• In 13 days
  • long running

Up Bank Grow & Flow Savings Account: up to 4.60% p.a. (Must Make 5 Monthly Card Transactions and No Withdrawal) @ Up Bank

1815
Up Bank Grow & Flow Savings Account: up to 4.60% p.a. (Must Make 5 Monthly Card Transactions and No Withdrawal) @ Up Bank
Go to Deal
silenthillrocks on 30/07/2025 - 17:31 up.com.au (152 clicks)
Last edited 15/08/2025 - 15:29 by 2 other users

From 1st September up bank is upping their interest rate to 4.85% 4.6% p.a. for savings account. The catch is that it only applies if you don't withdraw for that month and you must also make 5 debit card transactions each month.

  • Create up to 50 Savers. Spend with some, grow with others.
  • Activate interest by making 5 eligible qualifying purchases in a month.
  • Any Saver you don’t withdraw from for the month will earn the Grow Rate (4.85% p.a.), up to a balance of $250K. Any Saver you spend, transfer or withdraw from for the month will earn the Flow Rate (1.50% p.a.)

Mod note 15/8: Due to RBA rate cut of 0.25%, this has also dropped from 4.85% to 4.6%, before it begun on 1/9.

Referral Links

Referral: random (1344)

$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.

Financial Bank Account Savings Account

Related Stores

Up Bank
Up Bank

Comments

  • Zeee on 30/07/2025 - 17:32
    +26

    Must must must. No thanks

  • noodlefan on 30/07/2025 - 17:42
    +31

    No withdraw is no no.

    • Grok on 31/07/2025 - 08:47
      +2

      I quit UBank for the same reason.

  • Lucille Bluth on 30/07/2025 - 17:46
    +24

    They are getting an absolute flogging on Reddit for this change

    Their announcement on the app allows customers to leave an emoji and show the four most used.

    Currently it is

    👎😡💩🤬

    • Anon257 on 30/07/2025 - 17:48
      +6

      Vote with your wallet, move to Macquarie

      • askbargain on 30/07/2025 - 18:54
        +3

        nobody was saving their money in up before this change anyway

        • pichxlonco on 30/07/2025 - 21:31
          +3

          I am, have been with them since 2020 and i get my interest every month without issues. On the first of every month i but 5 $1 gift cards to get the good rate, but being punished for taking money out of my savings account is pretty dumb. Their new features have been stealing to bring almost non existent since they got acquired, not many changes over the last 3 years

          • askbargain on 31/07/2025 - 11:54
            +3

            @pichxlonco: they had lower rates with hoops compared to Macquarie. you paid the lazy tax.

  • Anon257 on 30/07/2025 - 17:47
    +3

    Why don't I get a 75% discount on my mortgage rate when I meet some stupid conditions??
    This stuff needs to be regulated or banks will continue to be greedy.

    Moving away from UBank and UpBank, now using Macquarie the app is great.

    • me on 30/07/2025 - 18:36

      Do they also offer multiple "savers" or equivalents within the same bank account?

  • silenthillrocks on 30/07/2025 - 17:53
    -1

    You can create up to 50 savers. As long as that individual saver has no withdrawals, it will earn the bonus rate (provided 5 card transactions is also met).

    E.g 3 savers each with $5k, if I only withdraw from one then the other two will still earn the full rate. The one I withdrew from will earn 1.5% p.a.

    • sghetti on 30/07/2025 - 17:58
      +14

      I still don't like the change, it's much more restrictive. But it at least gives people time to change their savers around to prepare.

      You could probably operate them similar to ING savings accounts each month if you have to draw down on multiple months in a row. But it's going to require careful planning to make sure you don't withdraw from the "grow" saver during that month.

      It's still a crappy change, circumstances change and even a small withdraw from a saver means losing any decent interest rate on that saver.

      These are savings accounts, not term deposits. I've already moved most of my transactional banking to Macquarie, pay is going into my Up account but it's literally in and out to my home loan and Macquarie for credit card payments. Seeing less and less need for my Up accounts anymore.

  • Jimbuscus on 30/07/2025 - 18:08
    +10

    I like to take my interest at the start of the month, if you pool your interest into spending money you get 1.50% regardless of not taking anything out for the rest of the month, even if you hadn't earnt the rate yet due to the 5 transaction requirements.

    Up really has only gone downhill, their app has slowly gotten buggier over the years, I accidentally move money in the wrong direction weekly, something that will help them with this new change.

    Fingerprint stopped working, I've only been able to use 6-digit for most of a year, the only app on my phone that occurs.

