Up Digital Bank Review

Find out about the product offerings from new digital bank Up to see if you’ll benefit.

Quick verdict

Good for
  • Automated savings roundups and multiple savings accounts
  • Insights on your transactions
  • Apple Pay, Google Pay, Fitbit Pay and Garmin Pay
  • Low fees
Not suited for
  • Using the physical card instantly, delivery takes 5-10 days
  • Someone who wants a full-service bank as only two products have launched so far

What to know about Up

Up is a new digital bank that’s a collaboration between Bendigo and Adelaide Bank (Bendigo) technology company Ferocia. Its product line is completely digital and all accessible through Up’s smartphone app. You can currently sign up for a transaction account or savings account but many products are still in development.

Product NameUp Everyday Account
Card TypeMastercard
Supported CurrenciesAUD
Supported DevicesiPhone
Payment OptionsApple Pay
Google Pay
Fitbit Pay
Garmin Pay
Domestic ATM Fee$0
International ATM Fee$5
SupportLive chat
Product NameUp Saver Account
Card TypeMastercard
Supported CurrenciesAUD
Supported DevicesiPhone
Standard Interest Rate0.75%
Bonus Interest Rate2.75%
SupportLive chat

What products does Up offer?

The following products are currently available from Up:

Up Everyday Account

You can sign up for an Up transaction account in a couple of minutes and is compatible with both Android and iOS. You’ll be able to get a PayID on application to make instant payments to other bank accounts and you’ll receive your Up card in 5-10 days.

When you use the card, your transactions are automatically categorised and you’ll receive real-time reports. You’ll also have more visibility into your spending with details such as merchant IDs, the time of day you made the purchase and the location being available. Up also automatically detects your regular bills and predicts when they will next occur.

Up Saver Account

Up’s savings account works a bit differently to a standard savings account. You can sign up for as many savings accounts as you want instantly from within the app, each attached to a specific savings goal.

The multiple savers come with no fees and bonus interest up to a combined balance of $50,000. The maximum variable interest rate is 2.75% p.a.

Features on offer with Up

Up offers a number of features with its products which include the following:

  • More detailed spending history. Up’s “Naked Truth” feature aims to give you more clarity on your spending habits. Your transactions will display the amount you spent as well as the merchant, the time of day you made the purchase and the location.
  • Spending insights. Aside from telling you how much you’ve spent and where you’ve spent it, Up will share how often you’re buying. For example, you’ll be able to see your total expenditures at a chain of stores across the country along with your average purchase amount. You will also see a weekly total and be able to check your balance without needing to log in.
  • Automated categorisation. Your transactions will automatically be categorised to get real-time reports into your spending.
  • Bills are automatically detected. Up will be able to detect regular charges and bills and help you budget for them. For example, it tracks when your subscriptions are direct debited and reminds you when they’re coming up.
  • Payment options. You can use a range of payment options with Up including Apple Pay, Google Pay, Garmin Pay and Fitbit Pay.
  • Savings roundups. You’re able to nominate roundups, which means your transactions will be automatically rounded up and contributed to your linked savings account.
  • Smart receipts. Due to launch in November, Up also has an innovative way of displaying purchases made using Afterpay. If you make an Afterpay purchase you will be able to see the details of the products you purchase as well as when the instalments are due to be debited out of your account
  • Multiple savings accounts. Set up multiple savings accounts within the Up app and have them linked to an individual savings goal. You can earn bonus interest across these accounts up to a combined balance of $50,000.
  • Low fees. You won’t be charged for your transaction account, ATM withdrawals, international transaction fees or your savings accounts. Fees will apply when your account is overdrawn or withdrawing cash from an overseas ATM.

Is Up right for you?

Weigh up the following pros and cons when deciding whether Up is the right bank for you:


  • Spending insights. Up will automatically categorise your transactions and deliver you real-time reports into your spending. You’ll also be able to see more details of your purchases, such as where and what you purchased.
  • Roundups. The roundups feature allows you to save without even realising it.
  • Bill detection and reminders. Up tracks when your regular bills come out of your account and remind you when they are due.
  • Payment options. Up offers a range of payment options including Apple Pay, Google Pay, Fitbit Pay and Garmin Pay.

  • Differences between iOS and Android. There are slight differences between using iOS and Android. If you have an iPhone and sign up for Up, you’ll be able to tap and pay straight away on your phone. Android users will need to wait for the card to arrive to add manually to their GooglePay.
  • Not many products available yet. If you’re keen to keep your banking products together, keep in mind Up has only launched its transaction and savings accounts.

Is Up safe?

While Up is a brand new bank, it’s a collaboration between Bendigo, Adelaide Bank (Bendigo) and technology company Ferocia. Because of this, Up's financial products are issued by Bendigo. Any deposits you make in Up are also protected by the Government Guarantee. This is up to a total of $250,000 across all deposit products you might have with Bendigo and Adelaide Bank. If you have any problems, such as losing your card, you can notify Up immediately by using the live chat option in the app. You can also call Up if you need help.

How to sign up to bank with Up

Up transaction and savings accounts are available to individuals over the age of 16. You just need $1 in the account to get started.

To open an account, download the Up app on your Android or iOS device and provide the necessary information and documentation, such as your home address and driver’s licence. It shouldn’t take more than a few minutes. Once verified, your card will arrive 5-10 days later.

Elizabeth Barry

Elizabeth is the Fintech Editor for finder and writes about innovations in financial products and services – think banking products that are easier to access, faster, cheaper and personalised. She started writing about personal finance five years ago and found it was her passion (which was a surprise to no one more so than herself).

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