Up Banking Review 2025 (How I use the digital bank)

Looking for a better banking experience in 2025? Up Bank is revolutionizing Australian banking with its innovative, fee-free digital approach.

I've been using UP Bank for just over three and a half years now and it's been impressive how much it transformed my relationship with banking.

Up Bank promises a fresh approach to managing money, and being part of this journey feels like watching the future of money management unfold in real-time.

But have I moved all my regular banking to UP?

Not entirely.

It's still evolving its product suite, but what makes Up special is how they're reimagining banking from the ground up.

While Up delivers a comprehensive fee-free banking experience, its award-winning app is what truly sets it apart from traditional banks.

It transforms how you track spending, save money, and manage your finances through a thoughtfully designed mobile experience.

In this review, I'll show you exactly how Up Bank works, share my personal experience using it daily, and help you decide if making the switch could transform your banking experience too.

Quick verdict: Up Bank is an excellent choice if you want a modern, fee-free digital bank with exceptional app features. While it doesn't offer the complete product range of traditional banks yet (no credit cards or mortgage products), its innovative approach to money management makes it worth trying, especially with the quick sign-up process and $15 welcome bonus for new customers.

What Is Up Bank?

Up Bank is a next-generation neobank that's shaking up Australian banking.

Launched in 2018 as a collaboration between software company Ferocia and Bendigo & Adelaide Bank, Up quickly established itself as Australia's first fully-licensed and APRA-regulated digital bank.

This means you get the innovation of a tech startup with the security and stability of a traditional banking license.

What makes Up Bank stand out in the crowded banking landscape is its commitment to rethinking every aspect of the banking experience through a digital-first lens.

When you sign up for Up (which takes about 3 minutes), you're not just getting another bank account – you're getting a financial ecosystem built for how we actually live today.

In my experience, the difference becomes apparent within minutes of signing up.

Up Bank gives you an active bank account and digital card immediately, ready to use with Apple Pay or Google Pay.

The bright orange debit card (which arrives in a few days) is just the beginning.

What you're really getting with Up Bank is a complete reimagining of what banking should be in 2025 – mobile-first, fee-free, and designed to help you actually understand and improve your financial habits.

Is Up Safe to use for banking?

Up Bank offers the same level of security and protection as any major Australian bank.

Here's what makes Up Bank secure:

ASX-Listed Backing: Being owned by ASX-listed Bendigo & Adelaide Bank means there's significant institutional oversight and stability.

Full Banking License: Up Bank operates under Bendigo & Adelaide Bank's banking license and is regulated by the Australian Prudential Regulation Authority (APRA).

Government Guarantee: Your deposits up to $250,000 are protected by the Australian Government Guarantee, just like with the Big Four banks.

Bank-Level Security: The app uses multiple layers of encryption and security protocols, including biometric authentication and transaction monitoring.

7 Reasons I Love Using Up Bank (And You Might Too)

1. The App Is Actually Enjoyable to Use: The clean design, intuitive navigation, and instant notifications make checking my finances something I actually look forward to. I can see exactly where my money goes in real-time, which has helped me become much more aware of my spending habits.
2. Zero International Transaction Fees: I regularly shop from overseas websites for electronics and clothing, and Up doesn't add those sneaky international transaction fees that most banks tack on.
3. Competitive Interest Rates Without the Hoops: I'm currently earning 4.35% interest on my Up Savers (as of March 2025), which is better than many traditional banks. You just need to make 5 transactions per month, which happens naturally when you use the account.
4. Real-Time Everything: When I send money to friends or pay bills, it happens instantly with PayID/Osko. The app also notifies me instantly when money comes in or goes out.
5. Automatic Saving Features That Actually Work: The Round-ups feature has helped me save and you can also turn on round ups where every purchase gets rounded to the nearest dollar, and the difference goes straight to my savings. There’s also automatic “Pay Splits” that divert any % of incoming money to savings accounts before I can spend it.
6. Zero Monthly Fees: I haven't paid a single monthly fee, account keeping fee, or transaction fee since switching to Up.
7. Up Makes Banking… Fun? From the design to the emojis and the “savings challenges” that gamify putting money aside, Up somehow makes the usually boring world of banking feel fresh and engaging.

