Frequently Asked Questions

Alex.Bank is Australia's only 100% digital consumer and small business bank. At Alex.Bank, we ‘dare to be fair’ in everything we do, especially when it comes to banking.

We're committed to giving Australians a fair go, ensuring that banking is accessible, safe, transparent, and flexible.

Our mission is to deliver modern, efficient, and fair banking solutions that meet our customers’ needs today and into the future.

Yes, we do! Alex.Bank is a fully licensed bank, just like any other bank in Australia.

We're an Authorised Deposit-Taking Institution (ADI), regulated by the Australian Prudential Regulation Authority (APRA).

This means we're authorised to accept deposits and offer bank accounts under the Banking Act 1959, ensuring your money is safe with us.

Yes, absolutely! Like all licensed banks, Alex.Bank is covered by the Australian Government's Financial Claims Scheme (FCS).

This means your money is protected up to $250,000 per person. Rest assured, as an Authorised Deposit-Taking Institution, your deposits with Alex.Bank are secure under this scheme.

Great question! Alex.Bank is built by a passionate team with decades of experience inside traditional banks. We've seen firsthand what works, what doesn't, and what can be improved.

That's why we've created a bank that offers Australians a faster, simpler, and more transparent banking experience.

What makes us different?

• Digital Experiences: We are digital by default in all practices.
• Purpose Built Products: We have tailored our products and services to meet the needs of our customers by leveraging technology.
• Award-Winning: Our business, products and services are continually recognised by industry, peers and customers.
• Sustainability Focus: Built from day one with a commitment to responsible lending practices and regulatory compliance practices. We are proudly creating a future of banking without legacy.

We’re always looking for ways to innovate and improve our customers experiences. If you have a great idea, we’d love to hear from you! Just drop us a line at hello@alex.com.au.

Alex.Bank was founded by CEO Simon Beitz and CFO Craig Fenwick in 2018 - we’re proudly independent and supported by a diversity of investors.

We’re 100% digital, so you can bank with us anytime, anywhere, right from your laptop or mobile. This also means we keep our overheads low, allowing us to offer you better value products with no ongoing fees.

And while we’re a digital-first bank, that doesn’t mean you won’t get personal support when you need it.

Our friendly, Australian-based customer service team is just an email away at hello@alex.bank or a call away at 13 ALEX.

Alex.Bank is 100% Australian with offices in Brisbane, Sydney and Melbourne.

Your rate is tailored just for you based on a few key factors: your credit history, financial situation, the purpose of your loan, and how much you want to borrow over what period. To get a quick estimate of your rate, try our easy-to-use Loan Calculator.

Not at the moment - right now, we only accept applications in individual names. But we're always looking to expand our offerings, so stay tuned for any updates!

We’ve made our loans as fair as possible with no ongoing or early repayment fees.

• $0 Establishment fee (unsecured personal loan, unsecured green loan)
• $295 Establishment fee (secured car loan, secured EV car loan)
• $0 monthly account fees
• $0 early repayment fees
• $0 late payment fees

See our credit fee guide for more information.

We’re flexible. You can make weekly, fortnightly or monthly payments. You can also pay out your entire loan amount at any time without any extra fees. We won’t penalise you for getting ahead!

For unsecured lending, you can borrow between $2,100 and $50,000 over a loan term between 6 months and 7 years, depending on the purpose of your loan.

For secured lending, you can borrow between $10,000 and $100,000 over a loan term between 1 year and 7 years.

Find out what your repayments could look like here.

To be eligible applicants must be over 18 years old, be receiving a regular income, be an Australian Citizen or permanent resident and have not previously declared bankruptcy. Loan applications are subject to credit approval.

If you are eligible to apply, you will need to ensure that you have the following:

• A current Australian Driver’s Licence or passport

• The account number and BSB of where your loan repayments will be direct debited from

• You’ll need a working camera on the device you are completing your application on so that we can verify your ID. i.e. laptop, mobile, tablet.

Usually within one business day, once we’ve received your full application and all documents.

Once we receive your signed loan agreement the funds will be transferred. There is a standard processing time to transfer between banks, so while it’s immediate on our end it may take 1-2 business days to become available in your account (or for the dealership to receive the funds for secured car loans/secured EV loans).

You can easily make payments via direct debit or direct transfer.

You can. We’ll work with you to understand your specific situation to determine if this is what you require or if there is another way to achieve what you are after.

No, we must be able to identify you with the following identification types on our online ID systems:

• Australian Driver’s Licence: acceptable for all loan applications

• Australian Passport: acceptable for unsecured personal loans and unsecured green loans only.

A comparison rate includes the interest rate as well as certain fees and charges relating to a loan. The aim of the comparison rate is to help you identify the true cost of a loan and compare loans and services offered by financial institutions and mortgage providers.

You can, however depending on the timeframe and reason for decline the outcome may not change. You can speak to one of our team on 13 ALEX if you have specific questions in relation to your situation.

No, unfortunately, any surplus funds in your Alex.Bank loan account cannot be redrawn.

Your Equifax credit score plus a range of information such as your transactional behaviour, employment stability, proposed loan purpose and loan term.

