Hey everyone, these looks like much better than the referral offer. I have spotted it at these deal. At these link it says:
Not an Up customer yet?
Click below to sign up! Use code BESTMATES20 for a cheeky $20 sign-up bonus 😘
I can't test as I already have an account. I hope these can help someone.
$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.
What's Up Bank?
Not much bro. What's up with you?
Nothing much, just banking.
Strange similar name to u bank
They must be desperate. Lot of people would've left after the introduction of their gRoW aNd FLoW scheme.
Desperate? Ill consider ripping them off if they double the incentive.
At first I was a bit peeved at the new system. But most of my accounts with them are long term savers ie: council rates, christmas fund, yearly home and car insurance etc. And the new savings rate is higher than what they previously offered.
Everyone will be different, but it's actually a win for me.
I'm glad it's working for you, tbh it's a pretty competitive rate so I understand the use case.
For me and I think a lot of other people, it just feels like it goes against Up's primary appeal - easily being able to setup ad-hoc 'buckets' to separate expenses and spending. Used to be you could have a bucket for bills, groceries, OnlyFans subscriptions, general spending, etc. and the savings rate would apply to all.
Now, you're (profanity) if you don't centralise your savings in such a way that you KNOW you won't need to withdraw from them.
So much stricter in a way that really messes with the savings habits Up has continually encouraged and supported for so many years.
To be fair their new essentials saver earns the 4.6% interest with withdrawals up to 5k so if you organise your expenses out of that account and leave savers as set and forget you're winning still
Most of the banks are sucking blood from everyone IMHO.
I would worry about my own financial situation more than theirs TBH.
All the shit and vomit and thumbs down emoji to that announcement entertains me.
Tho I'm aware they've been losing (or investing for future) $ and the Bendigo CEO recently announced the plan to make Up profitable in the next 2-3 years.
How they didn't address the obvious disappointment at that announcement I find even funnier, just pushing through pretending it's a great idea - after the customer base obviously loved the prior version's flexibility, which they could've continued with as a 3rd option with an interest rate somewhere between the other two.
There’s a serious reason they had to do it, and people emoji reacting a message does not make that reason go away.
I’m still on there, I’m just putting the money that would’ve been in my savers into a different investment.
I still use Up, but I wish it could use two different income sources for its payday spending predictions.
Damn that's confusing. Must spend 5 times per month to "activate" interest on your profile (suite of accounts). But any actual account that you spend from can only get the lower amount.
So you need a high activity transaction account and dormant savers - as others have sais, like every other bank 😕 lame
Macquarie doesn't make you jump through hoops.
They must be desperate.
Given their home loan interest rate is currently 5.2% with offset accounts and no annual fee, I think they'll have no problem getting new customers.
Do you know of any better deal for someone wanting a home loan with an offset account?
I joined to get in on their home loan with unlimited offsets.
I've been really impressed with the functionality of their app - much better than ING, which has been my main bank for the past eight years or so.
Definitely a bank targeted towards younger people though.
It's not quite an unlimited number of offset accounts, but it's more than probably anyone will need.
Up Bank allows up to 50 offset accounts, but that info is buried in the terms and conditions. If I recall correctly, the limit is actually the number of accounts you can have that are eligible to be offset accounts.
@RQNinja: They don't do IP or any other complex loan but there no one stopping you doing it.
Simply you can put whatever IP loan outside then offset & repay your PPOL loan with Up using any surplus fund.
They never been profitable and the new CEO appointed little over an year ago announced it will be profitable in the next FY.
https://www.afr.com/companies/financial-services/bendigo-ban…
Fennell told analysts that Up – which added 265,000 customers to take its total to 1.2 million – would reach profitability in the next financial year.
It's the typical bean counting ASX CEO moment to milk out for fat bonus.
They never been profitable
In a way, that's a good sign. Suggests they're not overcharging their customers.
I literally only use this bank for transactions from international retailers, as they don't charge fees for those.
Any chance they or any other bank does an easy $100 for referee and referer like uBank did recently? Might hold off on signing up now for that..
Yeah $50 minimum to bother for me
i closed an account recently.. can i still get it
Wowza….that website!!!
So 4.6% is as good as it gets yeah?
Anyone know their max daily transfer limit (when you need to move on)?
Don't you want your banking to have aura and rizz
Do they work there? ;)
I am considering setting up an account with them just for withdrawing some cash while travelling overseas. Anyone been doing this able to share their experience? TIA
I've used them overseas - overall really good. No international transaction fee's (apart from the owner ATM fee's). The app will even display your balance in the local currency amount if you want.
I've only been to Japan since getting an Up account, and it's free to withdraw there when using 7-bank ATMs - which are in almost every 7-eleven store in Japan, and also scattered about most cities. Never had to look up the location of any ATMs, because 7-eleven stores are so common and easy to spot.
Within a minute of withdrawing the cash, my phone would chime, and I'd have a notification from the Up app about the withdrawal. In the app's transaction list, it shows both the foreign currency amount withdrawn, and the amount that was charged in AUD.
When you do withdraw at an ATM, always select the option to withdraw in local currency, so Up does the currency conversion, and you'll get a very good rate. If you select the "charge my bank in AUD" option, you'll get the ATM operator's exchange rate, which is usually woeful.
I am going to Japan as well in a month so this is very helpful thank you!
I might have overstated how common 7-eleven stores are. Even near the middle of Tokyo, some suburbs are "dormitory" suburbs, and have almost no restaurants or shops or banks, or in fact anything much other than homes, apartments and hotels. So you might have to walk half a kilometre to the nearest 7-eleven.
You can easily familiarise yourself with the locations of the ATMs near your accommodation, using Google Maps. For example, if you were staying in Ano Hotel in Higashikomagata (a district in Tokyo), search in Google Maps for "7 bank atm near Ano Hotel Higashikomagata".
But if you'll be visiting or staying in a little town, there may be no 7-bank ATM at all. For example, search google maps for "7 bank atm near Unazukionsen". In that case, find the local post office, and they should have a Japan Bank ATM, but often only available during office hours. Japan Bank ATMs reportedly charge a fee of 110-220 JPY for withdrawals using foreign cards.
+1 Similar experience using Up card in USA last year.
Same standard fare when using Macquarie
Someone recently reported here that 7-bank started charging ATM fees for Mastercard, though I haven't verified myself
That's concerning. Up Bank are still saying "we don't impose a fee, but the ATM might". The 7-bank website says "Fees for cards issued overseas vary by the card brand", which also doesn't give us clarity. The Whirlpool Wiki suggests Macquarie MasterCards were free when some other MasterCard wasn't, so it may depend on which bank issued the MasterCard.
But also 7-bank ATMs charge their own customers a fee outside the hours of 7am to 7pm, so maybe that applies to foreign cards as well, and that's what tourists are seeing. The person reporting the charge said they were charged at Haneda Airport, which would have been on arrival in Japan, so perhaps they hadn't adjusted their watch/phone to Japan time zone and were actually outside the 7am-7pm window.
We'll have to wait for an OzBargainer in Japan to confirm!
does it stack with refferal code too?