Save with Alex Bank
Easy to manage, safe and secure savings.
Your deposits with Alex Bank up to $250,000 are protected by the Australian Governments Financial Claims Scheme.
Variable interest rate1
Safe, secure and flexi savings accounts
Why spend it, when you can save it with an Alex Bank savings account.
- 4.15% p.a. variable interest rate1
- Easy online 24/7 access
- No minimum deposit or complex bonus conditions
- No upfront or ongoing fees
Frequently asked questions
Can I open a savings account with Alex Bank now?
Yes, please contact us for more information.
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 *********.
Can I setup a Direct Debit from my Savings Account?
No, you cannot schedule a direct debit from your Savings Account.
How is interest calculated?
If interest is payable on your Account, 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.
How do I setup my PIN?
You can set a PIN using the Alex App. Go to "Settings", under "Login" select "Change PIN", enter and verify your new PIN and then save.
How do I setup biometrics?
You'll first need to setup a PIN before you can setup biometrics (if supported by your phone). Go to Settings, under login select Change PIN, enter and verify your new PIN. Log out. Log in with your PIN then go to Settings, under Login enable biometrics. Ensure your phone is setup to accept this form of identification.
Do you have a Mobile Banking app?
Yes, our beta version Mobile Banking app is avaiable on both the App Store and Google Play Store.
How long does it take for funds to leave my Savings Account?
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.
Are there any deposit conditions on my Savings Account?
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.
Are there any fees on my Savings Account?
No. We don’t charge any fees on our Savings Account.
Is my account protected by the Government Guarantee?
The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, which includes Alex Bank, for up to $A250,000 per person.
The Financial Claims Scheme (FCS) is an Australian Government scheme that was established during the 2008 global financial crisis to provide financial protection for consumers in the unlikely event of a failure of a bank, credit union, building society or general insurer.
The FCS provides protection for depositors of banks, credit unions and building societies that are incorporated in Australia (also known as authorised deposit-taking institutions or ADIs), for deposits up to $250,000 per account holder per ADI. The scheme aims to return deposits to account holders within seven days of activation of the FCS.
The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails.
Once activated, the FCS will be administered by APRA.
The objectives of the FCS are to:
protect depositors of ADIs, and claimants of general insurers, from potential loss in the unlikely event of the failure of these institutions;
provide depositors with prompt access to their deposits that are protected under the FCS; and support the stability of the Australian financial system.
Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au.
What is the daily transaction limit?
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 email@example.com and our staff will assist you in performing the transaction at no additional cost to you.
Do you offer a physical card?
No, we do not offer a Physical Card on the Savings Account.
What are your contact hours?
Our contact centre is operational on business days between 9am - 5pm AEST Monday to Friday.
If you need to contact us outside of hours, you can contact us via our Online Chat or via our email and we will respond as soon as we are back online the next business day.
Who do I talk to about an issue with a payment?
Please email us at firstname.lastname@example.org with the details or call our contact centre on business days between 9am - 5pm AEST Monday to Friday.