Alex Bank Savings Account (limited release) Summary
Description
A limited-release online savings account with an advertised variable rate, no monthly account fee and no bonus activity requirements. New applicants are currently directed to a waitlist.
Limited release, new applicants currently join Alex Bank’s waitlist. The advertised rate applies to released eligible accounts and does not mean applications are open to everyone.
Benefits
- No monthly savings-account fee.
- No monthly activity requirements for the ongoing rate.
Hoops
- Limited release, new applicants currently join Alex Bank’s waitlist. The advertised rate applies to released eligible accounts and does not mean applications are open to everyone.
- Applicants must be at least 18.
- Ongoing rate cap: $250,000. See the rate breakdown for higher balances.
On this page
Details
Key details
| Product name | Alex Bank Savings Account (limited release) |
|---|---|
| Maximum variable rate | 4.50% p.a. |
| Ongoing interest rate | 4.50% p.a. |
| Base interest rate | 4.50% p.a. |
| Minimum age | 18 years |
Source: noren.com.au
All comparison details
| Base | 4.50% |
|---|---|
| Ongoing | 4.50% |
| Ongoing cap | $250K |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | - |
| Dep $/mth | - |
| Growth/mth | - |
| Buys/mth | - |
| Txns/mth | - |
| W/d/mth | - |
| Min age | 18 |
| Max age | - |
| Fee/mth | $0 |
Source: noren.com.au
Rates & features
Interest rates
Variable rates % p.a. at $699, assuming applicable bonus conditions are met.
- Base: 4.50% p.a..
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Standard variable | 4.50% | Whole balance | Up to $250k |
| Rates unverified | - | - | Over $250k |
Source: noren.com.au
Share/Export
Requirements
- Limited release. The savings page and FAQ currently direct new applicants to a waitlist. The advertised rate applies to eligible released accounts and is not a promise that everyone can open an account now.
- Interest is calculated on the daily closing balance and paid monthly. The current terms specify payment on the first day of each month, while the FAQ says month end, confirm the exact crediting date with Alex Bank. The terms use 365 days, or 366 in a leap year.
- No minimum opening deposit, monthly deposit, growth, purchase or withdrawal-count bonus test. No introductory or honeymoon rate. No monthly account, online-payment or withdrawal fees under the current Savings Rate and Fee Guide.
- The ordinary account holding limit is $250,000, not an interest-only cap or permission to earn zero on excess funds. Contact Alex Bank for any higher limit, individually approved excess holdings and their pricing are outside this comparison.
- The account is accessed through internet banking and the mobile app. Transfers must be in Australian dollars to or from an Australian bank account. No linked transaction account is required. The current terms list direct debits, recurring future-dated transfers, BPAY, digital wallets, PayID/NPP, cards and overdrafts as unsupported.
- The current terms limit each account holder to one Savings Account. The standard daily withdrawal limit is $5,000, contact Alex Bank for larger withdrawals. The FAQ says overseas account access is unavailable. An account with a zero balance for fourteen consecutive days may be closed.
Fees
- Monthly account fee: $0
Showing reviewed fees only, other charges may apply
How to apply
Check these eligibility requirements before applying with Alex Bank.
- Limited release, new applicants currently join the provider waitlist. Application access is subject to Alex Bank releasing the account to you and approving your application.
- Individual applicants aged 18 or older who are Australian citizens or permanent residents, residing in Australia when applying, with accepted Australian-issued photo identification. Joint accounts, trusts and non-individual applicants are not eligible under the reviewed ordinary terms.
More from Alex Bank
Sources & review
Noren aggregates information from multiple primary sources to ensure you're getting the most up-to-date, accurate information. All product information is peer reviewed.
Collected on 31 Oct 2026. Pricing verified on 29 Oct 2026.