Online Banking - June 4th
Many Australians have already been handling their financial affairs online for quite some time, but the COVID-19 pandemic has now made it a necessity for most of us. With many bricks-and-mortar bank branches temporarily closed, access...
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Canstar News - January 28th
The central banks of Canada, Japan, England, Switzerland, Sweden, and the euro zone have come together with the Bank for International Settlements (BIS) to form a group which will explore central bank digital currencies (CBDCs). Senior representatives...
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Canstar News - November 13th
Neobank 86 400 launched its home loans this week, offering rates as low as 2.88% (comparison rate 3.31%). And while that’s not the lowest rate currently listed on Canstar’s database – Reduce Home Loans’ 2.69% (2.71%...
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Canstar News - October 23rd
About 150,000 Commonwealth Bank customers have today pocketed a free $50 deposit to their bank account, after being left short-changed due to a recent network outage. The network crash left millions of Commonwealth Bank (CBA) customers...
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Canstar News - October 23rd
Technology: When it's working well, we love the convenience it can offer us, but it can also bring life to a standstill when a technical issue causes a freeze on your finances. Customers of Commonwealth Bank...
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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.
There are a few basic things you should be able to do using online banking or an online savings account:
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| Source: www.canstar.com.au | |
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:
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
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
2018 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…
At the time of writing, Canstar researches and rates the following providers of online banking platforms and mobile banking apps:
Compare online banking providers for yourself using our latest star ratings report: