Up Bank Review 2026: Australia’s Best Travel Card
Get $15 free + 0% overseas fees + 4.35% savings interest
✓ No credit check ✓ 5-minute setup ✓ Instant approval
📅 Updated January 2026: Over 700,000 Australians now bank with Up. Interest rate currently 4.35% p.a. All information verified and current.
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After using Up Bank extensively for everyday spending and international travel across Southeast Asia and Europe, I can confidently recommend it as one of Australia’s best digital banking options for 2026.
The $15 sign-up bonus is just the beginning. You’ll save hundreds annually on overseas transaction fees, earn competitive interest on savings, and access genuinely useful budgeting tools through their award-winning app.
Who this review is for: Australian residents seeking a fee-free digital bank, frequent travelers wanting to avoid international transaction fees, or anyone tired of traditional bank fees eating into their money.
The Up Bank debit card — accepted worldwide with 0% international fees
Up Bank At a Glance (2026)
$15
0%
$0
4.35% p.a.
$0
5 minutes
None
Up to $250,000
How to Get Your $15 Welcome Bonus
Unlike traditional banks with complicated bonus requirements, Up Bank keeps it refreshingly simple. No minimum deposits, no direct debit requirements, no monthly fee waivers to unlock. Just $15 of real money credited to your account within 24 hours.
3 Steps to Get $15:
- Click the referral link: Use this exclusive link to ensure you get the bonus
- Download & sign up: Get the Up app from App Store or Google Play, complete the 5-minute signup
- Verify your ID: Use your driver’s license or passport — $15 credited within 24 hours
⚠️ Important: You must use a referral link to get the $15 bonus. Direct signups from the app store won’t include this offer.
Once approved, you’ll get instant access to a digital card through Apple Pay or Google Pay. Start using it immediately while waiting for your physical card to arrive in 5-7 business days.
Why 700,000+ Australians Choose Up Bank
Up Bank isn’t just another digital bank — it’s a complete rethinking of what banking should be. Here’s what genuinely sets them apart based on real-world use:
💰 Genuinely Zero Fees
Traditional banks charge fees at every opportunity. Up Bank doesn’t charge a single fee:
- $0 monthly account fees — save $48-120 annually
- $0 international transaction fees — save 3% on every overseas purchase
- $0 ATM fees worldwide (operator fees may apply)
- $0 dishonor fees
- $0 for transfers, BPAY, and additional cards
Real savings: If you spend $200/month overseas and withdraw cash twice, you’ll save approximately $150-200 annually vs traditional banks.
✈️ The Ultimate Australian Travel Card
After testing Up Bank across multiple international trips, it’s become my primary travel card. Here’s why it’s perfect for travelers:
- 0% international transaction fees on all purchases (save 2.5-3.5% vs traditional banks)
- Free ATM withdrawals worldwide at Mastercard exchange rates (no markup)
- Real-time transaction notifications for security and tracking
- Instant card freeze/unfreeze from the app if lost or stolen
- Multiple spending accounts to organize travel budgets by destination
💰 Real Travel Savings Example
2-week Europe trip with $3,000 AUD spending:
-$120
$0
$120
Plus your $15 welcome bonus = $135 total value!
🌏 Complete Your Travel Setup
I use Up Bank with these essential travel tools on every trip:
- Saily eSIM — Instant data in 150+ countries without physical SIM swaps. Costs 80% less than roaming.
- NordVPN — Secure public WiFi connections and access home banking safely abroad.
- SafetyWing Travel Insurance — Affordable coverage from $45/month for digital nomads and long-term travelers.
Personal note: This combination has saved me thousands on fees and kept me connected and secure across 37 countries. Up Bank handles all payments fee-free while these tools cover connectivity and security.
📱 Actually Useful Smart Features
Up Bank’s app won Australia’s best banking app award for good reason. The features actually work:
- Instant digital card via Apple/Google Pay as soon as approved
- Real-time notifications (appear before you pocket your card)
- Automatic expense categorization (groceries, dining, transport)
- Visual spending insights showing exactly where money goes
- Round-up savings (auto-save spare change from purchases)
- Unlimited “Savers” (savings accounts) with custom names and emoji
- Bill detection that flags recurring charges
- Forward scheduling for transfers and payments
📈 Competitive Interest (No Conditions)
Many banks advertise high rates with impossible conditions. Up Bank keeps it simple:
- 4.35% p.a. interest on savings (updated regularly)
- No minimum balance
- No monthly deposit requirements
- No maximum balance cap
- Interest paid monthly
- All savings accounts earn the same rate
Interest example: $10,000 balance earns ~$435/year. Compare this to $10-15/year with Big Four bank standard savings.
