Home > Blog Posts > Banks Apps to Try this Summer: Refinancing Your Money
Banks Apps to Try this Summer: Refinancing Your Money
December 17, 2019● 8 minute read●
Written by - Jacaranda Team
The consumer is at the heart of new bank apps
From ride-sharing to takeout, accommodation, and even odd jobs around the house – everything is going digital. There’s no doubt how we spend and save money is changing rapidly, and the digital revolution is slowly turning the ancient pillars of traditional banks to modern banking apps. From neobanks to the rise of online lenders, the fintech world is digitalising with the consumer at the centre.
So, this summer, let’s look at how you can bank differently to manage your money with you at the centre.
2019’s best mobile banking apps
Below are some of the hottest mobile banking apps to try this summer:
- Up Bank
- 86 400
- Volt Bank
- Xinja Bank
- Judo Bank
Before we take a look at these online banking apps, let’s define what neobank actually means.
What does Neobank mean?
A neobank is a financial provider that offers direct banking services online, usually via mobile apps and personal computer platforms. Unlike traditional methods of banking, neobanks do not operate physical branches.
In some ways, neobanks operate similarly to traditional banks. However, they leverage some of the latest technology to digitise every aspect of the banking experience. This digitisation helps to unlock new spending and saving insights for consumers. Neobanks apps aim to provide users with a seamless experience, without having to rely on the infrastructure of traditional banks. This means they often come with a high level of functionality enabling users to manage spending habits, saving goals, and money transfers between friends.
Alongside advanced technology, the introduction of open banking has also paved the way for the neobanking revolution. These new regulations command big banks to grant people and smaller banks greater access to their customer data, helping Aussies to make a bank change with ease. Again, the consumer sits at the heart of open banking, enabling providers to access key data that can help them improve their services. Now, with this industry set to boom – it’s safe to say the big four are not the only kids on the block anymore.
Which bank has the best app?
The digital revolution has already hit Australian shores, and there are a few top contenders with boxing gloves at the ready to go toe-to-toe with the big banks. So, which apps are already rising to the top?
Best for Security: Up Bank
Since its launch in October 2018, Up Bank has made its mark as the first neobank to hit the Australian market. Coupled with its peachy branding and intuitive design, Up has quickly risen to the top of Australia’s digital banking landscape. Up Bank is backed and owned by Bendigo and Adelaide Bank, so the risk of insolvency or worries about security are not as prevalent compared to other neobanks.
Through the Up Bank app, you can set up an everyday bank account and multiple savings accounts, as well as enjoy tons of innovative saving and budgeting features designed to help you stay on top of your money.
Best for Transactions: 86 400
A Sydney-based neobank, 86 400 operates under its own Authorised Deposit-Taking Institution (ADI) licence and is owned by payments provider Cuscal. The new kid on the block, 86 400 launched in September 2019 as a savings and smart money transfer app, coupled with a plan to provide home loans in the future.
The OG: Volt Bank
Volt Bank was the first Australian neobank to receive its own ADI licence in early 2019. They are currently testing their app for a full launch planned later this year.
Best for Independence: Xinja Bank
Independently run, Xinja Bank is planning to make it’s debut later this year. Currently, the neobank operates as a Travel Money Oz app and offers a travel-friendly prepaid card, as well as a transactions account for early customers.
Best for Businesses: Judo Bank
Targeting small and medium businesses, Judo Bank is challenging the business banking world with digital innovation. Set to launch shortly, they are planning to provide their customers with business loans, home loans, and term deposits.
The money-saving apps you need to check out
The digital revolution hasn’t just hit banking, but also the way we save. After all, who doesn’t love to save money? Whether you’re a small business owner or a consumer, saving cash is always a plus. The tricky thing is figuring out the best money-saving tips!
Here are Jacaranda’s top picks for money tracking apps to help you monitor your spending and savings:
Pocketbook is an Australian grown app that syncs directly with your chosen financial accounts including bank accounts, credit cards, and loans. The app allows you to track precisely where your cash is going and automatically organises your money into categories like clothes, groceries, fuel, and other expenses.
