Updated September 28, 2026 · VaultCue Editorial Team
Step vs Up
Step
Up
Higher score in this comparison
Where Step and Up differ
| Compare | StepReviewSee alternativesSee alternatives | UpReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | $0 | A$0 |
| Transfer fee | Small fee for Instant Transfer to a linked debit card | Free for domestic Pay Anyone transfers, BPAY and direct debits; international transfers sent via Wise |
| Deposit protection | FDIC up to USD 250,000 | Not confirmed |
| Currency conversion fee | Not confirmed | 0% |
| Local account details | Us ACH | Not confirmed |
| Free ATM withdrawals | Not confirmed | A$0 |
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Up scores higher overall: 9.4 vs 8.8.
- Audience: only Step offers Teen.
- Audience: only Up offers Travelers.
- Pricing model: only Up offers Low FX.
- Features: only Up offers Joint account.
Our verdict on each
Step
Step suits teens and students in the US who want a free everyday account and easy access savings, with an overall score of 6.3. Costs sit at $0 a month and savings run at 3% variable, but that rate waits on a status earned by card spending or qualifying direct deposits.
Up
Up suits anyone who wants an everyday Australian account that charges no monthly fee and no currency conversion fee. The monthly fee is AUD 0, the currency conversion fee is 0%, and the account is provided by Bendigo and Adelaide Bank Limited, with a variable rate on balances.
Score breakdown
| Area | Step | Up |
|---|---|---|
| Cost | 9.3Monthly fee of $0 on a no monthly fee model, with free atm for ATM withdrawals. | 9.4HigherCash withdrawals are free within the allowance of AUD 0 and the minimum deposit is AUD 0, so running costs stay low. |
| Offer | 9.4Higher | 9.2Built for travelers, with help on chat, phone and email and an Australian Credit Licence, 237879. |
| Trust | 8.1 | Not confirmed |
How they place
| Ranking | Step | Up |
|---|---|---|
| Savings accounts | 490 of 1420 | 110 of 1420 |
Every fact side by side
| Fact | Step | Up |
|---|---|---|
| Audience | Teen | Travelers |
| Pricing model | No monthly fee | No monthly fee, Low FXCovers more |
| Features | Free ATM | Free ATM, Joint accountCovers more |
| Legal entity | Step Financial LLC | Bendigo and Adelaide Bank Limited |
| Headquarters | United States | Australia |
| Founded | 2020 | Not confirmed |
| Support channels | Chat, Email, Phone, Help centre | Chat, Phone, Email, Help centre |
Savings
| Fact | Step | Up |
|---|---|---|
| Headline rate | 3% | Not confirmed |
| Rate type | Variable | Variable |
| Minimum deposit | $0 | A$0 |
| Access terms | No savings minimums; 3.00% on savings requires Step Black status, earned by spending $500 with the Step Card or $300 in qualifying direct deposits each calendar month | On-demand easy access via the Up app; interest activates after 5 eligible card purchases in a month, no deposit required |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Step | Up | Median |
|---|---|---|---|
| Currency conversion fee | Not confirmed | 0%below the median | 0.5% |
Median across 377 listed accounts.
Pros and cons
Step
Pros
- Monthly fee of $0 on a no monthly fee account
- Savings rate of 3% variable with a minimum deposit of $0
- free atm means no ATM charge when you need cash
Cons
- The full savings rate is tied to a status earned by card spending or qualifying direct deposits, so an inactive month earns less
- Small fee for Instant Transfer to a linked debit card for an Instant Transfer to a linked debit card
Up
Pros
- No monthly charge on the everyday account: AUD 0.
- No currency conversion fee: 0%.
- Joint accounts and free cash machine withdrawals are both on the free atm and joint account list.
Cons
- Interest activates only after a set number of eligible card purchases in a month, so a balance must see card spending first.
- The account kind is easy access with a variable rate, so a fixed-rate term is not part of the deal.
Who each suits
Step
Who it suits
- Teens in the US building their first account
- Students who keep a direct deposit in place to keep the better savings rate
Who should look elsewhere
- bunq and bunq Spain Bank Account, where a euro account serves a euro market rather than a US teen account
- Pixpay FR, which charges a monthly fee of €3.99
Up
Who it suits
- People in Australia who want a current account with AUD 0 a month and 0% on currency conversion.
- The travellers Up is aimed at, since its listed audience is travelers.
- Pairs who want to share one account, as a joint account appears under free atm and joint account.
Who should look elsewhere
- Readers who want a euro account rather than an Australian one, since €0 a month at XTB and €0 at AXI Card Tarjeta y Credito sit outside Up's Australian base.
- Anyone focused mainly on moving money rather than holding a bank balance, where Skrill charges €0 a month.
Current offers
Step
Current offer
Bonus
Cashback on Step Card purchases with Step Black: Up to 10% cashback on purchases with select Step Black Partners, and unlimited 1% cashback on everything else
Requires Step Black enrollment; Step Black is an earned status available at no cost and full status is earned by meeting qualifying activity thresholds each month
Source, checked September 26, 2026
Bonus
Step savings reward: 3.00% on your savings balance (cash rewards, not interest)
Step Black is an earned status available at no cost; full status is earned by meeting qualifying activity thresholds each month; percentage is variable and may change
Source, checked September 26, 2026
Up
Current offer
Bonus
Sign up & SCORE $10 with code UPYEAH10: $10 AUD
Code must be used at sign-up via the Up app; offer only applies to individuals opening a new Up Everyday Account
Source, checked September 26, 2026
Country by country
| Country | Step | Up |
|---|---|---|
| Australia | No | Yes |
| United States | Yes | No |
Questions about each
Step
How much does a Step account cost each month?+
The monthly fee is $0 and the account follows a no monthly fee model, so there is nothing to pay simply for holding it. Cash handling is covered by free atm, so withdrawing at an ATM costs nothing either. The one charge to watch is Small fee for Instant Transfer to a linked debit card to a linked debit card.
What interest do I get on savings?+
The headline savings rate is 3% and it is variable, so it can move rather than being locked. The minimum deposit is $0, which means you can start small. Savings are easy access, so you can take money out without giving up a fixed term.
Up
What does it cost to hold an Up account?+
Up charges a monthly fee of AUD 0 on the everyday account, and the currency conversion fee is 0%. The minimum deposit is AUD 0. Domestic Pay Anyone transfers, BPAY and direct debits are free, while international transfers are sent through Wise.
Who provides the account and what licence is behind it?+
The account comes from Bendigo and Adelaide Bank Limited, Bendigo and Adelaide Bank Limited, which is based in Australia, AU. Up also holds an Australian Credit Licence, 237879, and an Australian Financial Services Licence in Australia.