Next-Gen Neobanks and Money Apps for Australians

Have you heard? Boring banks are so last decade. It’s all about tech-first neobanks with a sleek user experience and tons of nifty features that help make money fun. How good is that?

We’ve gone down the rabbit hole and plucked out the cream of the neo-crop for our Aussie mates. So if you’re looking to jump banking ship, listen up for our hit list. But first…

What actually is a neobank?

A neobank, often called an online bank, is a digital-first bank that does away with physical bank branches and operates online only. These banks also tend to have “challenger” features, like new-age app technology or more modern features designed for a younger audience. Some of these neobanks in Australia offer their own money app functionality, that not only holds your money but helps you manage it. Sounds pretty sweet, right?

Here are some to watch.

Up Banking

A fave among personal finance creators, Up is a digital bank designed to help you organize your money and simplify your life. Users are given a bright orange card linked to their transaction account, and the entire user interface is so much fun to use.

The app has all kinds of gamified features not only to make managing money easy, but also FUN! You can organize your savings into different buckets, cover transactions with any saver you like, round up your transactions to boost your savings, and even save up for your next purchase using the MayBuy feature. The app is rapidly adding new features like a payday function that organizes your salary for you once it hits your account and a ‘slice’ function that helps you split expenses with friends and family.

Connecting your Up account to PocketSmith is pretty much the most financially savvy a person can possibly be!

Spriggy

Spriggy is a family-favorite money app that helps you teach your kids about saving, budgeting, and reaching their money goals. It’s a prepaid visa card with an interactive app that allows kids to start managing money like a pro, without the need for a proper bank account.

Kids can set savings goals and track their progress, manage a budget and organize their money into different categories, and track their spending as they go.

Wise

Wise, formerly Transferwise, is a multi-currency global account that allows you to get paid locally in multiple currencies across the world. With an intuitive app to help manage your different currency wallets, it’s the perfect companion for digital nomads or frequent travelers who earn and spend in different currencies.

Douugh

Douugh brings together spending, saving, and investing into one neobanking app. You store your spending money in your spending ‘jar’, and you can even earn cashback on purchases that goes straight into your investing ‘jar’. With multiple investing options inside the app, Douugh combines your money management into one place.

If you’re short on cash, you can even ask Douugh to ‘spot’ you an advance — though we recommend approaching this function with caution, as with all borrowed funds.

Alex Bank

Alex Bank makes getting a decent interest rate on your savings account simple. Gone are the days of thinking you’re snagging a 5% return only to discover you didn’t meet the criteria. With Alex Bank, you can chew on fee-free savings, score a generous variable interest rate, and cop no minimum transactions or caveats.

It’s currently invitation-only — ooooh, exclusive! — but will be rolling out to more users in 2024.

Emma Edwards is a finance copywriter and blogger, on a mission to humanize the financial services industry by creating meaningful content that’s accessible and empowering. You’ll find her penning money tips at her blog, The Broke Generation, sharing financial insights on Instagram, or injecting life into content for her business clients.