Frequently Asked Questions
You’ve got questions, we’ve got answers
About Alex Bank
So, what’s Alex Bank all about?
Alex Bank is here to build the future of banking, saying goodbye to complicated and slow processes - and hello to faster, fairer and more flexible banking options for Australians.
How is Alex Bank different from other banks?
Great question! We’re a bank built by an energetic team who have decades of experience inside traditional banks - meaning we’ve had a front row seat to what works, what doesn’t, and what’s possible. So, we know we’ve got what it takes to build Australians a better banking experience, that’s simple, easy to use and understand.
We’re a digital bank built from the ground up and not tied down by the ‘old banking ways'. Instead, we’ve built new ways, that make us more efficient, and that give you a better experience that saves you time, stress and those pesky banking fees!
We’re also not about to ‘set and forget it’ - we’re continually innovating new ideas to make your experience better. If you have a cool idea you’d like to share with us, email it to firstname.lastname@example.org
Who owns Alex Bank?
Founded by Simon Beitz CEO and Craig Fenwick, CFO in 2018 - we’re proudly independent and supported by a diversity of investors.
Is Alex Bank digital only, or do you have branches as well?
We’re 100% digital, and don’t have physical branches. So it’s easy to bank with us from your laptop or mobile at anytime, and from anywhere. It also means we don’t carry large overheads - so we can offer you better value products with no upfront or ongoing fees. But just because we’re digital-first, it doesn’t mean you can’t get a human helping hand if you need it.
Where is Alex Bank based?
Alex Bank is 100% Australian and headquartered in Brisbane, Queensland.
What are Alex Bank's values?
Alex Bank's five values energise and guide our team to provide you with a better banking experience. They are – to always put customers first, to be one team, to care, to go beyond, and to be humble. We want to be measured by our behaviour and actions rather than just words and empty promises. We always encourage you to let us know how we’re doing and provide feedback and ideas.
How is my personalised rate determined?
Rates are personalised depending on your credit history, financial circumstances and how much you are looking to borrow over what time. Take a look at our easy to use Loan Calculator to estimate your rate.
Does Alex Bank accept joint Personal Loan applications?
No, at this stage we only accept applications in individual names.
Can I apply if I don’t have suitable ID?
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.
Are there any fees?
We’ve made our personal loan as fair as possible with no upfront, ongoing or early repayment fees.
Check out all the fees we won't hit you with.
$0 establishment fees
$0 monthly account fees
$0 early repayment fees
$0 late payment fees
See our credit fee guide for more information.
How often can I pay off my loan?
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!
How much can I borrow?
You can borrow between $2,100 and $30,000 over a loan term between 6 months and 5 years. Find out what your repayments could look like here.
What products does Alex Bank offer?
We currently offer an unsecured personal loan with a market leading rate and zero upfront, ongoing or early repayment fees.
Watch this space…more products are coming soon.
What are the eligibility requirements for an Alex Bank Personal Loan?
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.
What do I need to apply for a personal loan?
If you are eligible to apply, you will need to ensure that you have the following :
A copy of your Australian Driver’s Licence or passport
The account number and BSB of where you’d like us to send your funds if approved
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.
How long does it take for a personal loan application to be approved?
Usually within one business day, once we’ve received your full application and all documents.
How long after approval will the funds be in my account?
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.
How can I make payments into my account?
You can make payments via direct debit or direct transfer.
Can I apply for more than one personal loan at a time?
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.
What can I do if I'm having trouble passing the ID check?
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 email@example.com and we’ll try to help you.
What is a comparison rate?
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. See how our Personal Loan compares.
Can I apply for a personal loan if I've been previously rejected?
You can, but 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.
What is a credit score and why is it important to my application?
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.
How do I check my credit score?
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 more info here.
Should I check my credit score before applying?
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 personalised your interest rate.
Do credit scores vary from different credit agencies?
Yes they do. Alex Bank uses credit ratings provided by Equifax.
How do I access my personal loan?
Log in to Alex Online or the Alex App. Contact us on 13 ALEX if you have not yet registered for Alex online banking.
Can I give permission for other people to access my account?
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.
I’m not comfortable connecting my bank statements digitally to finalise my application; can I provide you PDF statements instead?
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.
About our personal loan rates
What are some factors that Alex Bank use to calculate my overall rate?
Your Equifax credit score plus a range of information such as your transactional behaviour and employment stability.
Can I negotiate my rate with the Alex Bank team if I don’t like my initial offer?
I used the Alex Bank Personal Loan Calculator to get an estimate of my rate before applying, but my offered rate came back much higher than initially estimated. How can I understand the rate I’ve been offered?
Where can I find my credit score?
You can get your credit score for free from Equifax here.
Who can I talk to if I have questions about my credit score?
Can I open a savings account with Alex Bank now?
We have a limited number of Alex Bank Savings accounts currently distributed by invitation only. You can register your interest here and we’ll keep you updated on when you can apply.
Can I register my interest and stay informed on when I can open an Alex Bank savings account?
Yes you can, please register your details here.
How do I add my Tax File Number (TFN) or check that it is recorded with 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 Alex Online.
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 *********.
What are Alex Bank’s opening hours?
Can I access my accounts from overseas?
Yes. Just log into Alex Online.
Where can I view my personal loan interest rate
You can view the interest rate on your original contract. If you can’t find your original contract, just email firstname.lastname@example.org.
Do you have an Alex Bank App?
Watch this space! Our App is currently in works and coming soon. When available, the App will be available for both Apple and Android phones and tablets.
Do you have Apple Pay / Google Pay?
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.
Do you support PayID or Osko Payments?
We don’t currently support Osko or PayID. You can transfer money from other banks using our 259-000 BSB. You’ll need this BSB and your account number to transfer funds into an Alex Bank account.
Do you have a credit card account?
Currently, we don’t offer a credit card. But, watch this space.
Do you work with budgeting apps?
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.
Do you offer products for business use?
At this stage we only offer consumer products for personal use.
How do I change my account details or address?
If you would like to change your account details or address, just email email@example.com and we can arrange this for you.
Do I get bank statements and how?
Yes, we provide statements every six months. Statements are provided at the end of the financial year and the end of the calendar year.
What is Alex Bank’s BSB number?
Our BSB number is 259-000
How does Alex Bank protect my information?
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
How can I protect myself?
The tips below can help to protect your personal and financial information from fraud and scams.
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.
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.
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 URLs that look remarkably similar.
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.
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.
Where can I get help with cyber security?
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:
SCAMwatch – Australian Competition and Consumer Commission website offering information about how to recognise, avoid and report scams.
Office of the Children’s eSafety Commissioner – Australian Government website with resources and advice to assist children who experience cyberbullying.
MoneySmart - Australian Government website providing financial resources and tools.
For further information on scams and how to protect yourself, visit the SCAMwatch website.
How do I check my data privacy and marketing permissions?
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.
What is my Drivers Licence Card Number?
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:
Complaints, Disputes, Hardship
How do I contact Alex Bank if I have a complaint?
Is there someone independent I can complain to?
Yes, you can lodge a complaint with the Australian Financial Complaints Authority.
What can I do if I'm experiencing hardship?
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
What can I do if I'm experiencing financial abuse?
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 firstname.lastname@example.org
How long before I get a response to an enquiry, complaint or feedback?
We generally aim to get back you within one business working day.
About our banking licence
What is a RADI?
A Restricted ADI is authorised by APRA to conduct banking business in Australia for a limited period and subject to specific requirements and restrictions. Further information regarding Alex Bank’s Restricted ADI licence is available here.
What is an ADI?
An Authorised Deposit-taking Institution (or ‘ADI’) is a financial institution in Australia that is supervised by the Australian Prudential Authority (APRA). Under the Banking Act 1959, ADI’s are authorised to accept deposits from the public and can offer bank accounts. All banks are covered under the Government’s Financial Claims Scheme (FCS), which protects money held in bank accounts up to a total value of $250,000 per person. Alex Bank is currently operating under a restricted Authorised Deposit-taking Institution licence (or ‘RADI) see below.
What does RADI mean for existing personal lending customers?
Alex Bank obtaining a Restricted ADI licence does not impact your loan. Alex Bank provides personal lending products under our Australian Credit Licence.
Who is APRA?
APRA is the Australian Prudential Regulation Authority, which is a regulator of the Australian banking and finance sector.
What are the restrictions on Alex Bank’s Restricted ADI licence?
The restrictions on Alex Bank’s Restricted ADI licence are summarised here.