Up Bank Review: Features, Fees and Safety

Up Bank is one of Australia’s most popular neobanks, offering a fee-free everyday transaction account and savings accounts with competitive interest rates. Built on a partnership between tech company Ferocia and Bendigo and Adelaide Bank, it holds a full ADI (Authorised Deposit-taking Institution) licence — meaning your deposits are protected under the Australian Government’s Financial Claims Scheme (FCS) up to $250,000.

General information only. This article does not constitute financial advice. Consider your own circumstances before making financial decisions.

What Is Up Bank?

Up launched in 2018 as a mobile-first bank built specifically for Australians who want more control over their spending without paying monthly fees or dealing with a traditional branch. The entire experience runs through the Up app — there’s no web banking portal — and it’s consistently rated one of the best-designed banking apps on both the App Store and Google Play.

Deposits held with Up sit under Bendigo and Adelaide Bank’s ADI licence, which means the Australian Government’s Financial Claims Scheme protects balances up to $250,000 per account holder. That’s the same government-backed protection you’d get with any of the Big Four.

Features Worth Knowing About

Up’s feature set is where it genuinely pulls ahead of legacy banks. The headline inclusions:

Savers — Up lets you create up to 50 individual Savers (sub-accounts) earmarked for specific goals, whether that’s a holiday fund, emergency buffer, or a new laptop. Each Saver earns interest on its own balance and you can automate transfers into them each pay cycle.

Round Up — Every purchase you make can be rounded up to the nearest $1, $2, $5, or $10, with the difference automatically swept into a nominated Saver. There’s also a “Trees” option that plants a real tree for every round-up, via a partnership with One Tree Planted.

2Up — Up’s joint account product lets two people pool money into a shared everyday account with linked Savers. It’s genuinely useful for couples managing shared expenses without a trip to a branch to sign a stack of forms.

Up Pay and PayID — You can pay other Up customers instantly using their @up-tag, or use PayID (email or phone number) to receive money from anyone on the New Payments Platform. Transfers between Up accounts are instant, 24 hours a day.

No foreign transaction fees — Most Australian banks charge 2–3% on international purchases. Up charges nothing, which makes it a solid everyday travel card.

Fees at a Glance

Up’s fee structure is refreshingly short:

• Monthly account fee: $0
• Foreign transaction fee: $0
• ATM withdrawals in Australia: $0 (Up doesn’t charge; some ATM operators may apply their own surcharge)
• Overseas ATM withdrawals: $5 per transaction
• Dishonour fees: $0
• Overdraft: Not available — you can only spend what’s in your account

There’s no overdraft facility, no credit product, and no hidden fees buried in a 40-page PDS. The product disclosure statement is written in plain English and is genuinely brief.

Savings Rates

Up’s main spending account earns a modest base rate, while each Saver earns a higher variable rate. To unlock the full bonus rate on Savers, you typically need to deposit a minimum amount each calendar month — the exact figure and current rate are displayed in the Up app and update in line with RBA cash rate decisions.

Historically, Up’s Saver rate has tracked competitively against ING and Macquarie Bank, often sitting within 0.25% of the top available rate in the market. If chasing the absolute highest savings rate is your priority, it’s worth comparing across a few providers each quarter — but Up regularly holds its own.

Is Up Bank Safe?

Yes. Up holds deposits under Bendigo and Adelaide Bank’s ADI licence (AFSL 237879), and the Australian Government guarantees eligible deposits up to $250,000 per account holder under the Financial Claims Scheme. Your money is as protected with Up as it is with any licensed Australian bank.

The app itself uses biometric authentication, 256-bit encryption, and instant card-freeze functionality. You can lock your card from within the app in under three seconds if it goes missing — no phone call required.

Who Should Use Up Bank?

Up suits Australians who want a clean, digital-first experience with no monthly fees, practical savings tools, and a debit card that doesn’t charge them for spending overseas. It’s particularly popular with younger Australians, frequent travellers, and anyone who values seeing real-time spending breakdowns without needing to export a CSV.

It’s not the right fit if you need a home loan, credit card, term deposit, or business banking. Up is a focused product — an everyday account and savings tool done well — and that clarity is part of its appeal.

Frequently Asked Questions

Is Up Bank a real bank?

Up Bank operates under Bendigo and Adelaide Bank’s ADI licence, making it a fully regulated Australian deposit-taking institution. Your deposits are covered by the Australian Government’s Financial Claims Scheme up to $250,000 per account holder.

Does Up Bank charge fees?

Up Bank charges no monthly account fees, no foreign transaction fees, and no dishonour fees. The main fee to know about is $5 for overseas ATM withdrawals. In-Australia ATM withdrawals don’t attract an Up fee, though some ATM operators apply their own surcharges.

Can I use Up Bank as my main bank account?

Yes — Up supports PayID, BPAY, direct debits, and salary deposits via standard BSB and account number. Many Australians use it as their primary transaction account. The key limitations are no credit products, no home loans, and no physical branch access.