Looking for the best online banks in Australia for 2026? Whether you want a no-fee transaction account, high savings rates, or a slick app, we’ve compared the top players. ING, UBank, Up, Macquarie, and ME Bank all bring something different to the table. We break down their features, fees, interest rates, and who each one suits best so you can pick the right fit.
Quick Comparison of Top Online Banks Australia 2026
- ING: Orange Everyday transaction account with no ATM fees worldwide, 1% cashback on five tap-and-pay transactions monthly, Savings Maximiser at about 5.5% p.a. With conditions, no monthly fees.
- UBank: Owned by NAB, USAVE savings rate around 5.1% p.a. With conditions, USaver flexible savings, simple and easy-to-use app, no monthly fees, no international ATM fees on some cards.
- Up Bank: Millennial-focused with great app design, 5.0% savings rate with conditions, multiple savings goals via Savers, round-ups for effortless saving, zero monthly fees.
- Macquarie Bank: Transaction account pays 0.9% on transaction balance, savings around 5.0% conditional, no foreign ATM fees, strong app platform, no monthly fees.
- ME Bank: Owned by Bank of Queensland, SpendME transaction account, HomeME savings around 5.0% conditional, straightforward app, no monthly fees.
1. ING
ING’s Orange Everyday account remains one of the most popular online transaction accounts in Australia thanks to its no ATM fees worldwide feature. This is a big plus for travellers and those who often withdraw cash overseas. Their 1% cashback on the first five tap-and-pay purchases each month is a rare perk among Australian banks, adding value for everyday spenders.
The Savings Maximiser account offers an attractive interest rate of about 5.5% per annum. To qualify for this rate, customers must meet certain conditions such as depositing at least $1,000 per month and making at least five card purchases monthly on the Orange Everyday account. These requirements encourage active banking but can be a hurdle for some.
ING’s app is user-friendly with features like instant transaction notifications, easy bill payments, and the ability to manage savings goals. The bank operates fully online with no physical branches, which suits those comfortable with digital banking.
Pros: No ATM fees worldwide, 1% cashback on up to five tap-and-pay transactions monthly, competitive 5.5% p.a. Savings rate, no monthly fees on the transaction account, easy-to-use app.
Cons: Savings interest conditions require regular deposits and spending, no physical branches for in-person service, card replacement fees apply.
Best for: Customers wanting an all-rounder online bank with strong transaction features and good savings returns, especially travellers.
Pricing: No monthly fees on Orange Everyday. Card replacement fees are around $10. ATM withdrawals are free worldwide.
2. UBank
UBank is NAB’s online-only brand and has carved out a niche by offering straightforward, hassle-free banking. Its USAVE savings account currently offers around 5.1% p.a. Interest, based on conditions such as depositing at least $200 monthly and making three debit card purchases on the linked transaction account.
The USaver account provides flexible saving options with no monthly fees and no minimum balance requirements, making it easy for savers to manage their money. UBank’s app is designed for simplicity, focusing on clear navigation and useful features like automatic savings transfers and goal tracking.
UBank’s transaction account doesn’t charge monthly fees and offers no international ATM withdrawal fees on some cards, making it competitive for both local and overseas users. However, cashback rewards aren't available, which might be a downside for frequent spenders.
Pros: Competitive 5.1% p.a. On USAVE savings account, no monthly fees, no international ATM fees on selected cards, simple and clean app interface.
Cons: Savings rate conditions require regular deposits and spending, no cashback rewards, no physical branches.
Best for: Customers wanting competitive savings rates backed by a major bank with a simple app and no monthly fees.
Pricing: No monthly fees on transaction and savings accounts. Standard card replacement fees apply, usually about $10.
3. Up Bank
Up Bank is a millennial-focused online bank that’s built around a slick app experience and helping customers save effortlessly. Its savings rate of 5.0% p.a. Comes with conditions like depositing at least $200 monthly and making 5 purchases on the linked transaction account.
One standout feature is the ability to set multiple savings goals using ‘Savers’, letting users allocate funds to different targets like holidays, bills, or emergency funds. Up also offers round-ups on transactions — it rounds up your purchases to the nearest dollar and transfers the difference to your savings, making saving almost automatic.
The app is packed with features such as instant transaction notifications, spending insights, and the ability to pause your card if it’s lost or stolen. Like others on this list, Up doesn’t charge monthly fees or international ATM fees, but card replacement fees may apply.
Pros: 5.0% p.a. Savings rate with conditions, multiple savings goals, round-up saving feature, no monthly fees, modern app design.
Cons: Savings rate conditions require regular deposits and spending, limited customer service options, no physical branches.
Best for: Younger customers who want a tech-forward bank focused on easy saving and budgeting.
Pricing: No monthly fees. Card replacement fees typically $10. No ATM fees domestically or internationally.
4. Macquarie Bank
Macquarie’s transaction account pays 0.9% interest on the balance, which is unusual for a transaction account and can boost everyday savings. Their Saver Account offers an interest rate around 5.0% p.a., conditional on monthly deposits and linked transactions.
Their transaction account also has no foreign ATM fees, making it a good choice for travellers. The Macquarie app is strong, providing detailed transaction categorisation, bill splitting, and real-time updates. It also supports Apple Pay and Google Pay for tap-and-go payments.
Macquarie has no monthly fees on its accounts and offers a solid customer service experience, including phone and online chat support. Although it doesn’t have physical branches, its reputation as a reputable bank adds confidence for customers.
Pros: Interest on transaction account balance, competitive 5.0% p.a. Savings rate, no foreign ATM fees, comprehensive app features, no monthly fees.
Cons: Savings rate requires meeting conditions, no cashback offers, no physical branches.
Best for: Those who want interest on their everyday balance plus solid savings rates and good app features.
Here's the thing — pricing: No monthly fees. Card replacement fees around $10. No fees for international ATM withdrawals.
5. ME Bank
ME Bank, owned by Bank of Queensland, offers the SpendME transaction account with no monthly fees and the HomeME savings account which currently offers an interest rate around 5.0% p.a., conditional on monthly deposits and linked account activity.
Look, their app is straightforward and easy to use, providing essential features like transaction tracking, instant notifications, and digital card controls. ME Bank also offers a variety of other financial products if you want to bundle your banking.
While the savings rates and no-fee accounts are competitive, ME Bank doesn’t offer cashback rewards or worldwide ATM fee waivers, which may be a disadvantage for some.
Pros: 5.0% p.a. Savings rate with conditions, no monthly fees, easy-to-use app, backed by a reputable regional bank.
Cons: No cashback, no international ATM fee waivers, savings conditions must be met.
Best for: Customers wanting simple, no-fee banking backed by a regional bank with competitive savings rates.
Pricing: No monthly fees on SpendME. Card replacement fees usually about $10.
Online banks in Australia are pushing savings rates higher and cutting fees more than ever. ING stands out with no ATM fees worldwide and cashback perks, making it great for travellers and regular spenders. UBank offers strong savings rates backed by NAB’s stability and a simple app. Up Bank appeals to younger customers with its tech-savvy approach and round-up savings. Macquarie gives interest on transaction balances plus no foreign ATM fees, while ME Bank provides straightforward no-fee accounts with solid savings rates. Each has conditions attached to their best rates, so it pays to check those before signing up.
This article was created with AI assistance.