    They threatened to close my account a couple months back for "too many chargeback requests", despite evidence for every occurrence, everyone I've talked to say the amount doesn't sound high or unusual.

    Up was great 5 years ago, now they absolutely suck, I will have to look around. If anyone from Up reads this, you suck now.

    • sghetti on 30/07/2025 - 21:27

      It's annoying and another hoop to jump through. But you could withdraw the interest earned into your spending account, then move the remaining amount in the saver to another saver, or open a new one (I'm going to assume a newly opened Saver will default to the Grow rate upon opening). You'll essentially flip from one Saver to another on the first day of each month.

      Still doesn't meet my needs, I park funds in an account to pay off credit card balances via BPay, so it'll always be moved during the month and burn the higher interest rate off.

  • finbar on 30/07/2025 - 18:14
    +1

    RBA will drop rates in August. Will be interesting if it's still offering 4.85% come September.

    • silenthillrocks on 30/07/2025 - 18:24

      Its a variable rate so highly unlikely it will still be 4.85 if rba cuts

  • juddy90 on 30/07/2025 - 18:28
    +8

    (profanity) terrible play by up bank, they will lose so many customers!
    P.s I love the emoji reacts to the news in the app 💩

  • clover on 30/07/2025 - 18:41
    +6

    Too many hoops to jump through. Macquarie is better

  • Ryk on 30/07/2025 - 18:49
    +2

    more customer hostile changes by a bank. surprise!

  • ry34 on 30/07/2025 - 18:50
    -2

    Macquarie and UBank are still pretty decent.. no hoops to jump through, UBank upped their limits recently.

    • cumova on 30/07/2025 - 18:56
      +4

      Re read that email they sent
      Hoops incoming
      Money leaving.

      • ry34 on 30/07/2025 - 19:50

        oh.. snap, well then.. looks like its time to leave UBank

    • sghetti on 30/07/2025 - 18:57
      +4

      UBank also imposing a grow requirement in the next few months. You have to have your balance calculated across all of your savings account grow within the month to earn the top interest rate. So I would not recommend moving there. Macquarie appear to the one of the best with a decent experience and no hoops.

  • marshmall0w2 on 30/07/2025 - 18:58
    +2

    Those are really hard restrictions to follow. Essentially a term deposit.

  • mitch01 on 30/07/2025 - 19:32
    +4

    I'm really happy with this. I've never left savings in Up because the rates were always bad but now they're competitive and I can just leave enough for everyday use in a flow account. I'm bailing on Ubank in September!

  • darrendaawesome on 30/07/2025 - 19:42
    +1

    So how is this better than ING?

    • ATangk on 31/07/2025 - 00:24
      +4

      Its not? Its pretty much a PSA they've become shit.

      This cannot withdraw at all is absolute bottom of the barrel from Up Bank.

      UBank you MUST grow your bank balance across all savings account.

      ING lets you choose your ONE savings maximiser to earn interest, so if you can't increase the balance, you just nominate your second account with $0 to earn interest, deposit 1c into it, and then you can still earn 5% interest for the following month. Only downside is that it doesn't let you split your savings into multiple goals which all earn interest.

      • darrendaawesome on 31/07/2025 - 08:16

        Could you explain the rationale of opening a second account with 0 dollars to earn interest? Isn't 5% interest from 0 dollars negligible?

        • ATangk on 31/07/2025 - 08:42
          +2

          Today is the last day of the month. I know my balance is lower than the end of June, so I put 1 cent into my second SM, then nominate that account to earn bonus interest in August.

          As the July balance (1c) is greater than the June balance of ($0), I now earn 5% interest in that account for August.

          Tomorrow, I transfer all my money into the second SM and continue earning 5% interest, despite having a lower total savings balance in July than June.

          • darrendaawesome on 31/07/2025 - 09:17

            @ATangk: I get where you're coming from. But, don't ING only compare the total balance of the previous month?

            Assuming you did not have 2 SM, you'd miss the interest in July if your balance is lower than June. However, you'd be eligible for the interest in August if you transferred 1 cent in to ensure your August balance is more than July

            • ATangk on 31/07/2025 - 10:07
              +1

              @darrendaawesome: No, ING only compare each SM individually, since they only give you interest on one SM account.

              The case is if you had big expenses this month and can't increase your SM balance, this trick allows you to continue to have max interest even with a lower SM balance.

  • F1Maniac on 30/07/2025 - 20:14
    +2

    Shove this Up yours up bank.

    • soan papdi on 30/07/2025 - 21:01
      +3

      Read closely.

      Any Saver you spend, transfer or withdraw from for the month will earn the Flow Rate (1.50% p.a.)