4 Limitations of Up Bank (Why I Still Have Another Bank Account)

1. No Desktop or Browser Version – It's App Only: As a millennial, I still prefer banking on desktop sometimes for certain tasks. While the Up app is excellent, the lack of a proper browser-based banking option is a genuine limitation. For tasks that are easier with a larger screen or when I want to manage finances alongside other browser windows, I find myself returning to my traditional bank Macquarie.
2. Limited Product Range: Up Bank currently offers transaction and savings accounts only. There's no credit card, personal loan, or investment products (yet). Their home loan offering is relatively new and still limited in scope compared to established lenders. If you want all your financial products under one roof, Up isn't quite there yet.
3. Cash Handling Can Be Tricky: While you can deposit cash at any Australia Post office using Bank@Post, it's not as convenient as popping into a branch or ATM on every corner. I've found this to be a minor inconvenience on the few occasions I've needed to deposit cash.
4. Still Evolving Its Features: Up is continuously adding new features, but there are still some gaps. For example, the desktop interface is very limited compared to the app, and joint accounts (called 2Up) weren't available when I first signed up. If you need a fully mature banking platform with decades of feature development, Up is still on its journey.

Up Bank Products and Features (What You Actually Get)

Here's a breakdown of what you can get with Up Bank:

Core Banking Products

• Up Everyday Account: This is your primary transaction account with a linked bright orange Mastercard debit card. It has no monthly fees, no minimum balance requirements, and allows free withdrawals at major bank ATMs. All your day-to-day spending happens here.
• Up Savers: You can create multiple savings accounts (I currently have five for different goals) that earn the current competitive interest rate (4.35% at the time of writing). Each Saver can have its own name, saving goal, and automatic saving rules.
• 2Up Joint Account (optional): A relatively new addition that allows couples or housemates to create shared accounts for joint expenses or saving together. Each person maintains their individual Up account while connecting to the shared account.

Unlike traditional banks that might offer dozens of different account types with confusing names and features, Up Bank keeps it simple: one transaction account and as many savings accounts as you need.

The product lineup is intentionally streamlined, but what makes Up stand out is how these basic products are enhanced by the app's features and functionality.

Up has a transparent product roadmap that shows what features they're currently working on.

This transparency is something I really appreciate compared to traditional banks that rarely let customers know what improvements are coming.

If you're looking for alternatives, ubank is another neobank with similar features, though in my experience, Up has the superior app design and user experience.

Up Bank's Everyday Banking Features

Let's look at how they handle the everyday banking essentials that you'd expect from any bank.

In my experience, Up takes these standard services and makes them faster, simpler, and more transparent:

Fee-Free Banking (That Actually Means Fee-Free)

While many banks advertise “fee-free” accounts but then hit you with hidden charges, Up Bank genuinely doesn't charge fees for the basics.

• No monthly account fees
• No minimum balance requirements
• No transaction fees
• No card replacement fees
• No foreign currency conversion fees
• No PayID setup or usage fees

For ATM withdrawals, you can use any major bank ATM (CBA, ANZ, NAB, Westpac) without paying fees.

If you use an independent ATM that charges a fee, Up won't reimburse this cost (unlike ING which does), but the app will warn you before you make a withdrawal if there might be a fee.

Since switching to Up, I haven't paid a single bank fee.

Flexible Account Structure That Grows With You

Up Bank's account structure is elegantly simple but highly flexible:

• One Primary Transaction Account: This is your spending hub where your salary comes in and daily expenses go out.
• Unlimited Savers: You can create as many savings accounts as you need, each with its own name, goal amount, and purpose. I currently have separate savers for “Gifts” “Travel 2025,” “New Phone,” “Christmas,” and “New TV (lol)”
• Complete Visibility: All accounts appear in the same app view, making it easy to move money between them with just a few taps.

