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Up Bank Review

Up Bank is based in Australia. As a subsidiary of Adelaide Bank and Bendigo, it is licensed by these organizations’ Australian Deposit-Taking Institution (ADI) license, which has been issued by the Australian Prudential Regulation Authority (APRA).

How to open an account with Up.com.au

If you are over the age of 16, you can sign up with just $1 to start. Download the Up Bank app on your smartphone, and after you provide all the right documentation, you can be signed up in just a few minutes. After verification, your card will typically arrive within five to ten days.

Choose between the UP Everyday account, which includes spending categorization, real-time reporting, and bill predictions, as well as cardless payments through Apple Pay, even before your card arrives; and the Up Saver account, which you can use to work towards savings goals through a no-fee account which offers bonus interest depending on your number of transactions.

For those who like the direct benefit of no ATM fees in Australia and no foreign exchange fees overseas, the Up Everyday Account might be a good starting point. However, if you are serious about saving and want to divide your savings accounts according to ‘sale goals,’ the ability to initiate an unlimited number of accounts can be vital to organizing your personal finances.

You use the BSB and account number to deposit quickly with the Osko platform, which provides rapid payments between financial institutions 24 hours a day.

Up.com.au mobile app

Because we typically use our smartphones so much, the features which the Up app offers are always there to help us track spending. The slightly scary sounding ‘Naked Truth’ feature on the app allows you to track all your purchases. Further insights can help you see what you are spending your money on by categorizing specific stores or people. The app can help you budget for bills, and you can automatically set aside money to your Up Saver account.

Savings, loans, and cashback

The Up Saver account allows you to create multiple savings accounts, each with a specific ‘savings goal.’ There are no fees, with bonus interest up to a $50,000 combined balance. There is a maximum variable interest rate of 2.25% p.a., which requires you to make five transactions a month from your Up debit card.

There appear to be no loans and no cashback features at this time.

Up.com.au for travel

The benefit of no foreign transaction fees can work out for those who typically travel frequently outside Australia, allowing them to slash their overall spend.


• Low fees
• Automated saving and the ability to create multiple savings accounts
• Categorisation and insights on spending
• A plethora of cardless payment options, including Apple Pay and Google Pay
• The opportunity to earn bonus interest with a savings account

For those who are just starting to earn enough money to save, the Up Savers account can provide you with the clarity and insights that make putting money aside simpler. Similarly, frequent travelers are likely to be interested in the Up Everyday account’s zero foreign exchange fee.