• expired

$10 Bonus Credit for New UP Bank Customers

1860
MIFF

Sign up to a new UP Bank Account, and get $10 Bonus.

MUST USE CODE:

MIFF
or
VCRFEST (http://melbournefringe.com.au/support-us/partners/up/)

You CANNOT combine/stack Student Edge code, the Referral Codes, and/or any other Codes together; does not work.

Referral Links

Referral: random (1205)

$10-$15 for both the referrer and referee. Conditions

Bonus starts at $10 and $1 for each year referrer has been a customer, up to a cap of $10. Referee will see the exact bonus when you visit Up Bank.

Related Stores

Up Bank
Up Bank
Melbourne International Film Festival
Melbourne International Film Festival

closed Comments

  • +15

    I signed up with “MUFF” and just got a bunch of ladies calling me 🤷‍♂️

    • +2

      What did they call you about?

      Did they want to Date you? ;)

    • +16

      I'm with ME Bank, is UP yours ?

      • +11

        So the U Bank must be yours as well.

  • +14

    Highly recommend Up banking - I've switched from NAB recently and find the user experience on their app far superior.

    Also their savings interest rate is higher.

    • +19

      Also their savings interest rate is higher.

      Lets not get carried away here.

    • +20

      I remember starting at 2.75% and now they've gradually reduced it down to 1.60%

      Was higher than all others when it started, but now I'm guessing there are better alternatives. Though I can confirm that their app is definitely the most superior of all out there!

      • +10

        Everyone has been reducing their rates due to covid and various other contributing factors.

        Keep your eyes open for when Xinja re-open their joining list. I've been with them for about a year now, but they too have dropped to 1.65%. They do not have any account management criteria though, so there's no need to deposit X amount or make Y transactions per month.

        • +6

          With ING at 1.65 and UBank 1.6, Xinja rate looks not very special?

          • +5

            @Meovel: Clearly, you're looking at a single headline. You need to look below the surface level…

            ING Savings Maximiser:
            * For customers who also have an Orange Everyday bank account and deposit their pay of $1,000 or more per month and make 5+ card purchases that are settled (not pending) each month.
            * Available on one account for balances up to $100,000 with the additional variable rate applied the month following the deposit.

            UBank:
            * Open a USave savings account and link a USpend transaction account.
            * Deposit at least $200 per month
            * Deposit at least $200 each month into your USpend or linked USave from a non-UBank account (for example your salary).
            * Keep your total account balances at $250,000 or less
            * Maintain a total balance of not more than $250,000 across your USave and USpend accounts, inclusive of all joint accounts.

            Xinja:
            * Earn 1.65% interest on balances up to $245K with no strings
            * No intro period
            * No min deposits / payments
            * Stash accounts have their own BSB and account number so you can easily transfer from your Xinja bank account or from any other bank account to your Stash
            * Deposits up to $250,000 are guaranteed by the Australian government (under the Financial Claims Scheme)

            Still think Xinja isn't that special? :-)

            • -3

              @KangaDrew: If you don't have $200 per month for UBank's requirements, I'm not sure you really need the extra few %

            • -1

              @KangaDrew:

              Still think Xinja isn't that special? :-)

              Do they have an auto sweep feature like ubank that lets you keep all your money in your savings account and automatically moves it to the transaction account as needed based on your transaction account balance?

              If they don't have that then they aren't special.

              • +2

                @spaceflight: While that's a great feature of UBank, the Xinja Stash account I am referring to (when comparing between Xinja, ING and UBank) is strictly a no-frills, high-yield savings account. No minimum deposits or restrictions. You just put your money in to save and gain compound interest.

                If you want to move your money around between transaction and savings accounts (or, rather, allow UBank to do this for you) then go right ahead. But that use case isn't what the earlier comments were about. They were about the interest rate and having almost zero restrictions or minimum deposit requirements for the account. And if you continue to "sweep" your money back and forth, your interest at the end of month will end up being less, so it kind of defeats the purpose of a savings account.

                Each to their own really, but the Sweep feature doesn't really help with a savings goal like a pure, non-transactional savings account that you keep putting money into and leave, untouched, to keep accruing interest each month. But if it works for you, then keep on keeping on!

                • +2

                  @KangaDrew:

                  is strictly a no-frills, high-yield savings account. No minimum deposits or restrictions

                  The ubank $200 deposit is hardly a high bar to meet.
                  Is much easier than the current xinja availability (being that you can't even open an account)

                  If you want to move your money around between transaction and savings accounts

                  You aren't moving It around.
                  You leave it in your savings account until it isn't needed there.

