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Best Free Bank Accounts Australia 2026: Up Bank vs Ubank vs Revolut
Three no-monthly-fee accounts that are actually worth opening, depending on whether you care most about savings, travel, or everyday app quality.
Updated March 18, 2026: I checked the current official Up, Ubank, and Revolut Australia fee pages, product pages, and referral terms before putting this together. Banking offers change more quietly than crypto promos, so it’s worth checking the live terms before you open anything.
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Quick Verdict
Best overall everyday bank: Up Bank. It still has the best app, no international transaction fees, and free international ATM withdrawals at most major bank ATMs.
Best for savings: Ubank. It currently pays 4.60% p.a. bonus interest up to $1 million, with simpler rules than Up’s Grow/Flow saver setup.
Best for travel and multi-currency use: Revolut. The Standard account is still free, and the multi-currency side is much stronger than a normal Australian bank account.
Best move? Open Ubank if you want the strongest savings setup, and either Up or Revolut depending on whether you want the best local banking app or the best travel-friendly currency features.
“Best free bank account” sounds like a boring keyword, but it’s actually one of the most useful decisions you can make if you’re trying to get your money setup right in Australia.
A genuinely good free account saves you money in one of three ways:
- it pays better interest on your cash
- it avoids junk fees when you travel or spend overseas
- it makes budgeting and day-to-day cash flow easier enough that you actually stick with it
Right now, the three strongest free-account options for Australians are Up Bank, Ubank, and Revolut. They are not the same product, and pretending they are is how people end up opening the wrong account for the wrong reason.
Disclosure: This post contains referral links where available. If you sign up through them, I may receive a commission or referral reward at no extra cost to you. I’ve tried to separate product quality from promo value, because those are not always the same thing.
Side-by-Side Comparison
| Feature | Up Bank | Ubank | Revolut Standard |
|---|---|---|---|
| Monthly account fee | $0 | $0 | $0 |
| International transaction fee | 0% | 0% | Works differently via exchange limits, not a standard bank FX fee model |
| Overseas ATM use | Free at most major bank ATMs | Free, though third-party ATM fees can still apply | Free up to A$350 or 5 withdrawals monthly, then 2% |
| Savings angle | Good but more conditional | Strongest of the three | Not the reason to use it |
| Travel/multi-currency | Good | Solid basic travel use | Best of the three |
| Best for | App quality + daily spending + travel | Cash savings + simple everyday banking | Travel + currencies + overseas transfers |
1. Up Bank: Best Free Everyday Account
Up is still the easiest free bank account to actively enjoy using in Australia.
Its pricing page currently says the monthly service fee is free, international transaction fees are 0%, and international ATM withdrawals are free at most major bank ATMs. That combination alone keeps it near the top of any serious free-banking list.
Where Up wins is not just fees. It wins on product design. The app is still better than almost every legacy bank app in Australia, and the product has matured well around spending insights, Savers, shared-money features, and travel usability. If you want the bank account you are most likely to actually keep as your daily driver, this is still the one.
The weakness is savings simplicity. Up’s Grow/Flow system is more interesting than boring, but also more conditional than Ubank. That makes Up strongest as an everyday + travel account, not necessarily as your main high-interest cash hub.
What Up is best at
- day-to-day spending and budgeting
- travel spending with 0% international transaction fees
- people who care about app quality more than branch access
2. Ubank: Best Free Account for Savings
Ubank is the best free bank account here if your main question is, “Where should I park cash?”
Its help pages currently say that when you join, you get a Spend, Bills, and Save account. More importantly, Ubank’s current save-rate page says the Everyday Bonus Rate is 4.60% p.a. across savings tiers up to $1,000,000, and its bonus-interest help page says that from 1 October 2025 you earn that bonus by having a Spend account and growing your combined Save balance by at least $1 each month.
That is a very strong setup for a free account because the rule is simple enough that normal people can actually maintain it. Ubank’s fee page is also blunt: “We don’t charge any fees.” Its fees and limits PDF says monthly account fees are free, international card payments are free, and international ATM cash withdrawals are free, although third-party ATM operators can still charge their own fee.
