Bank with a conscience

' Deposits of up to $250,000 are protected by the government in the event that the bank closes

As a kid, I remember going into the bank with my parents and drawing on deposit slips with a pen that was chained to the benchtop while they wrote cheques and deposited or withdrew money. It’s hard to believe that’s how we managed cash just a few decades ago, and it’s no surprise that digital disruptors are entering the market, providing nimble alternatives to the big four.

These start-ups, many of which emerged in 2018 and 2019, are known as neobanks. That means they operate almost entirely within smartphone apps and mobile pay functions, and have no need for retail branches or traditional physical presences. To take your money, they need