                  They were about the interest rate and having almost zero restrictions or minimum deposit requirements for the account

                  At least the interest rate is available to everyone. It isn't with xinja at the moment. That's a bigger hurdle than any of the other banks.

                  And if you continue to "sweep" your money back and forth, your interest at the end of month will end up being less, so it kind of defeats the purpose of a savings account.

                  Why would you move it around? The whole point of a savings account is to leave the money in there until it's needed and ubank let's you do this.
                  It also avoids needing to move money to pay bills or have direct debits cause you to get late fees and overdraw fees because your transaction amount didn't have enough money in it. If you are charged those fees they can negate any interest you might have earned.

                  but the Sweep feature doesn't really help with a savings goal like a pure, non-transactional savings account that you keep putting money into and leave, untouched, to keep accruing interest each month

                  Isn't that exactly that the ubank account does?
                  It lets you have 100% of your savings earning interest and these are left until they are needed for transactional purposes.

            • @KangaDrew: You forgot:

              • Completely unknown bank, backed by no majors.
            • -2

              @KangaDrew: Why not Illawarra credit union 1.75%

            • @KangaDrew: Rabo 2.25% 4 month intro rate on first 250k.
              No min balance.
              No withdrawals penalties.
              No fees.
              Government guarantee as usual.

              Drops to .8% after the intro rate though. Not sure what I'll do in 4 months, will need to survey the options again.

        • +6

          Just an FYI though, while I've tried them and they are good in some aspects, Xinja is still lacking many essential banking features that other neobanks have. Things like PayID, Bpay and scheduled payments are just not there. These features were promised long ago but kept get pushed back for nearly a year.

          • +4

            @wangasm: Xinja is trash.
            It was the first one I pulled out of
            They did t have a feature to close and remove data so I contacted them and they said they were on to it
            I still get emails from them though

            • +1

              @letmethefuqin: Same. Also they don't have Osko or PayID. I closed my account late last year but they keep emailing me their 'important announcements' even after asking them to stop.

              • @bonezAU: no unsubscribe button ?

                • @shadowangel: no… It's announcements they deem critical to all customers - not just general marketing material. They don't send them very often, but occasionally I get something through.

          • +1

            @wangasm: Yeah I would never recommend them as a primary bank account. I use them for the high-yield savings account and that's it.

            • +1

              @KangaDrew: I've never heard of Xinja, and I know UP Bank is a relatively small one. I thought ING was like the 4th biggest in Australia, but according to this list it's actually 7th. HSBC isn't doing too bad in Australia either.

              Do you have a list which shows where Xinja and UP Bank stand in terms of users or assets in Australia?

      • ME Bank has gone down to 1.55%. I have been with them for 2 years. I have to temporarily moved to HSBC serious saver for 4 months of 2.10% interest.

        • -1

          Heritage building society 2.2

        • How did you transfer the money out? Can you just bank transfer large amounts? I’m also with ME bank.

          • +1

            @Tpyin: You can transfer up to $20,000 at a time from your ME transaction account. I will move to money back to ME after 4 months. HSBC has a $50,000 transfer limit. Also HSBC transaction account has $100 opening bonus and 2% cashback on all transaction.

    • +8

      Their App is superior than NAB's.

      However, you must be computer savvy.

      You also cannot use it on your PC…there is no Bank Portal, only the phone app.

      UP is positively not for technophobes!

      • They will eventually release a website version in the future.

        Definitely agree Up is better suited to the younger and more tech savvy. In saying that I'm definitely not in the former anymore!

        • +5

          They will eventually release a website version in the future.

          No, they won't.

          I emailed them and asked, and they said this is nowhere in their plans for any future development.

        • +5

          They released an API, so we can do basic things from the computer like check the balance of your account it also supports web hooks.

  • +4

    Thanks, easiest $10 I've made this financial year!

    • +30

      Thanks, the only $10 I’ve made this financial year.

  • +7

    my top recommended transaction account - simply superb experience.

    • Top recommended savings account?

      • not for you. you go for hsbc. the "best" account experience. :P

    • +2

      got a combined transaction/savings account option recommendation?
      Sick of ubank, but dont mind their 'sweep' feature

      • ING overall

        Up's savings interest rates are a bit… tricky. the bonus rates depends on transactions in the same month - and for each day in the same month you do not meet their 5 transaction - you wont be getting the bonus interest rates. Unless I'm very hugely mistaken. the non-bonus rate is 0.1%. the full rate with bonus after hitting 5x transactions is 1.6% at the moment.