We are always happy to speak with you regarding your offer. You can contact us at hello@alex.bank or on 13 ALEX.  

There are many factors that could have influenced this. We are always happy to discuss your individual application result. Contact us at hello@alex.bank or on 13 ALEX to discuss.

A credit rating or 'credit score' is a numerical score that represents how trustworthy your reputation is as a borrower. If you find out your credit rating through a credit agency, you will receive a number between 0 – 1,200 that summarises the information on your credit report at that point in time. A higher score means you have a good credit rating, with a lower score meaning you have an average to poor credit rating.

In Australia, there are three main credit reporting agencies: Equifax, Experian and illion, with different credit score ranges. Alex.Bank uses Equifax to assess your credit worthiness.

You can get your credit score for free from Equifax here.

It can be handy to understand your credit score and financial worthiness in general. Alex.Bank only accept applications with higher than average credit scores. Your credit score is also one of many factors that we use to personalise your interest rate.

You can start with us at hello@alex.bank or on 13 ALEX, or contact Equifax directly.  

Our Savings Account is currently available by limited release. If you’d like to be among the first to know when it’s available, join our waitlist and we’ll keep you updated!

Since our Savings Account is a high-interest account, it's not set up for direct debits. This helps you maximise your savings while keeping your funds accessible.

If interest is payable on your Account, then it is calculated on a daily basis using the following formula:

Daily Closing Balance × (Interest Rate applicable to your Account ÷ 365)

The Daily Closing Balance is the credit balance of your Account at the end of a day. Interest is credited to your Account monthly at the end of a calendar month and on the day that the Account is closed.

All funds transfers are completed on the same business day, so long as the transfer is initiated before 6pm AEST. Funds transferred on weekends or public holidays will not be actioned until the next business day.

We don't have any deposit conditions on our Savings Account to earn interest.

For example, you don’t need to make a minimum monthly deposit and the rate does not expire after a honeymoon period.

No. Our Savings Account is completely fee-free, so you can save without any extra costs.

We currently have a limit of $250,000 for our Savings Account, in line with the Australian Government Guarantee. If you would like to deposit more than $250,000 into your account please contact us at hello@alex.bank

There is currently a $5,000 daily withdrawal limit to try and minimise any risk of fraud to our customers. If you would like to withdraw more than $5,000 at any time, please contact us at hello@alex.bank and our staff will assist you in performing the transaction at no additional cost to you.

No, we must be able to identify you with an Australian Driver’s Licence or Australian Passport for our online ID systems to identify you securely.

Make sure you are entering your name, address and date of birth exactly as it appears on your ID. If you recently moved, make sure you have updated your address with the Australian Electoral Commission. If these tips don’t work, contact us at hello@alex.bank and we’ll try to help you.

Log in to Internet Banking or the Alex App. Contact us on 13 ALEX if you have not yet registered for Alex online banking.

Your drivers licence card number is a unique identifier found on newer versions of Australian drivers’ licences. It is different to your drivers licence number. Both numbers can be found on your card.

Providing both your licence and card number when validating your identification ensures that the document presented is the most recently issued card. This reduces the risk of identity theft using lost or stolen drivers licences.

Your drivers licence card number varies slightly depending on the state the licence was issued:

New South Wales (NSW) 10 digits (numbers only)
Australian Capital Territory (ACT) 10 digits (numbers only)
Victoria (VIC) 8 characters (numbers and letters)
Queensland (QLD) 10 characters (numbers and letters)	Before Jun 2019	Since Jun 2019
Western Australia (WA) 8-10 characters (numbers and letters)
South Australia (SA) 9 characters (numbers and letters)
Northern Territory (NT) 6-8 digits (numbers only)	Example	Since Dec 2022
Tasmania (TAS) 9 characters (numbers and letters)

Alex.Bank’s regular office hours are Monday to Friday 9.00am-5.00pm AEST, and closed on national public holidays.

Leave us an email at hello@alex.bank, or a voicemail on 13 ALEX and we'll respond when we return to the office.

We don’t currently have products that connect with Apple Pay or Google Pay, but we are working to launch new products that will in the near future.

Currently, we don’t offer a credit card. But, watch this space, we’re always working on expanding our products and services.

If your budgeting app supports using a banking account, you can nominate your savings account by using our BSB 259-000 and your account number. Please remember to always exercise caution when sharing your banking details with anyone, including an app or service provider.

At this stage we only offer consumer products for personal use.

If you would like to change your account details or address, just email hello@alex.bank or call us on 13 ALEX and we can arrange this for you.

To access your bank statements, you'll need to log in to your Internet Banking account and select the "statements" option to download.

To access your Statement of Interest and Tax Summary, you'll need to log in to your Internet Banking account and select the "statements" option to download.

Our BSB number is 259-000.

No, being 100% digital Alex.Bank does not offer Physical Cards on any of our products.

Your application may have been declined due to the system being unable to verify your ID. This can be due to some slight variations between the information input into the form compared to what is on your ID. Some examples of this are:

• Misspelling of name
• Error in inputting the date of birth
• Middle name missing where it appears on the ID used
• Error in inputting the card number
• Your ID document may be expired

Here are some tips if you wish to re-apply:

• Ensure you input your name exactly as it appears on your ID (e.g. if your driver’s licence only shows an initial for your middle name instead of your full middle name, please put the initial)
• If you are having trouble with using your driver’s licence, you can try using an Australian Passport instead if you have one.