Ubank is not as fun or polished as Up. It is also not as travel-optimised or multi-currency capable as Revolut. But if your priority is a no-nonsense account that does everyday banking and savings properly, Ubank is probably the best overall value play of the three.
What Ubank is best at
- higher-interest everyday savings
- people who want free banking without cleverness
- a clean “main bank + savings” setup under one roof
3. Revolut Standard: Best Free Multi-Currency Account
Revolut is the least “normal bank account” of the three, but the strongest if you travel, send money internationally, or care about holding multiple currencies.
Revolut’s Australia personal-account page currently says the Standard plan has no monthly plan fee and lets you hold and exchange money in 30+ currencies. Its current Standard fee page says the Standard subscription fee is A$0, ATM withdrawals are free up to A$350 or 5 withdrawals per rolling month, and the first physical card is free but delivery still costs extra.
The part people miss is that Revolut is not just “free everywhere forever.” The Standard fee page also says foreign-currency exchange is free during market hours up to the Standard fair-usage limit of A$2,000 per rolling month, then a 0.5% fee applies. Outside market hours, extra fees also apply. So Revolut is excellent for travel and currency flexibility, but you need to understand the limits.
That is why I would not put Revolut first for someone who just wants a basic Aussie bank account. But if you travel even a few times a year, buy things in other currencies, or send money overseas, it becomes much more interesting than a standard local bank.
What Revolut is best at
- travel and multi-currency spending
- international transfers and currency conversion
- people who want one app that does more than plain banking
Which Free Account Is Best for What?
Open Up if:
- you want the best everyday app experience
- you travel and want 0% international transaction fees
- you care about day-to-day money management more than squeezing the last bit of savings rate
Open Ubank if:
- you want the strongest free savings setup
- you want a simple account stack that includes Spend, Bills, and Save
- you want fee-free everyday banking without much learning curve
Open Revolut if:
- you travel regularly
- you want to hold and exchange multiple currencies
- you understand the fair-usage and ATM limits and still like the value
Bonuses and Referral Reality
This matters more than most roundup posts admit.
Up Bank: Up’s current “Hook Up a Mate” terms say the program is for sharing with people you genuinely know and warns against mass-sharing invite links publicly. That means I would choose Up for the product first, not because you are trying to chase a public referral bonus.
Ubank: Ubank still makes more sense as a straightforward public recommendation because the core value is in the product and savings setup anyway. If you are using a code like AFWLLL7, always confirm the live conditions when you sign up.
Revolut: Revolut’s current Australia referral terms say the reward amount is unique to the referrer in-app, and the referred person has to complete steps like ordering a physical card, topping up, and making eligible transactions. In other words, you should not open Revolut expecting a simple reader-side cash bonus.
The honest conclusion: this is one of those cases where the product matters more than the bonus. Ubank and Up are strong enough without needing a flashy promo angle, and Revolut is mainly worth it for travel and currencies, not referral money.
Frequently Asked Questions
What is the best free bank account in Australia right now?
For pure everyday use, Up Bank is still the strongest overall. For savings, Ubank is better. For travel and multi-currency use, Revolut is stronger.
Which free bank account is best for savings?
Ubank. As of March 18, 2026, its current Save account help page shows a 4.60% p.a. Everyday Bonus Rate, and the rule is simply that you have a Spend account and grow your combined Save balance by at least $1 each month.
Which free bank account is best for travel?
It depends on what you mean by travel. Up is better if you want a simple Australian bank account with 0% international transaction fees and free international ATM withdrawals at most major bank ATMs. Revolut is better if you want multi-currency features and overseas transfer flexibility.
Is Revolut actually a bank in Australia?
Revolut Australia operates under an Australian Financial Services Licence rather than looking like a traditional local bank branch network. For users, the practical question is less “is it branch-bank style?” and more “does the product fit what I need?” For travel and currency features, it absolutely can.
Should I open more than one of these?
Yes, that is often the smartest setup. A lot of people would be better off with Ubank for savings and either Up or Revolut for spending, depending on how travel-heavy their life is.
Best Simple Setup
If you do not want to overthink it, open Ubank for savings and choose Up or Revolut depending on whether you care more about app quality or travel features.
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