From today's Broadsheet, $20 when you sign up. Current referral offer is up to $15 $25 (29/4), so this is the better worse way.
What's Up Bank?
Not much bro, What's up with you? #
Up Bank is basically a fee free bank account. They also do savings & home loans.
Their home loan rate of 5.2% is decent and you'll have to sign up for a Up account.
Update: 7/4 - Code still working #
$15-$25 for both the referrer and referee. Conditions
Bonus starts at $15 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.
Another difference to having up bank and Macquarie? I am thinking of opening for a savings and organising bills and possibly a joint account and travel.
Up you can set up unlimited saving accounts (or a bit number of them) while Macquarie is only 10. And i think Macquarie has some issues with wftpos. I would have stayed 100% with up if not for the saving account rates they introduced. Now it's just an extra layer of moving money from Macquarie to up when doing a large purchase
Anybody use them for a home loan that can comment on their experience?
Yeah I refinanced with them just over a year ago. No issues at all. All comms is done via the app and for the times when I've asked them questions they've been quick to respond. They have also been passing rate cuts relatively quick as well. Would recommend.
I refinanced with them about a year ago because of their interest rate. All fairly straightforward. All transactions are through the app as no website transactions. Basically I have a transaction account which offsets my mortgage. They are appealing to a younger demographic but I'm in my 50's which doesn't faze me.
I don't have a savings account given I'm still paying off my mortgage
Highly recommend. I built with a big bank then refinanced to Up. Great customer service if you ever need it, but my main reason I like them is just that it all works. Good solid app, no BS loan. No fees at all. All your up accounts become offsets. Your saver accounts and your transaction account, and your shared transaction account. Makes it all super simple, all with a really low rate (5.2%).
Interested to hear if anyone knows of a better comparison rate right now for a home loan.
Your saver accounts and your transaction account, and your shared transaction account.
Slight correction: When in a joint account situation, the personal Savers don't act as offsets. We found this rather annoying and had to confirm with them.
The joint Transaction account (just 1), each personal Transaction account (1 per person) and all joint Saver accounts (you can create many) all are offsets, though.
Yeah honestly pretty happy, accounts basically work as offsets so me and my partner have 6 that contribute to it
great bank for overseas travel!
seriously love their travel mode.
whats good about it ?
Shows all transactions as foreign currency with conversions to AUD
We "accidentally" used it a couple of times traveling in NZ recently - worked a charm, but always meant on using a Wise card.
Haven't done a whole lot of international travel, was always under the impression that a separate 'travel card' (hence the Wise) was always needed - is this even the case anymore, or did we get lucky with NZ?
@Bejasc: I haven't been overseas since before Covid, but even then I was considering getting rid of my 'overseas specific' travel cards. Up/ING/Others make it easy to use them for fee-free international transactions. The big4banks were really pushing for fees from international travel, and they lost.
@Bejasc: i haven't bothered getting a wise card.
i've just stuck with UP for purchases/withdrawals and the Bendigo Ready for any emergencies.
@Bejasc: Nope not needed and I have never used an international travel card. Most modern banks have no fee international transactions/withdrawals, with currency converted directly at the MasterCard/Visa rate.
@Bejasc: Wise is not that favourite any more like 10years ago given so many fx fee-free debit cards available.
Your money still staying your debit account and earn a bit of interest (I believe only Macquarie transaction account).
Wise is not under the FCS so your money is not protected under the FCS - I know it would be serious situation if you have to come to that, but better than none.
Unlimited ATM withdrawal when Wise is limited to small amount unless you pay fee.
No charge for physical card like Wise.
Wise is only useful if you receiving foreign currency or juggling multiple currencies around
I have a Wise app but have found no need for it.
@timhn: Thanks for the detail here.
The only other (and first) travel we'd done was South Korea, and circumstances were that we were sending/receiving that currency with friends we stayed with while we were there. They were using Remitly at the time and recently changed to Wise (still relevant for them).
I think my understanding of international transactions is a little biased from that time.
Tbh I was annoyed when they changed the savings interest rules. But I've actually ended up with more interested even though some of my savings accounts lose interest for the month here and there. Because of the increase in the grow rate.
I can't deal with how outdated other banks are.
What's up, bank?
Up yours, mate
Switched from Up to Macquarie, don't really miss anything.
Did the same thing when they changed to the grow functionality. One thing I will say, is I do miss the function of knowing what $ value is reserved for upcoming bills prior to next pay.
Just set up a savings account and have direct debits come directly out of it (you get BSB and account number for savings accounts), when you get paid transfer money to the savings account. As a bonus you get to earn interest on the bills money until it comes out :D
Okay dang, didn't realise that was possible, i'll definitely give that a crack cause I'm all for automating the process and the extra interest is even better.
Thank you so much!
@pineapplepears: You can automate it further by getting paid directly into a Savings account. Unfortunately a Savings account can't be directly connected to a Macquarie debit card, but if you use another card it's perfect.
