Banking Review · Updated 8 October 2026
Up Bank Review 2026: Fees, Budgeting Features and Travel Use
Should you choose Up Bank?
Compare Up if you want budgeting buckets, pay splitting and an Australian account for everyday spending and travel. It has no monthly service fee or Up international transaction fee. Its ordinary Savers have a five-purchase qualification test and separate Grow and Flow rules.
We may receive a referral reward through this invitation. Check the signup offer and eligibility shown by Up before opening an account.
Up and Ubank: offer and account conditions
Up: ordinary Savers earn 5.35% p.a. Grow when untouched, up to the combined $250,000 individual Grow cap, or 2.00% p.a. Flow when accessed. First make five qualifying debit-card purchases in the calendar month; otherwise ordinary Savers earn 0.00%. The 2Up Grow cap is separate. Essentials earns 2.00% Flow without the purchase requirement until 28 February 2027. Up rates and conditions.
Up travel: no Up international transaction or ATM-withdrawal fee; ATM operators can charge separately. The card uses Mastercard’s exchange rate. Daily withdrawal limits still apply: the standard ATM cash-out limit is $1,000, subject to approved variations. Up currently advises allowing 15–20 business days for a physical card. Up travel information.
Ubank Save: 5.35% p.a. ongoing bonus interest; eligible new customers can earn 6.10% p.a. for up to four months. Hold a Spend account and grow combined eligible Save balances by $1 per month, excluding interest, by 11:30pm Sydney time on the last day. Withdrawals can make you miss this test. Bonus interest is paid on up to $1 million per customer; offset-linked balances are excluded. Ubank savings conditions.
Deposit protection: eligible Up deposits share Bendigo and Adelaide Bank’s $250,000-per-person FCS limit; Ubank deposits share NAB’s limit. These are limits per person per institution, not per account. Rates are variable. Account eligibility and identity checks apply.
My verdict: compare the account with Ubank and Wise
Ubank is my starting point for Australian everyday banking and savings. Up remains an alternative if its budgeting features suit you; compare the account rules and fees before switching.
The catch: the Grow & Flow savings system that launched in September 2025 is more fiddly than a plain high-interest account. If your only goal is maximising savings interest with zero management, Ubank is easier. Up remains an alternative if its app-based budgeting tools suit you. Ubank is our first choice for eligible Australians’ everyday banking and overseas card spending.
| Sign-up bonus | Shown in your invitation; eligibility applies. |
| Savings rate | 5.35% Grow / 2.00% Flow |
| International fees | 0% |
| Best for | App-based budgeting |
If you’re comparing options, read this alongside my best free bank accounts guide, the Ubank vs Up Bank comparison, and my travel card comparison.
How to sign up with an Up invitation
If Up’s budgeting tools suit you, compare the account and use the invitation below to see the current signup offer.
- Check the invitation. Review the amount, eligibility and offer requirements shown by Up before signing up.
- Open your account in the Up app. Complete signup and the identity checks requested by Up.
- Complete the offer requirements. Follow the invitation terms and check the reward status in the app.
The offer shown by Up during signup determines the reward and eligibility. We may receive a referral reward through this invitation.
Up Bank: an alternative to compare
The app is still the benchmark
One of the few banking apps in Australia that feels properly designed. Real-time spending notifications, easy card controls, simple Savers, and shared-money features that actually work.
A secondary Australian travel-card option
Up Bank may suit readers who prefer its budgeting tools and app-based card controls. It remains a secondary option in this review; compare Up’s account rules and travel fees before switching.
Works as a real everyday account
No monthly fee, no legacy banking baggage, and a setup that genuinely beats the Big Four for daily spending, subscriptions and bills. It’s not just a holiday card — it’s a primary account.
Using Up overseas
This is where Up genuinely earns its place. I’ve used the card across Southeast Asia, Europe and the UK without paying Up a cent in fees. The notification system is the killer feature — you get a push notification with both the local currency amount and the AUD equivalent before you’ve finished tapping.
What’s free
- 0% international transaction fees
- $0 from Up’s side on overseas ATM withdrawals
- Instant card freeze/unfreeze if you lose it
- Real-time FX notifications showing both currencies
What you might still pay
- Foreign ATM operator fees — the local ATM owner can charge their own fee. Up doesn’t reimburse these (check any alternative bank’s current rebate terms).
