Best Online Banks in Australia 2025: Fees, Interest, and Protection
When choosing an online bank in Australia, evaluate account fees, interest on savings, app features, and government-backed protection. Use the official resources below to verify coverage and resolve disputes if needed.
1) What “best” means in 2025
- Low/no fees on everyday transaction accounts; transparent ATM and international charges.
- High ongoing rates on saver accounts (watch for bonus conditions such as minimum deposits or spend).
- Solid mobile banking, fast transfers (NPP/OSKO), and responsive support.
2) Deposit protection you can verify
Australian deposits are covered—up to AUD $250,000 per account-holder per ADI—under the Financial Claims Scheme (FCS), administered by APRA. Check your bank’s licence and coverage on APRA’s pages.
3) Complaints and dispute resolution
If an issue isn’t solved at the bank’s internal dispute resolution, you can take it to the Australian Financial Complaints Authority (AFCA), the national external dispute scheme overseen by ASIC.
Quick comparison checklist
- Transaction fees, ATM/international costs, and transfer limits.
- Savings rate (base vs bonus) and eligibility conditions.
- FCS coverage confirmed for the ADI; AFCA membership visible on the bank’s site.
References (official)
- APRA — Financial Claims Scheme overview, types of accounts covered, ADI lists, deposit checker.
- ASIC — AFCA oversight and dispute-resolution guidance.
- AFCA — Official site and complaint portal.
- Moneysmart (Australian Govt) — Banking & savings account guidance.
