Neobank news and advice

Neobank Up is taking innovation to a whole new level by partnering up with TikTok to create the first-ever gamified TikTok effect in Australia.

At a time when spending, saving and transferring money can all happen at a touch of the fingertip, finding a banking app with all the right features has become a priority for many deposit customers. But without widely exploring your banking app options first, it can be difficult to know which providers are on top of innovation. That’s why Mozo has done the hard work for Australians, today announcing winners of the 2021 Mozo Experts Choice Awards for Banking Apps & Technology.As part of these awards, Mozo’s expert judges thoroughly assessed 74 different banking apps in order to find the ones with leading functionality for users. This year, neobank Up rose above much of the competition, winning two 2021 Mozo Experts Choice Awards for Excellent Banking App and Banking Innovation. The digital bank joins a cohort of much larger players like Commonwealth Bank and Macquarie Bank in the 2021 Excellent Banking App category, while it’s the only provider to snag the Banking Innovation title this year.

Whether out of necessity or choice, most Australians have their savings, loans, investments and superannuation spread across different institutions. But with so many accounts and figures to keep track of, maintaining an overall financial picture isn’t the easiest task.

Xinja has today announced it will be returning its Authority Deposit-Taking Institution (ADI) licence and will be discontinuing its Bank and Stash account. According to the neobank, the decision to ‘close’ and leave the banking industry is so that it can focus on its other areas of interest, like its US share trading product, Dabble.

86 400 has become the first neobank to roll out joint bank and savings accounts in Australia, launching its ‘smart shared accounts’ this week.

The downward spiral in savings account rates continues to show no signs of letting up with customers of neobanks 86 400 and Xinja set to be the latest rate cut recipients.

Neobank Volt has announced that it will be further reducing the interest rate available on its savings account by 20 basis points.

Sydney-based neobank Xinja has today revealed plans to launch its very own share trading platform named Dabble. 

Banking in Australia is changing, and quickly. 

No it’s not just you - things have been quiet on the neobank front over the past few months, with just a few rate tweaks and minor feature releases of note. Neobanks have also taken a hit to their media profiles as a result of COVID-19, says media monitor Streem, particularly well known outfits like 86 400 and Xinja.