’s completely normal to consider the reliability and credibility of a bank or any financial institution. But just like traditional Australian banks, neobanks are regulated by the same authorities - APRA and ASIC.
For example, neobank Up Bank’s bank accounts and savings accounts are issued through their partner Bendigo and Adelaide Bank (which is an Authorised Deposit-Taking Institution). This means that deposits up to $250,000 per person with Up Bank are protected by the Financial Claims Scheme (FCS) - exactly the same as any other bank in Australia.
The same is the case for deposits with neobanks like Xinja, Volt Bank and 86 400 (when they launch). But instead of finding an existing bank to partner with like Up has done with Bendigo and Adelaide Bank, these neobanks have decided to obtain ADI licences of their own.
Money apps and fintechs are regulated slightly differently, but they are still required to have an Australian financial services licence (ASFL) or to partner with someone who does have one in order to offer products like prepaid debit cards.
As we mentioned above, the main difference between neobanks and money apps and their more traditional counterparts is the design of the platforms they run on, but more excitingly, the innovative features and tools they are actually offering (and will offer in the future).
One of the major selling points neobanks and money apps are spruiking is their ability to provide users with more detailed data, spending insights and comprehensive saving tools. This is all part of a push towards more personalised banking and providing users with the tools and information to improve their financial health. They include:
Neobanks are really targeting millennial and tech-savvy Australians, so it just makes sense that they’re offering integration between their mobile apps and the latest smartphone technology including:
In addition to accommodating the latest smartphone technology, neobanks are also giving customers access to the latest payment options.
Another feature neobanks and money apps are really pushing is making their cards and accounts as travel-friendly as possible, because (surprise, surprise) Aussies love to travel. Some of these features include:
There are certainly similarities between Australian digital banks or online only banks like ING, ME, or UBank and neobanks - namely that both are based entirely online and both tend to put more emphasis on creating innovative tools and providing greater insights for their users.
But many online banks are just digital versions of their traditional bank counterparts. That’s meant that internet banking platforms and mobile apps developed by some online banks have been designed as digital versions of existing physical platforms, rather than made for a new generation of mobile and online-savvy consumers.
Just like traditional banks, neobanks and money apps use the latest technology to keep their apps (and your money) secure, including with fraud monitoring systems. But there are always steps you can take to make your own smartphone secure, such as setting up strong passwords or biometric security options on your device and on the apps themselves.
Yes! While neobanks and some money apps are giving their customers the chance to use the latest digital payment options like Apple, Google and Samsung Pay, most (if not all) are also offering physical debit or prepaid debit cards. That means that you’ll still be able to make over the counter purchases with a physical card or withdraw cash with one from an ATM.
Speaking of cards, money app and neobank customers will also be able to use their debit cards, prepaid debit cards and, down the track, credit cards overseas. In fact, many Australian neobanks have made travel-friendly card features a major selling point by offering perks like 0% international transaction fees and even free overseas ATM withdrawals to Aussie travellers.
Given that users will only be able to access many neobanks through their respective apps, losing or breaking a smartphone could mean losing access to your bank account and means of payment. Of course, you could always use the physical neobank or money app debit or prepaid card which can be used to withdraw cash and pay for things online and over the counter, but that might not be much use if you choose to block your account after losing your smartphone.
If you do happen to lose your phone and you’re worried about your account security, most neobanks have a dedicated phone number which you can call for lost or stolen cards and phones.
Neobanks may be operated 100% online or through an app, but you’ll still be able to withdraw cash using your respective neobank debit or prepaid debit card. Just remember to watch out for ATM withdrawal fees, as many neobanks don’t have dedicated ATM networks.
One of the most convenient benefits of many neobanks and money apps is being able to apply in-app! All you’ll need to do is download the respective neobank app from the Apple App Store or Google Play store, and sign up with a few simple bits of information like your date of birth, home address, phone number and some form of ID (such as a drivers licence, passport, or medicare card).