      • dongltron on 30/07/2025 - 21:15
        -1

        Read closer.

        Any Saver you don’t withdraw from for the month will earn the Grow Rate (4.85% p.a.), up to a balance of $250K.

        • pichxlonco on 30/07/2025 - 21:36
          +3

          Yeah, that's what it has always been, but now if you take 1 cent out of that saver, your rate drops. Before that wasn't the case, you could withdraw money from a saver and still earns the max interest rate. Now this means we have to pay stone with our savers accounts to make sure we don't touch some of them at all

          • dongltron on 30/07/2025 - 22:50
            -7

            @pichxlonco: Then don't pull the money out, mate. If you're tight on money and might need to pull savings out that month, then don't put any in to begin with. Boom, no reduction in savings. The point of this system is to reward dilligent saving. If you don't believe you can do that, don't deposit any money you might need. Incredibly simple.

        • soan papdi on 30/07/2025 - 21:41
          +10

          For those who use savers like old bank accounts where money just sits, then this announcement is a nothing burger.

          However, this is contrary to how Up advises its users to use their saver product. Up has always recommended multiple savers and to dip into each through the month for whatever the specific expense is (health, takeaway, whatever else) using their “cover” feature. So you spend from the transaction account and “cover” that expense from the saver.

          After years of habitualisation, they’re breaking it by saying if you withdraw from the saver, interest paid will reduce. It’s a dick move.

          • pichxlonco on 30/07/2025 - 22:48
            +1

            @soan papdi: Also, if you withdraw from the saver, the reduced rate will apply to the WHOLE month, and not just from the day you did the withdrawal

          • dongltron on 30/07/2025 - 22:52
            -7

            @soan papdi: It's not a dick move, it's generosity being pulled back because people are abusing their system. Sorry, but banks need to have money being deposited and staying deposited, or they're not profiting as much. This is how every bank will go, and I don't know why anybody is shocked by it.

            • soan papdi on 30/07/2025 - 23:31
              +3

              @dongltron: I don’t use Up, so I don’t care but saying people are abusing a bank is just laughable. Users put money in a saver like the bank wants them to, how’d that abuse? The asymmetry in power is impossible to ignore and banks set the rules.

              • dongltron on 30/07/2025 - 23:37
                -5

                @soan papdi: Yeah, they set the rules. They're the company. You're the customer. Incredible that this is shocking or abnormal to you.

                • ATangk on 31/07/2025 - 00:27

                  @dongltron: No longer the customer you mean.

                  • dongltron on 31/07/2025 - 00:45
                    -4

                    @ATangk: Yeah man, you… you tell em…

                    • ATangk on 31/07/2025 - 00:46

                      @dongltron: Its almost as if the bank doesn't want customers.

                      • dongltron on 31/07/2025 - 00:47
                        -3

                        @ATangk: it's like a child throwing a tantrum.

                        • ATangk on 31/07/2025 - 00:48

                          @dongltron: Or more like someone in upper management running a busines like Trump runs his. Right into the ground.

                          • dongltron on 31/07/2025 - 00:49
                            -4

                            @ATangk: Whatever you say, mate!

                            • ATangk on 31/07/2025 - 00:50

                              @dongltron: Do you happen to work at Up bank?

                              • dongltron on 31/07/2025 - 00:51
                                -3

                                @ATangk: No mate, I've just got a good head on my shoulders

                                • ATangk on 31/07/2025 - 00:52

                                  @dongltron: I think you've got the head on backwards though.

                                  How does a bank make profit if there is no money deposited into the account after all their customers deposit money into another bank's accounts?

                                  • dongltron on 31/07/2025 - 00:54
                                    -2

                                    @ATangk: Yup, you closing your account has crippled the entire bank that's supported by one of the larger banks in the country.

                                    Whatever you say, mate!

                                    • ATangk on 31/07/2025 - 01:12
                                      +1

                                      @dongltron: I feel like you should have your OzB licence revoked for your attitude.

  • Gdsamp on 30/07/2025 - 20:55
    -1

    Hahahahaha

  • shoppe on 30/07/2025 - 21:49
    +3

    Sounds okay to me. So I can have 50 save accounts with $5000 each in. If I need money I can spend one save accounts (up to $5000) and still earn 4.85% on the other $245000 in 49 save accounts. I don't think that a bad deal!

