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Up review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

Up suits Australian households that want an easy-access pot and spend through a debit card rather than lock money away in a term deposit. The rate is variable, the minimum deposit is AUD 0, the monthly fee is AUD 0, and the balance is held by Bendigo and Adelaide Bank Limited.

Key facts

Best for
An easy-access savings pot that pays interest once you use the card each month.
Rate type
Variable↗
Minimum deposit
A$0↗
Access terms
On-demand easy access via the Up app; interest activates after 5 eligible card purchases in a month, no deposit required↗
Monthly fee
A$0↗
Account kind
Easy access↗
Legal entity
Bendigo and Adelaide Bank Limited↗
Headquarters
Australia↗
Support channels
Chat, Help-centre↗
Pricing model
No monthly fee
Official website
up.com.au

Debit cards

Currency conversion fee
0%↗
Free ATM withdrawals
A$0↗
Card type
Debit↗
Card network
Mastercard↗
Features
Travel, Virtual card

Mortgages

Maximum loan to value
90%↗
Product fee
A$0↗
Purpose
Purchase, Remortgage, First-time-buyer↗

Facts checked September 26, 2026, 6 sources

Apps and profiles

Elsewhere
WikidataWikipediaLinkedInX

Pros and cons

Pros

  • The monthly fee is AUD 0 and the minimum deposit is AUD 0, so the pot costs nothing to open or run.
  • Currency conversion is charged at 0% and the free ATM withdrawal allowance is AUD 0, which keeps day to day spending cheap.
  • Interest activates after a set number of eligible card purchases in a month, so the account pays for use.
  • The debit card runs on mastercard, with travel and virtual card options.

Cons

  • Support runs on chat and help centre only, so there is no phone line for urgent problems.
  • The rate is variable, so nothing is locked in and the return moves with the base rate.
Up

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Scored 9.0 / 10 by SumCue.

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Who it suits

  • Australian households who want an easy access balance they can dip into through the app.
  • People who pay abroad, since conversion costs 0% and a virtual card covers online spending.
  • First-time buyers weighing home loans with a maximum loan to value of 90% and product fees of AUD 0.

Who should look elsewhere

  • Finteres, which requires a minimum deposit of €100 and so asks for more to be parked up front.
  • eToro, where the minimum deposit runs $1 to $10,000 against AUD 0 here.
  • Starling Personal Account Debit Card, which suits readers banking in sterling, since Up sits in Australia.

Fees and currency costs

The minimum deposit is AUD 0 and the monthly fee is AUD 0. Nothing is charged to open the account and nothing is charged to keep it, so the whole balance is available for whatever rate is set. For a savings pot where the fee line is the first thing readers check, that is the whole cost story.

Who runs it

Up is operated by Bendigo and Adelaide Bank Limited and is based in Australia. It states an Australian Securities and Investments Commission AFSL and Australian Credit Licence, listed as 237879, so deposits sit with an Australian bank rather than with the app alone. Support runs on chat and help centre.

How Up compares

Where Up is available

Available
Australia
Licence in Australia
Australian Securities and Investments Commission (AFSL and Australian Credit Licence stated on site) (237879), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does it cost to hold money in Up?+

The monthly fee is AUD 0 and the minimum deposit is AUD 0, so opening and keeping the account costs nothing. Money moves out through the app on demand. The point to watch is that interest only starts once you make the required eligible card purchases in a month.

Who actually holds my money?+

Up is run by Bendigo and Adelaide Bank Limited, a bank based in Australia, and it states an Australian Securities and Investments Commission AFSL and Australian Credit Licence, listed as 237879. The savings balance is held with that bank rather than by the app on its own.

How do I actually earn interest?+

Access is on demand through the app and the rate is variable, so the return follows the base rate. Interest activates after a set number of eligible card purchases in a month, and no deposit is required. In practice the account pays for being used rather than for sitting still.

What card comes with the account?+

The debit card runs on mastercard. Currency conversion is charged at 0% and the free ATM withdrawal allowance is AUD 0, so cash and card spending abroad stay cheap. A virtual card covers online payments, and the card is built with travel in mind.

How do I get help?+

Support runs on chat and help centre. That means in-app chat and a help centre rather than a phone line, so questions are answered in writing inside the app. Anyone who needs to speak to a person about a disputed transaction should look elsewhere.

Who is this account for?+

Up is built for Australian households. The account is easy access, so money comes out on demand through the app instead of being locked for a term, and the company is based in Australia. Readers banking outside Australia would need a different provider.

Is there anything beyond saving?+

The same group also covers home loans. Lending is offered for purchase, remortgage and first-time buyers, with a maximum loan to value of 90% and product fees of AUD 0. That is worth checking if the savings pot is only the first step.

How does this sit against other savings listings?+

Easy-access accounts account for 75.4% of the savings listings on the site, and the median headline rate there is 3.06%. Up sits in that easy-access group with a variable rate, so it competes on access and fees rather than on fixing a term.

Sources

  • 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/home-loans checked September 26, 2026

    Backs: Purpose

    “Up Home loans are owner-occupier loans for Upsiders buying in a capital city or major regional centre. You can get one for a home you already own, or a home you have fallen in love with.”

  • up.com.au/home-loans/fees-and-rates checked September 26, 2026

    Backs: Maximum loan to value, Product fee

    “Get started with a 10% deposit. Spread your loan over a 30 year term if you need.”

  • up.com.au/pricing checked September 26, 2026

    Backs: Free ATM withdrawals, Currency conversion fee, Headquarters, Legal entity, Pricing model, Monthly fee, Licences

    “Domestic ATM withdrawals: Free at most major Bank ATMs”

  • up.com.au/product-terms checked September 26, 2026

    Backs: Card type, Card network

    “Debit Mastercard linked to an Up Everyday Account”

  • up.com.au/support checked September 26, 2026

    Backs: Support channels

    “Need help now? Chat to our support team in-app using Talk to Us”

Compiled from 7 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Headline rate, Term, Deposit protection.

Up

Up

An easy-access savings pot that pays interest once you use the card each month.

9.0/10See alternatives