Alex Bank began offering personal loans in 2018, and introduced waitlisted savings accounts shortly after APRA granted the banking licence.
Five months on from receiving its unrestricted banking licence, Alex Bank announced it will be launching a range of online only term deposit products.
The digital bank uses the Temenos banking cloud, an end to end digital banking platform, aiming to offer a streamlined, user friendly online banking service.
CEO Simon Beitz says the expansion into term deposits will help the bank continue to scale.
"This allows Alex Bank to rapidly grow its balance sheet and improve our cost of funds and margin," he said.
Last year was a volatile period for the neobank industry with Volt voluntarily hand over its banking licence due to lack of funding, while 86 400 was enveloped by NAB's uBank.
Alex Bank term deposit rates
The term deposits are currently only available via invitation, or through selected intermediary companies, and rates will vary between the two.
To receive an invitation directly from Alex Bank, interested customers need to register their interest and wait to hear back, but clients of approved intermediaries are able to apply.
"Alex Bank adds term deposits to its range of products" was originally published on Savings.com.au and was republished with permission.