Up bank review
There are more and more neobanks springing up in Australia today. It is not unusual for customers to get confused as to which bank is best for them. We have been able to summarize all that you need to know about Up Bank before you decide to sign up, and this is our modest review. It’s not as good as James’.

Please note that Up Bank is a private consumer facing bank and to know more about Business Banking in Australia, you’d have to look elsewhere.

About Up Bank

Up Bank is one of the new banks that hit the Australian markets in 2017. It is also one of the few neobank that is fully functioning through an app. Up operates fully online using its mobile app alone. This means that there is no browsing-based platform for banking except for its app. Customers perform all their transactions and processing from the sign-up to transfers and payments on the app.

Its Australian banking website is supplied by two bank partners namely Adelaide Bank and Bendigo. There is a lot of unraveling to do concerning this bank and its mobile app. Continue reading below for more.

Up Bank Products

Currently, Up offers two accounts: the transaction account (which is complete with a debit card) and a savings account. Both can be gotten from the mobile app. However, Up bank’s latest account launch- ‘the Up Bank Everyday Account’ has given them hold to a better future.

The Up Everyday Account charges no fee on transactions such as transfers, withdrawal, deposits, and purchases. The Australian ATM fee is free for all major banks. There is no fee for the foreign transaction and the overseas ATM fee is charged at $0.

The account has won Mozo Experts Choice Awards in 2019, 2020, and 2021. Besides, new customers that sign up are given a code that automatically provides them with $10 – just for signing up.

The account grants users access to a Mastercard that can be used for ATM transactions. Contact-less payments include Google Pay, Apple Pay, and Samsung Pay. The Minimum age requirement for an account is 16 years and there is no minimum opening deposit. However, there is no card delivery time for this account.

The Up Bank saver’s account is another account offered by the Up bank. The account also won the Mozo Experts Choice award in 2019, 2020, and 2021. The maximum interest rate is about 0.70%, and this applies to users that had made up to 5 Upcard purchases per month.

Up Bank also offers the opportunity for users to send money internationally to and from Australia. This became possible through the partnership launch between the neobank and an eMoney transfer provider called Wise.

Users can now transfer money in 48 currencies without leaving Up’s mobile app, similar to the way other money transfer apps do it. Since Wise uses the market exchange rate, users only have to pay a transfer fee once to continue. This has made it a very competitive option in the Australian market.

Up Bank App Features

The Up Bank app is very easy to use and makes the transaction easier. The App provides weekly spending notifications, time and location stamps, merchant-specific spending and Merchant ID to help users better understand where they save and where their money is going.

Although it is not the only bank that provides many mobile paying options, Aussies have been very opened to the idea of multiple options for mobile payment. However, it is still worth mentioning that the app provides a series of options to make payments on app.

The 0.07% interest rate also allows Aussies to save on their Up account. On the app, there is a round-up tool that rounds every transaction into the nearest $1 and deposits it into the savings account. Also, it allows users to open more than one saver account which users can use for different saving goals.

The App is also travel-friendly since it provides users with the Up Debit Mastercard that can be used abroad. And remember, there is no overseas ATM fee (at least not from Up).

Customer Reviews

Up Bank has received mixed reviews from customers. Some customers appreciate the user-friendly app, instant transaction notifications, and the ability to categorize and tag transactions. However, some customers have reported issues with account access, dispute resolution, and lack of traditional banking features. It’s important to note that customer experiences can vary, and what works well for one person may not work as well for another. 


Signing up for the Up account is hassle-free. It is a convenient option for people always on the go. From this review, it’s easy to understand why a lot of people are opting for this banking option. Want to try Up Bank today? All you have to do is download the app from your Google or Apple play store. The rest is easy from thereon. Once installed, you have made a step towards your banking journey with Up.