Latest in Online Banking
Credit Score - November 10th
Understanding online banking security: 25 tips to help keep your account more secure
Online banking can be a convenient way to manage your money or pay bills. But how do you ensure that your details are safe? We take a look at what the banks say, and provide tips for keeping yourself safe while banking online.
– Read more
International Money Transfers - October 14th
Transferred money to the wrong account? Here’s what to do
You may be very careful when transferring money, making sure to double and triple check account details to ensure everything is right before hitting send. That’s because we don’t want to lose hundreds of dollars by...
– Read more
Helpful Information on Online Banking Accounts
What is online banking?
Online banking simply means managing your banking activities using either your financial institution’s internet banking website or their mobile banking app for smartphones. With online banking or mobile banking, you can view your account balances, make payments, transfer money, and update your personal details with your financial institution.
There are also specifically-designed online accounts, such as online savings accounts, where the account is designed to be used mainly online. Such accounts earn interest but may charge fees if the customer wants to use the account in non-online ways such as making ATM withdrawals. Learn more about online savings accounts here.
What to look for in online banking or mobile banking apps
There are a few basic things you should be able to do using online banking or an online savings account:
| Internet banking in a browser | Mobile banking apps |
|---|---|
|
|
| Source: www.canstar.com.au | |
How Canstar compares online banking
Canstar compares online banking with our sophisticated, unique online banking ratings methodology, which looks at both pricing and features. We present the results with our consumer-friendly 5-star concept, with a 5-star rating signifying an online banking platform or mobile banking app that offers outstanding value to the consumer.
Some of the features Canstar compares when it comes to online and mobile banking platforms include:
- Transaction options
- Account management tools
- Email and SMS alerts
- Online product applications (e.g. ability to apply for a loan online)
- Online help resources
Compare online banking products yourself, based on your own requirements, using our detailed comparisons in our latest Online and Mobile Banking Star Ratings report.
Written by: TJ Ryan
Online banking glossary of terms
Please note that these are a general explanation of the meaning of terms used in relation to online banking platforms. Your bank or financial institution may use different terms, and you should read your product disclosure statement (PDS) carefully to understand everything that may apply to your account. You cannot rely on these terms in relation to any product you may purchase.
Account-keeping or administration fee: An ongoing fee charged to cover the bank’s administration costs of creating and maintaining the account. Usually charged monthly, this fee is often waived if you deposit a certain amount per month into the account. Find out the latest fees for online accounts with our star ratings reports for savings and transaction accounts.
Android Pay: Android Pay is a digital wallet and contactless smartphone payment app that launched in Australia in July 2016. Find out which institutions’ cards are compatible with Android Pay.
Apple Pay: Apple Pay is a digital wallet and contactless smartphone payment app that launched in Australia in April 2016. Find out which institutions’ cards are compatible with Apple Pay.
Bpay: An electronic bill payment system in Australia, where bills are paid through a financial institution’s online or telephone banking facility to registered merchants (‘billers’).
Contactless payments: The ability to make a payment by holding your smartphone to an EFTPOS terminal rather than using a physical credit card or debit card. Requirements for contactless payments vary depending on whether you are using a mobile banking app or a digital wallet app. Learn more about contactless payments here and check whether your bank is compatible with the main digital wallets.
Digital Wallet: A digital wallet is an electronic system that stores your card details. This can be used in two ways – for a quicker, easier online shopping experience (no need to enter card details) and to make contactless payments using your smartphone. Learn more about how digital wallets work.
Australian Financial Complaints Authority (AFCA): The AFCA is responsible for providing a free and independent dispute resolution service that helps consumers make complaints and resolve disputes with their banks, insurers and other financial institutions. Learn more about the AFCA here.
Google Wallet: Google Wallet is a digital wallet and contactless smartphone payment app that launched in Australia in July 2016. Learn more about how digital wallets work.
MasterPass: MasterPass is a digital wallet that can be used when online shopping or making other purchases. Learn more about how digital wallets work.
