Best Neobanks in Australia 2026 — Up, Revolut, Wise Compared
Australia's neobank market has matured. We compare Up, Revolut, Wise, ING, and other digital-first banks on fees, features, and real-world usability.
Best Neobanks in Australia 2026
Australia's neobank landscape has consolidated since 2021 — Xinja closed, Volt folded, and 86 400 was absorbed by NAB. What remains is a stronger, more sustainable set of digital-first banking options. Here is our honest comparison.
#1 Up — Best Overall Australian Neobank
Savings rate: 5.00% p.a. (with monthly deposit conditions)
Transaction fee: $0
International transfers: Via Wise (competitive rates)
Backed by: Bendigo Bank (ADI — deposits protected by APRA)
Up is the standout Australian neobank. The app is genuinely excellent — instant spending notifications, smart categorisation, Maybuy feature for tracking wish-list items, and "Savers" sub-accounts with names and emojis. The 5.00% savings rate (conditions apply) is competitive with major banks. APRA-protected deposits mean your money is safe. Up is built by Ferocia, headquartered in Melbourne.
#2 Revolut — Best for International Users
Standard account: Free
Premium (Metal): $19.99/month
Currency exchange: Interbank rate during market hours (Standard: up to £1,000/month; Premium: unlimited)
ATM: Free up to $350/month (Standard), $1,200/month (Metal)
Revolut is the best option if you frequently travel, work internationally, or send money overseas. The multi-currency account holds 30+ currencies, and you can exchange at near-interbank rates. The Australian Revolut account is fully licensed (AFSL), meaning it's regulated locally. The downside: no savings interest on the Standard account, and you need Premium for unlimited currency exchange.
#3 Wise — Best for International Transfers
Account: Free (one-time card fee ~$9)
Transfer fees: 0.35%–2% depending on currency
Exchange rate: Mid-market rate (best available)
Savings: Interest available on GBP, EUR, USD held
Wise is not technically a bank (no banking licence in Australia) but functions as a multi-currency account and the world's best international money transfer service. If you're sending money from Australia to the UK, EU, US, or 80+ other countries, Wise will almost always beat your bank on both rate and fees. Australian bank international transfers typically cost $20–$35 plus poor exchange rates — Wise typically costs 0.35%–0.8% for major currencies with the actual exchange rate.
#4 ING — Best High Interest Savings
Savings rate: 5.50% p.a. (with conditions)
Transaction fee: $0 (Orange Everyday)
ATM: Rebates for all ATM fees in Australia (with conditions)
Backed by: ING Group (separate banking licence)
ING isn't technically a neobank (founded 1999) but operates entirely online and consistently offers top savings rates. To get the bonus rate, you need to deposit $1,000+/month and grow your balance. The Orange Everyday + Savings Maximiser combo is one of Australia's best banking setups for those who keep their savings at home.
Neobank Comparison Table
| Bank | Savings Rate | Monthly Fee | International Transfers | APRA Protected |
|---|---|---|---|---|
| Up | 5.00% (conditions) | $0 | Via Wise | ✅ Yes |
| Revolut Standard | 0% | $0 | ✅ Best in class | AFSL regulated |
| Wise | Interest on some currencies | $0 | ✅ Best in class | No (not a bank) |
| ING | 5.50% (conditions) | $0 | Good | ✅ Yes |
| Macquarie Bank | 5.35% (conditions) | $0 | Standard | ✅ Yes |
Are Australian Neobanks Safe?
APRA-backed banks (Up, ING, Macquarie) have deposit protection up to $250,000 per institution under the Financial Claims Scheme. Revolut holds an Australian Financial Services Licence (AFSL) and is regulated by ASIC. Wise is not a bank but holds client funds in segregated accounts and is regulated by ASIC.
None of these are risky in normal circumstances. The risk profile is similar to smaller banks — significantly safer than cryptocurrency exchanges or non-regulated fintech apps.
Frequently Asked Questions
Is Up Bank safe?
Yes — Up is backed by Bendigo Bank and holds an Authorised Deposit-taking Institution (ADI) licence. Deposits are protected up to $250,000 under the government's Financial Claims Scheme.
Is Revolut available in Australia?
Yes — Revolut launched in Australia in 2019 and holds an Australian Financial Services Licence (AFSL 517589). It operates as a financial services provider, not a bank, so deposits are not covered by the Financial Claims Scheme.
What is the best savings account in Australia?
ING Savings Maximiser (5.50% with conditions) and Up Saver (5.00% with conditions) are among the best in 2026. Conditions typically require depositing $1,000+/month and growing your balance.