I personally use a Macquarie Savings account for holding money and paying direct debits / bills, Up for EFTPOS (Beem) / cash withdrawal, and a credit card for day-to-day spend.
I bank with ME but I found UBank was good for this. I just couldn’t cope with the amount of teal in their app.
Grow (4.60%) & Flow (1.25%), such BS
I missed having a desktop website instead of being forced to do all banking on a mobile app.
So it's a phone only app? Pity. Keen to dump Ubank (web app and service is garbage) but have no interest whatsoever in phone banking.
Their entire roadmap is at https://up.com.au/tree/
It’s been a mobile app only for years and they’ve put off having a desktop website.
One of their biggest selling points back then was merchant identification, but now most banks have caught up with that too.
Last time I tried it when the hype was peak it didn’t even had recurring transactions which they added later.
Yes the app is nice as everyone says, but losing access to my bank account just because I lost my phone is just nah.
Macquarie is the best one out of the current batch even if they only support Osko on receipt (they do SCT on outbound). So just have to live with a particular bank’s warts and all.
I tried Up. Their app has way too many triangles having a bonanza. I don’t need to see polygons having a better time than I am when I go to pay my rent.
$20 received!
Big up for Up bank.
Moved everything from BankSA recently. Really made a super positive impact on our ability to save, the pay splitting and covers has been incredible.
Moved all savings to Macquarie for a while, when they announced the changes to their Grow and Flow - but the way our accounts are set up, we actually ended up with more interest leaving it in Up. We only trigger the flow rate on very low balance/high traffic savers.
I went from Up to Bank SA because cant have multiple accounts in 2up. BankSA app is so (profanity) bad man, idk if you noticed it would say the amount you have available in small text under the amount you used to have on your account before it transactioned out of the account. Would swap back to up but cbf switching back, might look into macquarie if this bank sa app shits me off more
Moved to Up when we took out a mortgage.
Incredibly impressed with the app - once you get your head around it, it's very feature rich with lots of detail.
Up looks like a good alternative to the soon to be deceased nab debit card (was citibank) for international atm withdraw
Received my $20, waited for 3hrs or so for verification. Thanks
I'm having trouble getting through the verification. Tried both driver licence and passport, but failed.
It's probably having trouble matching your name. I have two first names on one ID and one first name on another ID, so I have to make sure it matches well with the names I put down!
Def not my case. I wish it would be that simple!
Awful app.
Awful comment.
Delightful graphics which obscure basic functionality.
Example: I'd like to find my card number — I click on "cards" but, oh, it's not there.
No, instead I'd have to know to swipe to the "activity" tab and click on the un-labelled triangle at the foot of the page.
They should have spent less money on graphic design, curated Spotify playlists, and merch — and a bit more money on basic client-facing testing.
I agree it’s not the most intuitive app (and that new button is awful), but it’s far from basic. It’s actually the most advanced banking app I have ever used.
Your example is off btw, your card details can be found under Up > Cards > [Select card of choice] > Card Details
Honestly the best banking experience I’ve ever had. Their app just has so many features that I’ve always wanted to see from a bank. Easy to keep track of recurring payments, automatically cover transactions between accounts, extensive insights on what you have spent per vendor, industry, activity etc. Dedicated saving goals (with fancy thumbnails of the item you are saving up for) where you can set apart funding without having to open a gazillion sub accounts. Automatic rounding. Leave notes and attachments. Hide accounts. Temporary block accounts from spending. API access. Free international transactions and Wise integration. The list goes on.
Downsides are their recent changes to interest calculations, which was an ordinary cash grab that lost them a lot of fans. You now only get a good interest rate on savings accounts that you don’t touch. Also they have no portal website, you need the app.
Never thought I'd love a bank, but here I am. Can't praise them enough, Bendigo Bank has all my business
It's payment threads is one of the best features for repetitive payments, it also works internationally with wise. Up also doesn't currently add any fees.
I love how easy the bank is to use.
The UP app may be functionally rich, but with the UI looking like a 2 year old has designed it, plus the new "triangle" feature which must have at some time made sense to someone, it drives me towards Macquarie for both rates and the ease of using their app to make simple transactions.
Does the app have a logoff now ?
There is a security setting you can turn on that logs you off after 3 minutes of inactivity.
Though I personally love that you don't need to log on for simply viewing balance/transactions. One of the very few banking apps that let you do this (ANZ Plus is another)
Can we get the T&Cs. Need to know if it excludes previous customers.
Same, i had UP account earlier this year when i went to the states but closed it like 6 months ago (not using it)..Can i sign up again and get the 20$?
At what in the signin process do we enter the code? I got to identity verification and didn't get any request for a code.
Thanks OP! - Sign up code still working as of 05 FEB 26
Thanks, code still working 14 Feb.
Working 07/04
Used to be good for savings account, now i just use it for day to day transactions and moved all my savings to Macquarie. Still, great app and service