Up Bank’s award-winning app interface with real-time insights
Is Up Bank Safe? (Yes, Completely)
This is the most common question from people considering a digital bank. The short answer: Up Bank has identical protections to the Big Four banks.
Your Money is Protected:
- Backed by Bendigo Bank (ADI license holder, one of Australia’s trusted regional banks)
- Government guaranteed up to $250,000 per account holder via Financial Claims Scheme
- APRA regulated (Australian Prudential Regulation Authority)
- ASIC oversight (Australian Securities and Investments Commission)
- Same legal protections as CommBank, Westpac, NAB, ANZ
- Advanced security: Biometric login, instant alerts, immediate card freezing
- Real-time fraud monitoring with instant notifications
Up Bank isn’t a risky startup — it’s a fully regulated Australian bank with complete government backing. Your deposits are held in proper authorized deposit-taking institution accounts with full legal protection.
Up Bank vs. Competitors (2026)
How does Up Bank compare to other popular Australian banks? Here’s an honest breakdown:
| Feature | Up Bank | CommBank | ING | 86 400 |
|---|---|---|---|---|
| Sign Up Bonus | $15 | $0 | $0 | $0 |
| Monthly Fee | $0 | $4 | $0* | $0* |
| Int’l Transaction Fee | 0% | 3% | 0%* | 0%* |
| Overseas ATM Fee | $0 | $5 | $0* | $0* |
| Savings Interest | 4.35% | 0.05% | 4.05%* | 4.50%* |
| Rate Conditions | None | Multiple | 5 txns/mo | $1000 deposit/mo |
*Conditions apply. Rates current as of January 2026.
The verdict: Up Bank offers the best combination of features without requiring you to jump through hoops. While competitors may offer slightly higher rates, they require monthly deposits or transaction minimums. Up Bank has zero conditions and still delivers competitive returns.
Who Should Get Up Bank?
Up Bank isn’t for everyone, but it might be perfect for you. Here’s an honest assessment:
✅ Perfect For:
- Frequent international travelers (save hundreds annually on fees)
- Digital-first users comfortable with smartphone banking
- Budget-conscious people wanting better spending insights
- Savers seeking competitive interest without conditions
- Students and young professionals building financial habits
- Freelancers and side hustlers managing multiple income streams
- Anyone tired of bank fees eating their money
❌ Maybe Not For:
- Regular cash depositors (requires Bendigo Bank or Australia Post visit)
- Branch banking preference (Up is digital-only)
- Business accounts (not available yet, personal accounts only)
- Non-smartphone users (app required for full functionality)
My take: Even if you keep your current bank as primary, Up Bank makes an excellent secondary account for travel and everyday spending. The $15 bonus alone makes it worth trying, and you’ll likely save $150-300 annually on fees. Zero downside to having it in your wallet.
What Real Users Say
“Saved over $200 on my 3-week Europe trip by avoiding international fees. The app’s budgeting features helped me track spending across different currencies. Never going back to my old bank.”
— Sarah M., Melbourne (verified Up Bank user)
⭐⭐⭐⭐⭐
“Finally ditched CommBank after 15 years. Should have switched sooner. The instant transaction notifications alone are worth it — I always know exactly what’s happening with my money.”
— James T., Sydney
⭐⭐⭐⭐⭐
“The automatic categorization and spending insights have completely changed how I budget. I can actually see where my money goes without manual tracking. The 4.35% interest is a nice bonus too.”
— Emily R., Brisbane
⭐⭐⭐⭐⭐
The Up Bank physical card arrives within 5-7 business days
Frequently Asked Questions
Is Up Bank a real bank?
Yes. Up Bank operates under Bendigo and Adelaide Bank’s Australian banking license (ABN 11 068 049 178, AFSL 237879). Your deposits receive the same government protection as any major Australian bank — up to $250,000 per account holder through the Financial Claims Scheme.
Can I use Up Bank as my main bank account?
Absolutely. Over 700,000 Australians use Up Bank as their primary account. You can receive salary deposits via direct debit, pay bills through BPAY, set up automatic payments, and perform all standard banking functions. The only limitation is depositing cash, which requires visiting a Bendigo Bank branch or Australia Post.