    • GreenGuava on 30/07/2025 - 22:08
      +1

      Unless I've missed something, I think you could get away with just three accounts - a 'spend' account for your monthly five transactions and general spending, a main savings account for earning the 4.85% interest on the bulk of your funds, and a secondary savings account which remains empty unless your main is approaching the $250K limit. If this occurs then you would transfer most of your funds from the mains savings account into the secondary (which then becomes your new main) and any excess would be moved elsewhere.

      • theknight27 on 30/07/2025 - 22:23
        +1

        You'd probably be making a massive mistake having only 3 accounts. If you had some unexpected expenses pop up and needed to dip into some of your savings ou'd be jeopardising your interest on all of your savings balance for the month, as opposed to just the fiftieth of the savings the previous commenter suggested.

        • ATangk on 31/07/2025 - 00:28
          +1

          Holding 50 accounts is just a headache. Holding one ING (using 2 savings maximiser trick) or a Mac Bank account is much simpler…

          • theknight27 on 31/07/2025 - 00:59

            @ATangk: No disagreement there, I opened a Macquarie bank account this evening.

            What is the 2 savings maximiser trick? I had an ING account but moved away when they introduced the "grow your balance" requirement.

            • ATangk on 31/07/2025 - 01:10
              +3

              @theknight27: You open a second savings maximiser (SM) for a rainy day.

              If any month you know, or are concerned you can't increase your balance, you go on the ING website and nominate the 2nd SM account to become the SM to earn bonus interest on. Then, you transfer 1 cent into it, so it 'grows' the balance from $0 to $0.01. On the first day of the month, you just need to move your savings into the new SM to earn 5% interest.

              This way, even if you need to use a big sum of money in any particular month, for holidays or if your rego/insurances are due, you can still keep the max interest rate. If you do increase your SM balance naturally, no need to do anything. Just a fallback so you never lose max interest, but there are some extra steps you need to do.

          • GreenGuava on 31/07/2025 - 01:06

            @ATangk: No arguments there. I don't think I'd have quite that many if I were a customer. That said, there are pros and cons to all three banks from a savings perspective.

            ING has the highest rate of the three (5%), but also has more hoops and is limited to $100K. Macquarie Bank has no hoops and is definitely the simplest, but also has the lowest standard rate out of the three (4.5%).

            Up kind of sits in the middle in terms of both it's 4.85% interest rate and also what you need to do to achieve it. If you were to use some other bank for transactions, I can see Up as being a decent option for savings.

            • ATangk on 31/07/2025 - 01:21

              @GreenGuava: Is it unrealistic to say anyone with a balance significantly above 100k should be looking to purchase and start using offsets instead? That is, those who are the target audience for Up/UBank/ING, etc.

              • GreenGuava on 31/07/2025 - 02:11

                @ATangk: I guess there are many different reasons why people may be using these kinds of banking products, but if the end game is to get into the property market then yes, I don't think that's an reasonable thing to say.

                If you've built up enough for a deposit and are lucky enough to secure a property in today's market, it seems logical to put as much as you can into an offset (if you have one) to minimise your interest repayments, which would be much higher than what you could ever earn out of these savings accounts.

                That's just my uneducated opinion anyway :)

      • shoppe on 30/07/2025 - 22:25
        +2

        Yes, that's good if your saving and not spending any of the 250k limit. Most people are complaining that they will loose interest because they want to spend some.

  • theknight27 on 30/07/2025 - 22:25
    +4

    Such an awful change, I really loved using Up when I started 4 years ago and stayed with them despite the sub-standard interest rate and the introduction of so many useless features but this is too much.

    They built their service around encouraging heaps of different savers for different types of expenses (subscriptions, emergency funds, leisure/entertainment) and now if you use their service like that you'll get next to 0 returns.

  • ellave on 31/07/2025 - 05:58

    I only use Up for my mortgage, can't complain in that respect. One of the lowest interest rates with zero fees for offset

  • Lurk Hartog on 31/07/2025 - 08:37
    +3

    Thanks Up for completely nerfing the one thing everyone loved about banking with you. I'm going to keep my account but all the savers I currently have for regular expenses are going to be consolidated and moved to another bank.

  • Windows98 on 31/07/2025 - 11:03
    +4

    I don't think I've ever negged a deal on ob.

    But this definitely deserves it. It's disguised as a benefit to users but it really only benefits people who use up as a saver mostly and a spender rarely. Which is not how they have been pushing their users to act. Its always been the bank of multiple savers and using money when needed.

    This new system really reduces my interest potentials because I have my money spread in many seperate accounts to use when needed. I was never asking for term deposit interest rates for these, but their standard rate was good enough.

    Now I'm forced to forfeit interest on many savers that I withdraw from when needed and also I need to actively plan and avoid moving money around.