The limitation is that you can only have one transaction account per person, which may be restrictive if you're used to having multiple everyday accounts for different purposes.

This is one reason why I still maintain an account with another bank for certain specialised needs.

Linked Savings accounts

Up Bank offers interest rates that consistently rank among the more competitive options in Australia:

• Current Rate: 4.35% p.a. as of March 2025 (but always check the latest rates as they change with the market)
• Simple Conditions: Just make 5 transactions per month from your Up account to unlock the bonus rate
• Applied to All Savers: Unlike some banks that only pay bonus interest on one savings account, Up applies the full rate to all your savings accounts

While Up's interest rates are typically better than the Big Four banks, they sometimes lag slightly behind the absolute highest rates from banks like ING or uBank.

However, the difference is usually small, and Up tends to be quicker to pass on RBA rate changes to customers.

Overseas transactions

One of my favourite features of Up Bank is how they handle international transactions:

Automatic Categorization: Even overseas purchases are automatically categorised, making it easy to track vacation spending.

Zero Foreign Transaction Fees: Whether you're shopping online from international stores or traveling abroad, Up doesn't add the typical 2-3% foreign transaction fee that most banks charge.

Competitive Exchange Rates: Up uses the Mastercard exchange rate, which is typically more favorable than tourist exchange rates.

Instant Notifications: When you make a purchase in foreign currency, the app instantly shows you both the foreign amount and the exact Australian dollar equivalent.

Cash and Cheque Deposits

As a digital bank, handling physical money could have been a challenge, but Up has created a solid solution:

• Australia Post Partnership: You can deposit cash or cheques at any Australia Post office using the Bank@Post service at no charge.
• Simple Process: Just bring your physical Up card, PIN, and the cash or cheque you want to deposit. For cheque deposits, you'll also need ID.
• Processing Time: Cash deposits typically take 1-3 business days to appear in your account, while cheques may take 5-10 days to clear.
• Electronic Deposits: Of course, electronic transfers, direct deposits, and PayID payments appear instantly in most cases.

My experience:I've only needed to deposit cash once in the past year, and the Australia Post process was straightforward, though not as immediate as depositing at a traditional bank branch.

Up Bank Home Loans (New Feature)

Up Bank recently introduced home loans, allowing existing customers to keep their mortgage and banking in one ecosystem. From my research, here's what you should know:

• Limited Availability: Currently only for owner-occupiers (not investors) with at least 10% deposit in capital cities or major regional centers
• Competitive Rates: While not market-leading, their rates are comparable to the big banks (check current rates here)
• Unique Features: The standout feature is the ability to have up to 50 offset accounts, which aligns perfectly with Up's savings account structure

While I haven't personally used their home loan (I'm still with Macquarie for my mortgage), it's a promising addition to their product lineup. However, for serious mortgage shoppers, you'll likely find better rates elsewhere for now.

Credit cards

Up bank does NOT offer any form of credit cards.

Up Bank has intentionally avoided offering credit cards, with their primary customer base being younger Australians (16-24) who they believe may be better served without easy access to credit.

If you need a credit card, you'll need to look elsewhere for now – though their product roadmap suggests they may develop alternative credit products in the future that align better with their financial wellbeing philosophy.

The Up Bank App is where the magic happens

While the banking products themselves are solid, it's the Up Bank app that truly sets this bank apart from competitors.

After using dozens of banking apps over the years, I can confidently say Up has created something special – a banking app that's not just functional, but genuinely enjoyable to use.

Smart Payment Features That Save Time

The Up app transforms the way you handle payments with several standout features:

• Conversational Payments: Transfers are organized in message-style threads (like WhatsApp) for each recipient, making it easy to see your history with friends or businesses
• Instant Transfers: All payments use OSKO/PayID when available, meaning money arrives in seconds, not days
• Smart Payee Recognition: The app remembers who you pay and makes it easy to repeat transactions
• Payment Scheduling: Set up future-dated payments with visual reminders
• Bill Prediction: The app learns your recurring payments and reminds you before they're due

Different from most banks your payment history for a specific person is displayed in message history, like WhatsApp.

