Up Bank Review

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Up's everyday account has no account keeping fees, no foreign transaction fees and no ATM fees in Australia.

Up offers an everyday account for your daily spending and a bonus savings account that pays you a competitive interest rate. The everyday account is completely managed via the app, and offers a bunch of handy digital tools and features to help you manage your money.

Exclusive offer: Earn a $5 cash bonus when you click through from Finder and create an Up account with the code: FINDER5. This offer is exclusive to Finder and is for new Up customers only.


Product NameUp Everyday Account
Card TypeMastercard
Supported CurrenciesAUD
Supported DevicesiPhone
Payment OptionsApple Pay
Google Pay
Fitbit Pay
Garmin Pay
Samsung Pay
Domestic ATM Fee$0
International ATM Fee$0
SupportLive chat

Quick verdict

Good for
  • Automated savings roundups and multiple savings accounts
  • Insights on your transactions
  • Payment splitting in the Up app
  • Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay
  • Low fees
  • Easy to earn bonus interest on the savings account
Not suited for
  • Someone who wants a full-service bank, as only two products have launched so far
  • Someone with a large savings balance, as Up only pays interest on balances up to $50,000

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 an everyday transaction account, and once you've got the everyday account you can then add one or multiple or savings accounts (called Life Savers) easily in the app.

WATCH: We put Up Bank's features to the test

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 it's 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. While you're waiting for your card to arrive, you can set up Apple Pay and start making contactless purchases with your smartphone instantly.

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 2.25% p.a. To earn this rate, you need to make five transactions in the months from your linked Up debit card (this includes digital wallet transactions).

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.
  • Payment splitting. Up offers a "conversational payments" feature in its app whereby you can make payments in real time to people and businesses. Your payment history with a particular person will be shown in a message format, similar to WhatsApp. You'll have the option to pay using people's PayID or BSB and account number.
  • 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, Samsung 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 soon, 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.

Podcast: Up co-founder Dominic Pym unveils what's next for the bank

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 capabilities. Up offers a range of payment options including Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay. You can also benefit from its conversational payments feature which lets you view your payment history with people and merchants in a message-style format, similar to WhatsApp. Payments are made in real-time using OSKO.

  • 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.
  • Bonus interest paid up to certain amount. You'll only earn bonus interest on the first $50,000 in your Saver account.

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.

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  1. Default Gravatar
    October 15, 2019

    Is this just a debit card? So you can only spend what money you have deposited. How does one deposit funds? How many vendors do not accept Mastercard?

    • Avatarfinder Customer Care
      October 15, 2019

      Hi Jim,

      Thanks for your comment. Up Bank is digital and all accessible through Up’s smartphone app. If you are looking for debit card access you can choose Up Everyday Account where you have a PAYID and a card. If you have a savings goal, you can opt for the Up Saver Account where you sign up for as many savings accounts as you want instantly from within the app and each will be attached to a specific savings goal.

      Your Up spending account has a BSB and Account Number like any other bank account in Australia. You can also easily nominate your phone number or email address as a “PayID”. Up lets you use your BSB and Account Number, or your phone number or your email address to deposit money almost instantly using “Osko”. Osko provides near-instant payments 24/7 (including weekends) between participating financial institutions.

      As of this writing, our page doesn’t have a list of vendors who does not accept Mastercard. To obtain this information, please check the vendor’s payment options before using your Up card.

      Hope this helps!


  2. Default Gravatar
    September 4, 2019

    Can we have joint account ?

    • Avatarfinder Customer Care
      September 5, 2019

      Hi K,

      Thanks for reaching out to Finder.

      Unfortunately, Up Bank does not currently support joint accounts.

      If you are looking to open a joint bank account, you can also see and compare your options on this page.

      I hope this helps.


  3. Default Gravatar
    June 5, 2019

    It seems like a great product, with one exception – there’s a $5,000 daily limit on payments to external accounts, even your own with other institutions. Therefore there’s no way to easily and quickly withdraw more than this.

  4. Default Gravatar
    March 3, 2019

    Just wondering if you can apply for this card under the age of 18?

    • Avatarfinder Customer Care
      March 5, 2019

      Hi Bettina,

      Thank you for getting in touch with Finder.

      Yes, you may apply for this card since these Up transaction and savings accounts are available to individuals over the age of 16.

      I hope this helps.

      Thank you and have a wonderful day!


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