Pocketbook makes it easy to see where your money is being spent and allows you to set up budgets for each category so you can see your balance and view your transaction history. You can also use the app to set notifications that will help you to stay on track.
Raiz, formally known as Acorns Australia, encourages Aussies to redirect their loose change from everyday transactions into an investment portfolio, making it one of the money-making apps to watch. In a nutshell, Raiz invests your spare change into exchange-traded funds (ETF’s) giving you a leg up if you’re keen to start navigating the complex waters of investing.
MoneyBrilliant is revolutionising the way Aussies manage their money. The app empowers you to make better money decisions. You’re still the boss, but MoneyBrilliant has your back. The MoneyBrilliant app also allows you to connect your accounts to get a complete view of spending and saving. You can connect bank accounts, credit cards, loans, mortgages, and superannuation. The app also gives you unbiased recommendations that are designed to help you save on fees and charges, making it easier to spot spending patterns.
Splitwise is the app that allows you to split money the easy way. Gone are the days of stressful split bills around the dinner table! Splitwise is making it easier than ever to keep track of your shared expenses with housemates, trips, friends, and family.
Splitwise can organise household or group spending to work out who’s spent what and who owes what. Each user can then login and see what their current balance is, making it easier than ever to keep track of those IOU’s and avoid any awkward conversations.
Frollo is quite similar to PocketBook and MoneyBrilliant. The app offers a free and secure way to synchronise your bank accounts, credit cards, loans, and superannuation, with its aesthetically-pleasing interface showing you exactly where you’re spending your hard-earned money.
Frollo also encourages you to take daily, weekly, and monthly spending challenges to help you save money. They’ve even introduced a new feature called ‘Frollo Score’ that gives you a score from 1 to 1,000 and tells you how you’re performing financially based on your spending habits.
What is Fintech?
The world of finance is changing. The way we manage our money is moving towards full automation, with providers looking to create a more seamless financial experience for their customers.
‘Fintech’ or financial technology, is all about leveraging new tech to empower financial services and building them for consumers. That’s why we have worked hard to create our 100% online application process.
Jacaranda Finance is committed to revolutionising the way Aussies borrow personal loans. We are making it as simple as possible to get the cash you need when you need it. You can apply for a personal loan in minutes and could receive an outcome on your application in only 60 minutes.** Gone are the days of waiting weeks for an outcome on a personal loan! Jacaranda is committed to giving all Aussies the fair go they deserve.
Can I get a personal loan?
Regardless of whether you’ve got bad credit or you’re receiving Centrelink, our team encourages all Aussies looking for a reliable online lender to submit an application. We keep our application criteria pretty simple, here’s what you’ll need to meet:
- All applicants must be over the age of 18;
- You must have received some type of regular income for the last 90 days into a bank account that is your own;
- Applicants must have an active mobile phone number and email address that we can contact you on;
- Internet banking must be set up.
Meet these requirements? Awesome! You could scroll up and get started with an application now.
How can I get a personal loan fast?
Applying for a personal loan with Jacaranda couldn’t be simpler. Simply follow these three steps:
Step 1: Apply online
Scroll up and use our personal loan calculator to select your desired loan amount and the repayment period. The ‘apply now’ button will direct you to Jacaranda’s 100% online application form. This could only take you a few minutes to complete. We’ll just need a few essential details from you to assess your application correctly.
Step 2: We assess your application
Our team will assess your application to determine whether or not a personal loan is right for your financial circumstances. You can sit back and relax – let us do the hard work.
Step 3: Cash in 60 Seconds*
If we’ve been able to match you with a personal loan the Jacaranda team will send over an agreement for you to review and sign. Read your contract carefully to make sure you are aware of the terms and conditions associated with your loan.
Once our team receives your signed contract, we’ll transfer the cash straight to your account. Instant banking means your money could be in your account and ready to use in 60 seconds*.
Find out what positive credit reporting could mean for your credit score.
Jacaranda takes a look at the cheapest holiday deals around.
Find out more about a secured loan with Jacaranda.
*most approved applicants have their money in their bank account and ready to use within 60 seconds once they have accepted their digital contract.
**depending on when you submit your application
Written by Jacaranda Team