So if you have a friend you transfer to regularly, then it's a simplified way to view your detailed spending history for that person. Up bank call them threaded payments.

Contactless payments

In terms of how you might want to pay beyond using the debit card, you can connect your Up account to the following devices:

• Google Pay
• Apple Pay
• Samsung Pay
• Garmin Pay
• Fitbit Pay

Yeah, they are big on wearable transactions.

If you have an Apple Watch then they regard the app on it as one of the best banking experiences for the device.

Effortless Saving Tools

Up offers several clever features that help you save without thinking about it:

• Round-Ups: Every purchase can be automatically rounded up to the nearest dollar with the difference sent to a savings account of your choice
• Salary Splitting: Automatically direct portions of your income to different savings accounts
• Savings Challenges: Gamified saving tools that encourage regular contributions
• Automated Transfers: Set regular transfers between accounts based on any schedule you choose

I've found the round-ups particularly effective when I want to fill up a savings account without really trying.

Intelligent Spending Insights

Most banking apps show you a simple list of transactions. Up Bank transforms this into meaningful insights about your money:

• Visual Transaction History: Each purchase shows the merchant's actual logo, making it instantly recognizable
• Automatic Categorization: Transactions are intelligently sorted into categories like “Groceries,” “Transport,” or “Entertainment”
• Spending Summaries: Weekly and monthly breakdowns show exactly where your money goes
• Merchant Insights: See patterns in your spending at specific businesses over time
• Upcoming Expenses: The app predicts and displays your regular bills before they're due

What I find most valuable is how Up turns raw transaction data into useful information. Instead of seeing “POS TRANSACTION 4829402,” you see the actual merchant name, logo, location, category, and spending pattern – making it much easier to track and manage expenses.identify what you spent. No more confusing descriptions wondering what exactly you paid for and where.

Automate Your Savings

I love automating my finances and the Up Bank account knows how to do it well.

The “Split Payments” feature automatically divides your income between your spending account and various savings accounts.

What's especially clever is that you can set percentages rather than fixed amounts – so whether you get paid $1,000 or $5,000, your 20% savings allocation adjusts automatically. For someone with multiple savings goals or variable income, this “set and forget” approach is incredibly powerful.

Instant Digital Card

Up's “Zap Card” feature gives you an instant digital debit card the moment you sign up. No waiting for a physical card in the mail – you get the full card details (number, expiry, CVV) immediately in the app.

This means you can:

• Add your card to Apple Pay/Google Pay instantly
• Make online purchases right away
• Transfer money via Osko and use it seconds later

I've actually used this to create an account and make a purchase while waiting in line at a store – the entire process took less than 5 minutes. it (via Osko) then use it to buy something while you literally wait in line if you wanted to.

Up Bank's Standout Features You Won't Find Elsewhere

Beyond the standard banking features, Up Bank has developed some genuinely innovative tools that transform how you interact with your money:

2UP is reimagined joint banking

Up has reinvented joint banking with what they call “2-Player banking” (2UP). Unlike traditional joint accounts that feel like compromises, 2UP maintains your financial independence while enabling collaboration.

Here's how it works:

• Each person keeps their individual Up account
• You create a shared 2UP account that connects to both individual accounts
• Both people get their own cards for the joint account
• You can add multiple shared savings accounts for different goals

This maintains your financial privacy while making shared expenses simple. It's particularly well-designed for couples just starting to combine finances who want the best of both worlds – independence and togetherness.

Gamified Saving Challenges

Up transforms the sometimes painful process of saving into something genuinely fun with their savings challenges.

These are gamified saving plans that help you build momentum through small, consistent actions.