- Mastercard exchange spread — competitive but not the absolute cheapest. Wise and Revolut beat it on conversion for big amounts.
What this saves you in practice
Example: $3,000 spent overseas on a 2-week trip
ATM operators can still charge their own fee — this is what Up saves you, not a guarantee every overseas ATM is free.
Compare Up Bank’s budgeting features
Up Bank is a secondary option for Australians who prefer its budgeting tools and app features. Compare Up’s account conditions and fees before signing up.
The main catch: Grow & Flow savings
Up introduced its Grow & Flow savings system in September 2025. Ordinary Savers now require five qualifying debit-card purchases in the month before Grow or Flow interest is earned.
Here’s how it actually works:
Grow rate: up to 5.35% p.a.
On any Saver you don’t withdraw or transfer from during the calendar month. Capped at $250k combined.
Flow rate: 2.00% p.a.
On any Saver you do withdraw from — for the entire month, even if you only withdraw once.
Ordinary Savers require five qualifying debit-card purchases per calendar month. If you miss this, they earn the 0.00% base rate. Essentials Savers are different: until 28 February 2027, they earn Flow without that purchase requirement.
The workaround: split your money across Savers
Up lets you create up to 50 Savers. The strategy is to keep most of your money in Savers you don’t touch (earning 5.35% Grow), with one or two separate “spending” Savers for money you might need (earning 2.00% Flow). Withdrawing from your spending Saver only drops that Saver to Flow — the rest keep earning the full rate.
Ubank is an alternative if you can grow combined eligible Save balances by at least $1 every month, excluding interest. It offers 6.10% p.a. for eligible new customers for up to four months and 5.35% p.a. ongoing. Withdrawals can make you miss its growth condition. Up’s ongoing Grow rate is 5.35% p.a. on eligible untouched savings after qualification.
Honest pros & cons
What I love
- App-based budgeting and card controls
- 0% international transaction fees
- $0 Up-side ATM fees overseas
- Up to 50 Savers, fully customisable
- Round-Ups, Pay Splitting, Locked Savers
- 2Up joint accounts (great for couples)
- $0 monthly fee, $0 dishonour fees
- Real-time FX notifications
Where Up falls short
- Grow & Flow is fiddlier than the old system
- Beaten by Ubank on savings rate & simplicity
- Doesn’t reimburse foreign ATM operator fees (check any alternative bank’s current rebate terms)
- Wise/Revolut beat it on FX conversion for big amounts
- No Samsung Pay, Fitbit Pay or Garmin Pay
- No physical branches if you ever need them
Who Up is best for
✓ Great for
- Australians who want a genuinely good everyday account
- Travellers wanting one clean fee-free card
- Couples who want proper joint accounts (2Up is excellent)
- People who value app quality and budgeting tools over rate-chasing
- Anyone building savings habits — Round-Ups and Locked Savers genuinely help
⚠ Probably not for
- People whose only priority is the highest savings rate
- Anyone who wants branch banking
- People who frequently dip into savings (you’ll lose the Grow rate)
- Heavy international spenders who’d benefit more from Wise/Revolut on FX
How to get started with Up
- Start your Up account application. Open the Up app, review the account terms and begin signup.
- Verify your identity. Complete the identity checks requested in the app.
- Add your digital card. Add it to Apple Pay or Google Pay if your device is supported.
- Organise your Savers. Create separate Savers around your goals and check how Grow and Flow apply before moving money.
Frequently asked questions
Final verdict
Who should consider Up Bank?
Consider Up Bank if you prefer its budgeting tools, Savers and app-based card controls. It remains a secondary choice in our recommendations. Compare Up’s current account conditions and fees before opening an account.
Related MoneyHackHQ guides
Keep going with the most relevant next reads from the same cluster:
Rates and conditions verified against up.com.au.
Important information:
- Up’s Grow rate (up to 5.35% p.a.) applies to Savers not withdrawn from during the calendar month, on combined balances up to $250,000. Flow rate (2.00% p.a.) applies to any Saver withdrawn from. Both require 5 settled card purchases per month to activate. Rates are variable and subject to change.
- Up invitations are optional; eligibility and rewards depend on the live offer. Read the current invitation terms
- Foreign ATM operator fees may apply (charged by the ATM owner, not Up).
- Up is a banking service provided by 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.
- This content is general information only and should not be considered personal financial advice.
- MoneyHackHQ may earn a referral bonus when you sign up using the link above.
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