The first online banking service was offered to Americans back in 1994. As is the case with many things here in Australia, it took many more years for online banking to reach our shores. In its infancy, online banking was restricted by slower speeds and a lack of infrastructure, problems that have since been overcome. In 2019 it’s impossible to find a bank or financial institution that doesn’t offer online banking services, so which banks do it best?
Teachers Mutual Bank
Teachers Mutual Bank is a member-run institution for Teachers and their families. While it’s not available to everyone if you are eligible to join, you will be rewarded with friendly service and competitive rates. The TMB has a wonderful online banking service that has all the bells and whistles needed for everyday banking. The “online saver” is a handy little online-only savings account with no fees and a respectable interest rate.
Commonwealth Bank
Regardless of your opinion on CBA after the royal commission, they still offer some good value banking. As one of the top banks in Australia, you can enjoy widespread ATMs and a range of integrated financial products like personal loans and credit cards. Online banking is where CBA really shines; their NetBank app is sleek and optimized and offers card less cash and transfers to mobile numbers.
Newcastle Permanent Building Society
Newcastle Permanent Building Society is a Newcastle based building society that offers a range of products from home loans to everyday banking. Unlike the big four banks, NPBS is member ran and owned, meaning profits will be returned to you in the form of lower rates and fees. NPBS specialized in home and building loans, but their online savings account is one of the better online accounts available. For locally owned and run banking, why not give them a go?
ANZ
Another of the big four, ANZ is a multinational bank based in Australia and New Zealand. ANZ is Australia’s second-biggest bank, and as such, you can expect widespread support as well as safe and secure online transactions. Business banking is ANZs forte, with attractive rates and low fees on business transactions. Whilst ANZ was voted top bank for customer satisfaction last year, not all of its services are award-winning. The ANZ online banking app is just as good as the others, with no stand out features to elevate it from the pack.
ING
Known for their kooky TV advertisements featuring Isla Fisher, ING is a Dutch-owned bank with a strong presence here in Australia. A worthy alternative to the big 4, ING is often praised for its snappy and personable customer service. Its online banking services are par for the course, but if you are after a fee-free everyday bank account, ING can’t be beaten.
Banking with one of the big four banks in Australia (ANZ, NAB, CBA, and St George) has seemed for the longest time to be the only choice a consumer had. With big money behind them, these banks could roll out services quicker and better than the little guys. With the advent of internet banking, the gap between big banks and small lenders has narrowed, with smaller banks gaining the ability to offer online services.
With the big banks under siege lately for criminal behavior, a local financial institution like NPBS looks like a better moral choice. With comparable services for everyday online banking, there is even less of an impetus to choose a big bank. Hopefully, this article has shown you some alternatives, so get out there and get banking!
