The prudential regulator has granted Alex Bank an unrestricted licence to expand its offerings beyond personal loans to savings accounts and term deposits.
Alex Bank currently offers personal loans from 8.45% p.a. (8.45% p.a. comparison rate*) depending on your credit profile with savings accounts currently offered as invitation-only products.
Those granted approval to the invite only savings account offering will receive a current savings rate of 3.40% p.a. with no minimum deposit or bonus conditions to receive the rate.
This product once live to a broader consumer base, will compete with the likes of ANZ Plus, offering a digital app-only savings account dubbed ANZ Save with no deposit or bonus conditions to achieve a savings rate of 3.75% p.a.
Alex Bank CEO Simon Beitz noted the granting of an unrestricted ADI is a proud moment for the entire Alex Bank team.
"It represents the culmination of several years of hard work and enables Alex Bank to accept deposits and scale our business leveraging our investment in new generation technology that enables fast and efficient straight-through processing," Mr Beitz said.
"We’re excited to expand our suite of products including term deposits, adding to our award-winning personal loan and savings account”.
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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of November 22, 2024. View disclaimer.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
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