How do I get the $15 welcome bonus?
You must sign up using a referral link (not directly from the app store). Use this link, complete the 5-minute signup, verify your identity, and $15 will be credited to your account within 24 hours. No minimum deposit or conditions required.
Are there really zero fees?
Yes, genuinely zero fees. Up Bank earns revenue from merchant interchange fees (small fees merchants pay when you use your card), allowing them to offer fee-free banking to customers. No monthly account fees, no international transaction fees, no ATM fees (though overseas ATM operators may charge their own fees), no dishonor fees.
Can I deposit cash with Up Bank?
Yes, you can deposit cash for free at any Bendigo Bank branch or Australia Post office. Simply provide your Up Bank account details. Most users rarely need this feature as most income comes via direct deposit, but it’s available when needed.
What if I have problems or need customer support?
Up Bank offers in-app customer support with typically fast response times (usually within minutes during business hours). They also have comprehensive help articles built into the app. For urgent issues like lost cards, you can instantly freeze your card directly in the app.
Can I have multiple savings accounts?
Yes! You can create unlimited “Savers” (savings accounts) within Up Bank, each earning the same 4.35% p.a. interest. Customize each with unique names and emoji — perfect for organizing money by goal (emergency fund, holiday savings, house deposit, etc.).
Does Up Bank work overseas?
Yes, Up Bank works worldwide anywhere Mastercard is accepted. You’ll pay 0% international transaction fees and get Mastercard’s exchange rates (which are competitive). ATM withdrawals are also free from Up Bank’s side, though the ATM operator may charge their own fee. This makes it one of the best Australian travel cards available.
Final Verdict: Should You Get Up Bank?
After extensive real-world testing across multiple countries and daily use for over 12 months, Up Bank earns my highest recommendation.
The combination of zero fees, competitive 4.35% savings interest, exceptional app experience, and genuine travel benefits makes it hard to beat. For Australian travelers, it’s simply the best option available. The $15 welcome bonus is just the cherry on top.
✅ What Makes It Excellent
- $15 instant welcome bonus (no conditions)
- Genuinely zero fees (save $150-300 annually)
- 4.35% savings interest with no conditions
- Outstanding app with useful features (not gimmicks)
- Perfect for international travel (0% overseas fees)
- Real-time notifications and spending insights
- Instant digital card access via Apple/Google Pay
- Smart budgeting tools that actually help
- Full government protection (same as Big Four banks)
⚠️ Minor Limitations
- No physical branches (digital-only)
- Cash deposits require Bendigo Bank/Australia Post visit
- Requires smartphone for full functionality
- Joint accounts not yet available (coming soon)
- No business accounts (personal only)
These limitations affect less than 5% of users. For most people, Up Bank provides everything needed for modern banking.
Bottom line: Whether you’re looking for your primary bank or just a superior travel card, Up Bank delivers. The zero-fee structure alone pays for itself, and the additional benefits (interest rate, app quality, instant notifications) make it a no-brainer. Even if you only use it for international travel, you’ll save hundreds annually. Highly recommended.
Ready to Get Your $15 and Start Saving?
Join 700,000+ Australians already banking smarter
✓ 5-minute signup ✓ No credit check ✓ Instant approval ✓ $15 credited within 24 hours
About the Author
Lee runs Money Hack HQ and has traveled to 37 countries across Southeast Asia, Europe, and beyond. As a digital marketer and avid traveler, he extensively tests financial products and travel tools to share what actually works. Up Bank has been his primary travel card since 2023, saving hundreds in fees across multiple international trips.
Important Information & Disclaimers
- Interest rates and fees are subject to change. Visit up.com.au for current rates and full terms and conditions.
- $15 sign-up bonus available to new customers only when using a valid referral link. Direct app downloads won’t include this offer.
- Up Bank is a trading name of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879.
- Deposits up to $250,000 per account holder are protected by the Australian Government’s Financial Claims Scheme.
- International ATM operator fees may apply (charged by the ATM owner, not Up Bank).
- This review reflects features and rates available as of January 2026 and is based on personal experience and testing.
- Money Hack HQ may earn a commission if you sign up through our referral links at no extra cost to you. This helps support our content creation.
- This content is for informational purposes and should not be considered financial advice. Consider your personal circumstances before making financial decisions.
Last updated: January 14, 2026
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