I tried the $1,000 annual challenge, where the app suggests weekly contribution amounts (often quirky numbers like $18.63 or $22.17) that add up to your goal. What makes it engaging is:

• You “unlock” pieces of a hidden image as you save
• You can take weeks off if needed
• The app celebrates your milestones
• The varied amounts keep it interesting

This behavioral psychology approach to saving actually works – I found myself looking forward to my weekly contributions just to see the image reveal itself further.

May Buy

May Buy is perhaps the most innovative savings feature I've seen in a banking app. It lets you save for specific products you find online rather than abstract goals.

Here's how it works:

1. Find something you want to buy online
2. Share it directly to the Up app
3. The app captures the item details and price
4. Choose how you want to save for it (weekly, fortnightly, monthly)
5. Up automatically transfers the set amount until you reach your goal

For example, when I wanted a new iPad, I shared the Apple Store page with Up, set up a 3-month saving schedule, and the app handled the rest.

When I reached my goal, I could either transfer the money back to my spending account or continue saving.

This feature has completely changed how I approach purchases – instead of using credit for impulse buys, I now “May Buy” them and often find I don't even want the item by the time I've saved for it!

Up Hi-fi (a financial wellness check in)

Up Hi-Fi is a financial wellness system that regularly checks in on your relationship with money. Instead of just showing numbers, it asks how you're feeling about your finances and provides guidance based on your responses.

What makes Hi-Fi special is how it simplifies money management by focusing on three key areas:

• What you need: Bills and essential expenses
• What you want: Discretionary spending
• What's next: Future goals and savings

The app periodically asks questions like “How do you feel about your money right now?” or “Are you confident about covering your upcoming bills?” and then provides insights and suggestions based on your answers.

The app gives you a “financial wellbeing score” that evolves over time based on your responses and financial behaviors.

It's a bit more of a human approach to banking that acknowledges money is as much about psychology as it is about mathematics.

Final Verdict (Is Up Bank Right For You?)

After three plus years of using Up Bank alongside my traditional bank accounts, here's my verdict:

Up Bank has created an engaging, intuitive banking experience that actually makes managing money enjoyable. The app is the star of the show – it's thoughtfully designed, feature-rich, and constantly improving.

While Up may not offer the complete product suite of traditional banks yet, it provides a refreshingly modern approach to everyday banking that's worth experiencing.

The biggest strengths of UpBank

• The most intuitive banking app on the market
• Innovative saving features that actually work
• Fee-free banking without the fine print
• Regular updates and new features

The main limitations:

• No desktop banking option
• Limited product range (no credit cards yet)
• Home loans still in early stages
• Lower interest rates
• Focused on singles more than couples or families

Who should consider Up Bank?

Based on my experience, Up Bank is particularly well-suited for:

1. Digital Natives: If you live on your smartphone and want banking that fits seamlessly into that lifestyle, Up is designed for you.
2. Visual Learners: The app's intuitive design and visual approach to money management helps if you struggle with traditional banking interfaces.
3. International Shoppers and Travelers: With no foreign transaction fees and excellent exchange rates, Up is perfect for those who regularly shop overseas or travel internationally.
4. Couples Starting Their Financial Journey Together: The 2UP feature offers a balanced approach to joint finances that maintains individual autonomy.
5. Those Who Struggle to Save: If traditional saving methods haven't worked for you, Up's gamified challenges and automatic tools might be the motivation you need.

If you're frustrated with your current bank's clunky app, hidden fees, or outdated features, Up Bank offers a genuinely different experience.

The clean design, instant notifications, and thoughtful features make managing money less of a chore, while features like round-ups and savings challenges make saving almost automatic.

With no minimum balance, no fees, and a $15 welcome bonus when you create your account and make your first purchase, there's little risk in giving it a go.

Can you deposit cash or a cheque into Up Bank?

The bank offers offer free deposits to the Australian Post office at no charge via Bank@Post.

The only thing required is the physical Up card and PIN.

You may need your ID when you deposit a cheque. Deposits may take 5-10 days to appear.

Is Up a legitimate bank?

Yes, they are owned by the Bendigo Bank and Adelaide Bank organisation.