Frequently Asked Questions

About Alex Bank

What is Alex?

Alex is Australia’s most awarded new bank#, 100% digital and built from the ground up by an energetic team of bankers focused on your needs not ours.

Why the name Alex?

We get asked that a lot! We chose a person’s name based on our goal to humanise banking and truly understand your needs. Neither male nor female, Alex is a diverse, empathetic team whose aim is to make you feel understood, a team that gets you.

When was Alex founded?

Alex was founded in 2018.

Is Alex owned by another bank?

No, Alex is independent of other banks.

Is Alex a NeoBank?

Alex is Australia’s most awarded new bank#, 100% digital bank built by experienced bankers looking to provide you with a better banking experience than traditional banks.

Is Alex 100% digital/online only?

Alex is 100% digital, meaning we don’t have the overheads associated with traditional banking and its branches. We operate completely online, allowing us to provide better value products and services that are accessible 24/7. We have an Australian-based customer service team if you need to contact us.

Is Alex Australian or based overseas?

Alex is 100% Australian and headquartered in Brisbane, Queensland.

What makes Alex different from traditional banks?

Alex is Australia’s most awarded new bank#, 100% digital and built fresh from the ground up by a team of energetic bankers focused on your needs not ours. Alex is building its products and services based on what our customers tell us is important to them - speed, value, fairness and transparency, and humanity. While Alex is 100% digital, you can talk to a real person at Alex at any time during normal business hours. Chat with our team, email us at hello@alex.bank or phone us on 1300 738 453

What are Alex's key customer principles

Alex was built on four key principles that customers told us were important to them: fast, simple, fair, human. Find more about this on our Meet Alex page.

What are Alex's values?

Alex’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.

Borrowing

How can I currently borrow from Alex Bank and what for?

Alex currently offers an unsecured Personal Loan. Please visit www.alex.bank/personal-loan for full details.

Who can apply for an Alex Bank personal loan?

To apply for a personal loan you need to be a permanent resident of Australia, over 18 years of age, have an Australian Driver’s Licence or passport handy, and provide access to your bank statements via our partner Illion.

Can we apply in joint names for a personal loan?

Not at this stage, we only accept applications in single names.

How do I apply for a personal loan?

You can apply through our website via this link www.alex.bank/personal-loan.

What do I need to apply for a personal loan?

To apply for a personal loan you need to be a permanent resident of Australia, over 18 years of age, have an Australian Driver’s Licence or passport handy, and provide access to your bank statements via our partner Illion.

How much can I borrow?

Currently you can borrow up to $30,000. Find out what your repayments could look like here.

What are the fees to apply for a personal loan?

Enjoy no ongoing or early repayment fees. Currently, our $295 establishment fee has been waived. There is only a small fee if you miss a scheduled payment.

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 immediately. 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 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 can I make payments into my account?

You can make payments via direct debit or direct transfer.

Can I repay my loan in full at any time?

Yes you can without incurring any additional fees. We won’t penalise you for getting ahead!

Can I apply for more that 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.

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.

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 hello@alex.bank and we’ll try to help you.

What is a personalised interest rate?

Personalised interest rates ensure you receive the best rate possible 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.

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 here to estimate your rate.

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 have 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 1300 738 453 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 a bad 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 uses Equifax to assess your credit worthiness. You can get more info here.

Should I check my credit score before applying?

It’s always handy to understand your credit score and financial worthiness in general. Alex can only accept applications with sound credit scores, and your interest rate will also be personalised depending on your Equifax score.

Do credit scores vary from different agencies?

Yes they do. Alex uses credit ratings provided by Equifax.

How do I access my personal loan?

We’ll have internet banking available soon where you’ll be able to view your account. In the meantime our team is available to assist.

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 logging into my online banking to provide my banking transactions history; can I send you PDF statements for my loan application?

For speed, our bank statements feature allows us to verify your banking transactions within seconds. Our bank statements 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.

Saving

Can I open a savings account with Alex Bank now?

Savings accounts are currently not available but you can register your interest here and we’ll keep you updated on when you can apply.

How long before I can open a savings account with Alex Bank?

The timing will depend on how long it takes for us to be fully accredited as an ADI by APRA. This process can take up to two years but we are doing everything we can to make it much earlier than that.

General Banking

Do you have an Alex App?

We are very close to releasing our Alex App. When available, the Alex App will be available for both Apple and Android phones and tablets. Keep an eye out on our website, Facebook page or the Apple and Google Stores.

What can I do with the Alex App?

With the Alex App you can check your balances, recent transactions, pay anyone, view loan repayment details, view interest details and update your details.

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 account.

Do you have a credit card account?

Currently, we don’t offer a credit card with Alex. Watch this space.

Do you integrate with other services like Afterpay?

Right now, we don’t offer products that have the ability to integrate with services like Afterpay. We will be looking to include this type of service in our new products once we progress from our Restricted ADI licence to an ADI licence.

Do you work with other 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.

Does Alex offer products for personal use only or for businesses too?

At this stage our products are for personal use only but we will be exploring business products for the future.

Can I access my accounts from overseas?

If you need anything from Alex while overseas, just contact us.

How do I change my account details or address?

If you would like to change your account details or address, just email hello@alex.bank 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.

Where can I view the interest rate applicable to my account?

You can view the interest rate on your original contract. If you can’t find your original contract, just email hello@alex.bank.

What is Alex Bank's BSB number?

Our BSB number is 259-000

What are the Alex opening hours?

Alex’s regular office hours are Monday to Friday 8.30-5.00pm AEST

Security

Are my details secure with Alex?

Alex Bank uses a range of bank-grade security including 24/7 monitoring, firewalls as well as all information being encrypted and stored within Australia. Our security controls have been exhaustively tested by independent IT auditors. Your security is our biggest priority.

How do I check my data privacy and marketing permissions?

As part of applying for an Alex 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.

Complaints, Disputes, Hardship

How can I make contact with someone at Alex?

You can contact us via phone, chat, email or any of our social channels.

Can I speak to a real person at Alex? Will they be in Australia or overseas?

Yes you can talk to an Alex employee in Australia during regular office hours on 1300 738 453.

Who can I complain to at Alex if I'm not happy with your product or service?

You can contact us via phone, chat, email or any of our social channels.

Is there someone independent I can complain to?

Yes, you can lodge a complaint with the Australian Financial Complaints Authority, link to more details here.

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, chat or email us at hello@alex.bank

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, but this will depend on the number of enquires at any given time.

About our banking licence

Who is APRA?

APRA is the Australian Prudential Regulation Authority, which is a regulator of the Australian banking and finance sector.

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 is currently operating under a restricted Authorised Deposit-taking Institution licence (or ‘RADI) see below.

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’s Restricted ADI licence is available at www.alex.bank/legal

What does RADI mean for existing personal lending customers?

Alex obtaining a Restricted ADI licence does not impact your loan. Alex provides personal lending products under our Australian Credit Licence.

Can I register my interest to learn more about Alex's future products and services?

Yes you can, please visit our website and register your details from this link here.

What are the restrictions on Alex's Restricted ADI licence?

The restrictions on Alex’s Restricted ADI licence are summarised here.