5 Best Neobanks in Australia for 2026

In 2026, Australians are increasingly turning to neobanks. With user-friendly mobile apps, real-time notifications, low fees, and innovative features, neobanks are changing how people save, spend, and send money. Whether you’re a digital nomad, frequent traveller, young professional, or small business owner, choosing the right neobank can help you get more from your money.

This guide breaks down the five best neobanks available in Australia for 2026:

What Is a Neobank?

A neobank is a digital-only bank that operates without physical branches. These banks deliver all services through mobile apps or web platforms and often partner with traditional banks or hold their own banking licences. Neobanks typically offer lower fees, faster setup, and advanced tech features compared to traditional banks. They’re part of a broader movement toward fintech-driven banking focused on convenience and transparency.

1. Up Bank

Up Bank is one of Australia’s most popular neobanks, known for its intuitive mobile app and strong customer experience. It was created in collaboration with Bendigo & Adelaide Bank, and lets users open accounts quickly and manage day-to-day banking from their phone.

Why It’s Great

• Excellent mobile-first design with easy navigation and insights into spending

• Real-time notifications and budgeting tools

• Automatically tracks spending categories

• Backed by a fully regulated Australian partner bank, with Financial Claims Scheme protection

Super user-friendly appNo monthly account feesInnovative budgeting toolsStrong security and protectionsLimited product range compared to big traditional banksSavings interest rates can be modest

2. Alex Bank

Alex Bank is a modern Australian digital bank with a full banking licence from APRA. It caters to everyday banking needs with competitive savings and transaction accounts.

Why It’s Great

• Designed specifically for the Australian market

• Strong emphasis on transparency and customer service

• Easy account setup via app

Full Australian banking licence Competitive savings productsSimple, clear fee structuresFewer advanced tools like automated budgetingLess established brand than some competitors

3. Judo Bank

Judo Bank focuses on small and medium business banking. While not a personal-only neobank, Judo is worth including because of its digital-first model and growing reputation among business clients.

Why It’s Great

• Tailored business loans and finance products

• Digital onboarding for business banking

• Strong support for growth-stage companies

Excellent for SME borrowersTransparent business-focused toolsGrowth-oriented servicesNot ideal if you just want personal everyday bankingLimited everyday transaction features

4. Wise (for Australians)

Wise isn’t Australian-based, but it’s widely used in Australia and excels as a multi-currency account with low fees — perfect for travellers and international payments.

Why It’s Great

• Multi-currency account and borderless transfers

• Very low international transfer fees

• Multi-region currency cards and support

Excellent for international useGreat exchange ratesEasy multi-currency managementNot a full-service bank (no loans)Not ideal for local everyday banking

5. Tyro Payments

Tyro Payments is an Australian neobank leaning more toward business banking It offers terminal payments, business accounts, and digital tools tailored for merchants.

Why It’s Great

• Powerful for small business financial management

• Integrated card terminal solutions

• Fast onboarding and payment processing

Great choice for business ownersIntegrated payments and banking Competitive fees for merchantsDesigned for business — not personal bankingSome users find fees complex

Choosing the Right Neobank in Australia

Different neobanks serve different needs. Up Bank and Alex Bank are excellent choices for everyday personal banking, while Judo Bank and Tyro Payments shine for business customers. Meanwhile, Wise is unmatched for international transfers and multi-currency needs. 

All options benefit from modern digital tools, low fees, and fast account setup — making them strong alternatives to traditional banks.