Up Bank review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Up Bank suits you if you want a no-cost everyday account in Australia that pays a variable rate and charges nothing on spending abroad. Monthly fee of AUD 0, currency conversion fee of 0% and no minimum deposit of AUD 0 keep the running costs low.
Key facts
- Best for
- An easy-access account with a variable rate and no monthly or travel fees.
- Monthly fee
- A$0↗
- Currency conversion fee
- 0%↗
- Free ATM withdrawals
- A$0↗
- Card type
- Debit↗
- Card network
- Mastercard↗
- Legal entity
- Bendigo and Adelaide Bank Limited↗
- Headquarters
- Australia↗
- Founded
- 2018↗
- Support channels
- Email, Chat, Phone, Help-centre↗
- Features
- Travel, Virtual card
- Official website
- up.com.au
Pros and cons
Pros
- Monthly fee of AUD 0 and a no-monthly-fee model, so the account costs nothing to hold
- Currency conversion fee of 0%, with travel features such as a virtual card for spending overseas
- Minimum deposit of AUD 0 and a variable rate, so money can move in and out as you need it
- Support runs on email, chat and phone, giving you several ways to reach help
Cons
- Free ATM withdrawals are AUD 0, so cash withdrawals are not covered by the free allowance
- Interest only activates after you make a set number of eligible card purchases in a month
- It is built for Australia, with a head office in Australia, so it does not suit readers banking in the UK or Europe
Who it suits
- You live in Australia and want a debit card account with no monthly charge
- You travel or hold foreign currency and dislike conversion fees
- You want easy access with a variable rate and no minimum deposit
Who should look elsewhere
- You want free cash withdrawals, since free ATM withdrawals are AUD 0 and cash carries a charge
- You are based in the UK or Europe, since this account is built for AU and is not aimed at overseas customers
- You want a fixed term deposit, because the rate type is variable rather than a locked term
Where it sits among rivals
On the measures that matter most for an everyday account, Up Bank is at the sharp end. It ranks 1 of 422 on monthly fee and 1 of 258 on currency conversion fee, the two fee measures where it leads. The picture is weaker for cash, where free ATM withdrawals are AUD 0 and the ranking is 44 of 124. Few rivals match it on card costs.
How Up Bank compares
8.9 vs 9.4
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Where Up Bank is available
- Available
- Australia
- Licence in Australia
- Regulator not named on the cited page (Australian Credit Licence, National Credit Code) (237879), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does Up Bank cost to hold?+
The monthly fee is AUD 0 and the account runs on a no-monthly-fee model, so there is nothing to pay each month to keep it open. The minimum deposit is also AUD 0, so you can open it without tying up money.
Does Up Bank charge for spending overseas?+
The currency conversion fee is 0%, so card spending abroad carries no conversion charge. Travel features include a virtual card, which is handy if you would rather not carry your main card abroad. The card is a debit card on the mastercard network.
How does interest work on an Up Bank account?+
The rate type is variable, so the rate can move rather than being locked for a term. On-demand easy access runs through the Up app, and interest activates after you make enough eligible card purchases in a month, with no deposit required.
Are ATM withdrawals free at Up Bank?+
Free ATM withdrawals are AUD 0, so the free allowance is the lowest tier rather than a set number of free withdrawals. If you rely on cash, this is the part of the account to weigh against the fee-free card spending.
How do I get help from Up Bank?+
Support runs on email, chat and phone. That gives you several routes rather than one, and the account is run for a single market in AU through the legal entity Bendigo and Adelaide Bank Limited.
Who is Up Bank set up for?+
It is an easy-access account with a debit card on the mastercard network. It suits you if you want everyday spending without a monthly charge and you bank in Australia. It was founded in 2018.
Sources
- en.wikipedia.org/wiki/Up_(Australian_bank) checked September 26, 2026
Backs: Founded
“founded in 2018”
- up.com.au/bank-overseas-without-the-fees checked September 26, 2026
Backs: Features
“You'll pay no fees on international purchases in-person or online ... CREATE A DIGITAL 'ZAP' CARD”
- up.com.au/grow-flow checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Rate type
“Qualifying for interest takes just 5 successful card purchases in a month, with no deposits required.”
- up.com.au/pricing checked September 26, 2026
Backs: Free ATM withdrawals, Currency conversion fee, Pricing model, Monthly fee
“Domestic ATM withdrawals: Free at most major Bank ATMs”
- up.com.au/product-terms checked September 26, 2026
Backs: Card type, Headquarters, Legal entity, Card network, Support channels, Licences
“Debit Mastercard linked to an Up Everyday Account”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Protection.
Up Bank
An easy-access account with a variable rate and no monthly or travel fees.