If you are still having trouble completing an application, please do not hesitate to reach out at hello@alex.bank or on 13ALEX and one of our helpful staff can guide you through the process.

No, due to privacy regulations we can only speak with the related parties to an account and as we only have single borrowers available at this point in time, multiple internet banking logins aren’t possible.

Our bank statements feature allows us to verify your banking transactions within seconds. This feature is powered by illion who provide this solution to over 200 financial services providers in Australia and New Zealand. They use bank-grade security and no login information is seen or stored by Alex.Bank.

The easiest way to add your TFN is during the application process. But if you forgot, don’t worry as you can also add it later through Internet Banking.

To add your TFN or to check if it has been recorded, login to Alex Online and go to Settings. If a TFN is recorded it will be masked with *********. If no TFN has been recorded it will show as ‘not provided’.

Simply edit this section to add your TFN. Note that you will need to logout of Alex Online for the update to take effect. Please logout, then log back in and return to the settings screen to check that your TFN is showing as *********.

All funds transfers are completed on the same business day, so long as the transfer is initiated before 6.00pm AEST. Funds transferred on weekends or public holidays will not be actioned until the next business day.

Alex Bank uses a range of security processes and technologies to protect and keep your banking details secure. Our security controls have been rigorously tested by independent IT auditors. Our customers’ security is our biggest priority.

We will never:

• ask for your password

• send you an email or SMS asking for personal information

The tips below can help to protect your personal and financial information from fraud and scams.

Emails

• Do not open suspicious or unsolicited emails – delete them straight away.

• Do not click on any links in a suspicious email, or open any attached files.

• Don’t rush in. Resist the urge to “act now” despite the tempting offer. Once you turn over your money, it’s unlikely you’ll see it (or the product or service you’ve paid for) again.

• Use up to date and comprehensive antivirus software.

SMS

• Fraudulent SMS messages often feature similar characteristics to phishing emails. Popular SMS scams often reference “tracking a parcel” or “collecting your prize”.

• Do not click on any links in a suspicious SMS.

• We’ll never ask you to provide your personal information, credit card or bank account details or other payment information via SMS.

• Remember, criminals can set the “Sender Name” of SMS messages to make it appear as though they’re being sent by someone other than themselves.

• Fraudulent SMS messages will often ask you to click a link which directs you to a web page that isn’t part of Alex.Bank. If the link looks unfamiliar, it’s likely a scam.

• Spam SMS can be reported to the Australian Communications and Media Authority (ACMA). The ACMA has made it easier to report spam SMS. Simply forward the message to them! Their dedicated Spam SMS line is 0429 999 888 (your mobile phone provider’s standard billing rates will apply).

Personal details

• Never enter personal, credit card or bank account details on a website if you’re not certain it is genuine. Always check the website address as scammers create sites that look remarkably similar to real sites.

• Never send your personal, credit card or bank account details through an email.

• Keep your passwords and PINs safe and don’t share them with anyone.

• Check your credit card and/or bank statements regularly for suspicious transactions.

• If you accidentally provide account or banking details to someone suspicious, you should contact your bank or financial institution immediately.

Phone calls

• If you are in doubt about the authenticity of a call, don’t commit to anything. Instead, hang up and call the company directly. Never use contact details provided by the caller – find the number through their website or the White Pages.

• If a bank or any other organisation phones you, don’t provide your personal details or any account or credit card numbers until you can verify the authenticity of the caller by using the tips above.

Stay Smart Online & The Australian Cybercrime Online Reporting Network (ACORN) are now part of the Australian Cyber Security Centre (ACSC), the Australian Government’s online safety and security website.

Visit the ACSC website for resources to protect yourself online, such as:

• Cyber Threats (inc Phishing)
• Report Cybercrime

For further information on scams and how to protect yourself, visit the SCAMwatch website. This is run by the Australian Competition and Consumer Commission and offers information about how to recognise, avoid and report scams.

As part of applying for an Alex.Bank product, we may from time to time send you news and updates regarding new products and promotions. If you don’t want to receive these, you can unsubscribe at any time by clicking on the ‘unsubscribe’ link at the bottom of emails.

You can contact our Brisbane based customer service team during regular business hours on 13 ALEX or email us at hello@alex.bank.

You can find out more information regarding complaints in our Complaints Policy.

Yes, you can lodge a complaint with the Australian Financial Complaints Authority.

We know it’s not easy asking for help, but please don’t hesitate to contact us and let us know your circumstances so we can assist in any way we reasonably can. You can phone, chat or email us here.

Financial abuse is a form of domestic and family violence where one person manipulates another to control their finances without consent. This is a terrible experience and we know it’s not easy asking for help. Please don’t hesitate to contact us and let us know your circumstances so we can assist in any way we reasonably can. You can phone us on 13 ALEX or email us at hello@alex.bank

We aim to get back to you within one business day.