Banks in Australia

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One of the most significant finance developments in Australia in recent years has been the emergence of neobanks and digital banks. A neobank is a type of digital bank that operates entirely online, without any physical branches. These banks offer a range of services through mobile banking apps, such as "digiapps". They also tend to have lower overhead costs compared to traditional banks. This allows such digital banks to offer more competitive interest rates on savings accounts, term deposits, and other products. One of the most popular neobanks in Australia is Revolut. This mobile bank offers a variety of features including a cashing app to easily send money to friends and family. Revolut offers a high-interest savings account with competitive interest rates. These features make it an attractive option for those looking to save money. Other notable FinTechs in Australia include Up Bank, Volt Bank, and Xinja Bank. These digital banks also offer mobile banking apps with savings accounts and personal loans. When it comes to interest rates, neobanks and digital banks tend to offer some of the highest rates on the market. For example, some Australian banks offer savings account interest rates of up to 2.5% compared to the national average of 0.5%. Overall, neobanks and digital banks are an exciting development for Australia's neobanking scene. That is because they give consumers more options and greater flexibility when it comes to managing their finances.