Which banks and product categories will be covered by Open Banking?
All Authorised Deposit-taking Institutions (ADIs), other than branches of foreign banks, will be subject to the Consumer Data Right (CDR). The Consumer Data Right will apply to both deposit and lending product types:
- Deposit products: Saving accounts, call accounts, term deposits, current accounts, cheque accounts, transaction accounts, personal basic accounts, GST and tax accounts, cash management accounts, farm management deposits, pensioner deeming accounts, mortgage offset accounts, trust accounts.
- Lending products: mortgages, business finance, personal loans, lines of credit (personal and business), overdrafts (personal and business), consumer leases, credit and charge cards (personal and business), asset finance and leases.