Pay Anyone: A payment system where you can transfer money to any individual or organisation using online or phone banking, as long as you have their account name and number.
PayPal: PayPal is a digital wallet that can be used when online shopping or making other purchases. PayPal also owns other payment companies, including PayPal.Me for alternative payments, and Xoom for international money transfers. Learn more about how digital wallets work.
Reserve Bank of Australia (RBA): The central government-owned institution in Australia that issues bank notes, sets the official cash rate to meet the inflation target, maintains a financial payments system, and manages Australia’s gold reserves and foreign exchange currency reserves.
Samsung Pay: Samsung Pay is a digital wallet and contactless smartphone payment app now available in Australia. Find out which institutions’ cards are compatible with Samsung Pay.
Savings account: Bank accounts that pay significant interest back to the account holder and cannot be used to make transactions. Savings accounts typically have higher interest rates than transaction accounts. They can be linked to transaction accounts to make savings available as funds for transactions as needed. Compare savings accounts using our website and find out the latest interest rates on offer with our star ratings reports for savings accounts.
Transaction account: A deposit account where your money is available for day-to-day transactions. Provides frequent access to funds in your account for making payments through EFTPOS machines, online, ATMs and branches, and also for the use of cheques. Compare transaction accounts using our website.
Visa Checkout: Visa Checkout is a digital wallet that can be used when online shopping or making other purchases. Learn more about how digital wallets work.
Our Ratings & Guides
Compare Online Banking Accounts
2021 Online and Mobile Banking Award
Checklists
Banking online? Some tips to stay safe
How to create a simple, secure password
Online money tools to keep in mind
Articles and Guides
Online education:
Banking online: What’s our weapon of choice?
What you should know about ‘robo-advisors’
Market trends:
PayPass and payWave: Should they be “opt in”?
Online Banking: Customers now have even higher expectations
Online Shopping Tax: Yes or no?
Will you be shopping in store this Christmas?
Good online banking service = happy customers
Mobile phones won’t replace your bank cards…yet
“My Spend” a popular new service
Survey: Consumers want their banking to get smarter
Safety and security:
Banking at the touch of a finger…
Online banking providers we research and rate
At the time of writing, Canstar researches and rates the following providers of online banking platforms and mobile banking apps:
- 86 400
- Adelaide Bank
- Alex
- AMP Bank
- ANZ
- Arab Bank Australia
- Aussie
- Australian Military Bank
- Australian Unity
- Auswide Bank
- Bank Australia
- Bank First
- Bank of China
- Bank of Melbourne
- Bank of Sydney
- Bank of us
- BankSA
- BankVic
- Bankwest
- bcu
- Bendigo Bank
- Beyond Bank
- BOQ
- Catalyst Money
- Citi
- Commonwealth Bank
- Community First Credit Union
- Credit Union SA
- CUA
- Defence Bank
- Delphi Bank
- Easy Street Financial Services
- Endeavour Mutual Bank
- Firefighters Mutual Bank
- G&C Mutual Bank
- Gateway Bank
- Geelong Bank
- Greater Bank
- Health Professionals Bank
- Heritage Bank
- Horizon Bank
- HSBC
- Hume Bank
- Hunter United
- Illawarra Credit Union
- IMB
- ING
- Jetstar
- LCU
- Macquarie Bank
- Macquarie Credit Union
- ME
- MOVE Bank
- MyState Bank
- NAB
- nabtrade
- Newcastle Permanent
- Northern Inland Credit Union
- People’s Choice Credit Union
- QBANK
- Qudos Bank
- Queensland Country Bank
- RACQ Bank
- RAMS
- Regional Australia Bank
- St.George Bank
- Summerland Credit Union
- Suncorp Bank
- Sydney Mutual Bank
- Teachers Mutual Bank
- The Capricornian
- The Mac
- The Mutual Bank
- Transport Mutual Credit Union
- UBank
- UniBank
- Unity Bank
- VOLT
- WAW Credit Union
- Westpac
Compare online banking providers for yourself using our latest star ratings report: