NEWS UPDATE: Alex Bank is Australia’s newest Authorised Deposit-Taking Institution! Read our official press release.

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Making banking faster, simpler, fairer and more human – that’s the mantra that underpins Australia’s newest bank, Alex Bank, set to transform the banking experience in our country.

Founded in 2018, Alex Bank is one of the country’s brightest banking prospects, and has already approved more than $8 million in personal loans and received six major awards for its unsecured personal loan from Finder, Canstar, Mozo, RateCity and Money Magazine, which this month named it ‘Non-Bank – Personal Lender of the Year’.

With more than 500 high value customers already and a 100 per cent recommendation rate, the Australian Prudential Regulation Authority (APRA) has just approved a restricted banking licence that will allow Alex to conduct limited banking activities. Alex’s high interest savings account will be the next product launched upon receipt of appropriate approvals from APRA in addition to offering personal loans and developing other lending products.

It is a positive move for Australians seeking better options for credit, including fast, competitive and no fuss, loans with no upfront or ongoing fees.

Alex CEO Simon Beitz, a long-time banking professional, said Alex aimed to help customers get more of what they wanted, on fairer terms.

“Alex is a fresh 100% digital bank that we’re building from the ground up based on what customers have told us they want fast, simple, fairer and more human banking products and services,” he said.

“People often ask about our name, which was chosen to help put more humanity back into banking. Neither male or female, Alex is a diverse, empathetic team whose aim is to make you feel understood and appreciated, a team that gets you.

“One of Alex’s core principles is to make banking fairer. This includes giving customers the fairest interest rate possible across both savings and lending products, without hidden fees and nasty surprises,” said Beitz.

“We do this by using technology that is fast and minimises friction and unnecessary risk. We will provide some of the best products and interest rates in the market, without compromising customer service and still deliver a fair result to investors.”

Alex’s low fees are achieved by being 100 per cent digital, so the savings from not having branches and such are passed onto customers.

Alex has simplified applying for a loan by being the first lender to use biometrics to identify customers. By using a driver’s license and a selfie, verification Is done quickly, safely and securely.

Beitz said Alex’s aim is to help Australians use credit in smarter ways to get the things they want. Mortgage offsets and credit cards are routinely used without people realising they are paying far more interest than they would with a fixed term, unsecured personal loan.

For example, a $30,000 car funded through a 25-year mortgage at 2.5% p.a. could cost three  times more in interest than an Alex unsecured personal loan at 5.45% p.a. over a fixed 3-year term (comparison rate 5.45%).

“By folding expenses into mortgages, Australians aren’t getting the best out of the banks – there are fairer, more affordable ways to buy big ticket Items like renovations, cars and holidays,” Beitz said.

“At Alex we’re about transparency and helping our customers get a good deal on credit that works for them.”

Alex is the brainchild of Beitz and Craig Fenwick, both ex-Suncorp banking professionals, and is guided by a heavy hitting board and senior leadership team, bringing together a blend of extensive banking and technology experience and customer service excellence.

About Alex Bank

Alex was founded in 2018 by seasoned industry professionals Simon Beitz and Craig Fenwick with a mission to revolutionise banking in Australia by focusing on what matters to customers – speed, simplicity, fairness and a more human approach to banking products and services. Its team of energetic bankers include a board of diverse and experienced corporate professionals and its shareholders are some of Australia’s most respected private and corporate investors.