        • +1

          You just need to make 5 transactions in a month to qualify for the bonus interest rate. Quite simple if you use it for small purchases or it's your main transactions card.

          • +1

            @Kang seulgi: Matt's comment cleared it up

          • @Kang seulgi: Or just use BeemIt to move your money between cards and they count as a transaction

        • +10

          I asked up support about this and it actually recalculates your interest to give you the bonus for the whole month, not just for the days after you hit the 5 transactions

        • +1

          Can you direct debit from the savings accounts for up or ing?
          Can you schedule future BPay payments from the savings accounts on either?

          • @SBOB: Fairly sure it's no to both for UP.

            For ING, no to BPay from savings, and unsure about direct debit from savings. I have direct credit going INTO ING savings, but never tried vice versa.

          • +1

            @SBOB: For Up the saving account doesn't have a BSB and account number so no direct debit. ING has a separate account number for the savings account so it might work but I never tried it.
            For Up and ING you cannot transfer directly from a saving account to an external account or BPay. But you can schedule a transfer from saving to spending and another from spending to external or BPay.
            With Up you can schedule transfers by the minute so you can run the two transfers in the right order.

            • @lorikeet: Ahh so when the txman was ants to know how many bank accounts you have, you don’t have to list all the savers because they aren’t a bank account because no bsb ?

              • @letmethefuqin: I Don't know. But you still have to pay tax on the interests.

              • @letmethefuqin: Correct. Up functions like one account for tax purposes.

              • +1

                @letmethefuqin: They are separate accounts and will appear as separate accounts in your tax return.

      • +1

        Sweep is one of the best reasons to be with ubank

  • +1

    Done

  • +1

    Been with UP bank for close to a year now.

  • +5

    Any downside to having multiple bank accounts (other than managing your money between them)?

    • +2

      I too want to know this. I just singed up for ING for my 1.8 and now its down to 1.65.

      • +1

        If you want to maximise your return take up the honeymoon rate offers. Rabo offers 2.25% for first 4 months to new customers. After that point switch to next best (currently heritage at 2.2% for 4 months)

      • When did ING drop to 1.65? 86400 and Ubank both 1.60 now, not sure if ING will drop it further..

    • +5

      No. Have heaps of free transaction accounts. Handy for those free trials that require a card.

      • it sucks for declaring all

        Edit - looks at username… oops

        • Lol. Declaring what? Interest for taxes? That's all automated isn't it.

    • +4

      Nope

    • +1

      Not really. I have a bunch that I never use just to get these sign-up offers. It's not like credit cards where they show up on credit reports etc.

  • +11

    I've switched to Up for the past year and their app and chat support is so good, they made me realise how awful the big banks are

  • +2

    Was hoping $20 like previous deal

    • +5

      referral links are a better deal, at least someone else gets $10 as well.

  • +1

    Can’t use a referral as well.

    • +1

      no you can't. with the referral link is a better deal.

  • MILF not working :P

  • +2

    Thanks OP! Might want to wait for $20

    • +2

      I reckon that was one off but you never know..

  • Hi Which give more interest on everyday account up, 86400 or any other bank?

  • I signed up with MILF and got stiffler’s mum

  • banking’s never been easier. top quality app. They recently released their public api for integrations. Lot of good things can come with this.

    • It is, soon transferwise will also be integrated. The Api currently is only to do basic things such as checking your balance, transactions and getting notifications.

  • +4

    If u intend to use it, better use random referral. Same $10 for you (the $5 only if you use 5x purchase within a month as the referral page said), better for fellow ozb

  • Been on for yonks, I guess I am too old for the app but must say google pay works flawless

  • Joined, was super simple.. Can't have too many bank accounts as an ozbargainer!

  • +1

    Anyone know how long it takes for them to pay the $10? And is it simple to transfer the funds to another bank if I don't wish to stay with up?

    • I know the referral bonus is instant so this should be too. As soon as you do the verification. Yes you can transfer out, but you will need to deposit a small amount $1< to activate the withdraw features of the account.

      opening an account, verification takes less then 5mins. it's very very quick.

      • Thanks. It worked a treat. So good actually I'm thinking of keeping it lol

    • Mine was in my account as soon as it opened

  • +1

    I got the $20 last time, can I open a new account and get this $10 as well?

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