    Sorry up, I've been a supporter of many things you did from the start. This is not one.

    • Jimbuscus on 31/07/2025 - 15:43
      +2

      But you also HAVE to spend to start getting the rate, which means you don't get the rate until after you reach 5 transactions. This means you both have to spend and not spend in just right way.

      It was already the case that you only got the rate for the percentage of the month after the spending occurrences where met, making the effective rate lower.

      • Windows98 on 31/07/2025 - 18:32
        +2

        Yes a real cock up by their team I think.

  • Banks on 31/07/2025 - 11:38

    Higher than lock rate I am getting at Virgin, so might move something into here.

    It is not a product suitable for most people. My guess is they are investing it in a bond-like product which means they cannot allow you to withdraw within the month and put it back up to the same level.

    As others mentioned above, this is not the equivalent to ING unless you weren't making any withdrawals.

  • czyk on 31/07/2025 - 12:11
    +2

    This sucks. It defeats the purpose of multiple savers. EG. I have a saver for car loan payments, as well as “health insurance”. I use their Cover system to cover payments for doctors visits, therapy etc from these accounts. I’ve accumulated a bunch of money set aside from each paycheck for this.

    Now, if I did the same thing, I’d lose the interest on all that money for covering a single appointment.

    Feels like there’s no point now using their own systems unless you’re only saving up for things in the long term. Honestly would have preferred to stick with the lower interest rate.

  • BrisbaneGoose on 31/07/2025 - 14:14
    +2

    Whilst this can work to the advantage of some, it is a big middle finger to those who use sink funds/buckets to budget.

  • Slakemoth on 31/07/2025 - 17:33
    +2

    Is there any other bank that lets you have multiple "savers" like Up, but doesn't screw you with the interest? I loved Up for this feature, I've got twenty different savers and I pull from each of them every month, it helps me budget without having to use a seperate budgeting app, so frustrating that they'd do this to us.

    • finbar on 31/07/2025 - 18:37
      -4

      Yes

    • ozziekhoo on 31/07/2025 - 20:44

      Also looking for something like this. Moved my long term saving accounts to Macquarie from ubank and Macquarie has a 10 account limit. Need a savers feature for short term expenses/emergencies.

  • mitch01 on 31/07/2025 - 22:09
    +6

    Nobody's mentioning that they're upping their highest earning rate by quite a lot in this move. Yeah it sucks that there's a new no withdrawal rule but at least they finally have an option to earn at a competitive rate. Between their current 3.85% bonus rate with no restrictions and the new deal, I'm not upset with the change since it seems to be to be an improvement. As mentioned above, you can have a lot of accounts and reduce your risk of losing too much earnings if you have unexpected expenses. They've basically never been a viable option with their shitty rate so I don't know what we're losing here unlike Ubank or ING which have made things harder with no upside, pardon the puns

  • Yola on 01/08/2025 - 12:56

    Can the 5 Monthly Card Transactions be made using BeemIt, BPay or Paypal?

    • silenthillrocks on 01/08/2025 - 13:21
      +2

      BeemIT - yes. Paypal - yes if it uses the debit card. Bpay - no.

  • FujinShu on 01/08/2025 - 13:34

    For those recommending Macquarie Bank, you realise they have been sued for not complying with banking regulations?
    And they’re listed on Market Forces as a bank to avoid (if you’re into that)?

  • Architectonic on 03/08/2025 - 21:16
    -1

    It's so annoying that most of the banks are moving towards this 'growth requirement'.

  • AkuroPlays on 03/08/2025 - 23:21
    -1

    Bogus change. 1.50% is not cut right for taking money out of a savings account… It is suppose to be.. a savings account in the long term..

  • sghetti on 07/08/2025 - 09:58
    +2

    Something that I noticed posted on Reddit that should probably be shared here.

    If you have the Essentials Saver, you can earn the Grow 4.85% on up to $5k even if you withdraw from the saver, so could help some in the case.

    Annoyingly, you’d have to opt into Up High and pay $25 to access the Essentials Saver account.

    • Lurk Hartog on 07/08/2025 - 11:29

      Up High is a one off cost while it's in "beta" but I believe once it's fully implemented it will become a subscription cosi, so potentially costing a lot more than $25 over time.

      • sghetti on 07/08/2025 - 12:31

        Yeah, I still don’t see the cost benefit for myself in my use case. It could help someone else though that may already have Essential Savers

  • capslock janitor on 15/08/2025 - 11:42

    Did they reduce now? Even before this went live

    • finbar on 15/08/2025 - 13:37

      Sure did

Login or Join to leave a comment
Login Join