Up Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Up Bank suits everyday spenders and travellers who want an everyday account with a minimum deposit of AUD 0 and on-demand access through the app. The easy access balance earns a variable rate that switches on with card spending, so it fits money you move rather than lock away.
Key facts
- Best for
- A cost-free everyday account for Australian spenders who tap their card and travel on the same balance.
- Rate type
- Variable↗
- Minimum deposit
- A$0↗
- Access terms
- On-demand easy access via the Up app; interest activates after 5 eligible card purchases in a month, no deposit required↗
- Monthly fee
- A$0↗
- Account kind
- Easy access↗
- Legal entity
- Bendigo and Adelaide Bank Limited↗
- Headquarters
- Australia↗
- Support channels
- Chat, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- up.com.au
Pros and cons
Pros
- Features listed include free atm and joint account, so cash machine withdrawals and a joint account are part of the standard set-up.
- Domestic transfers, BPAY and direct debits are free, with international transfers sent through Wise.
- A minimum deposit of AUD 0 means an account can be opened before any money lands in it.
Cons
- Support runs on chat and help centre only, so there is no phone line for urgent problems.
- The savings rate is variable, so the return can drift down with the cash rate.
- Interest activates only after eligible card purchases in a month, so a balance left untouched may earn nothing.
Who it suits
- Everyday spenders who want a monthly fee of AUD 0 alongside a minimum deposit of AUD 0.
- The audience is listed as travelers, and a conversion fee of 0% keeps foreign spending cheap.
- Couples sharing everyday money, since a joint account is among the listed features.
Who should look elsewhere
- AXI Card Tarjeta y Credito, whose rate is fixed rather than the variable one here.
- Plazo ES, which also pays a fixed rate, if locking the return matters more than easy access.
Fees and FX
Up Bank sets a monthly fee of AUD 0 and a minimum deposit of AUD 0, so there is no charge for keeping the account open and no balance to fund it. Cost sits at the floor of what the site lists for everyday accounts, which makes this a straightforward place for regular income. Nothing else in the pricing is needed to hold it.
The company behind it
The account is issued by Bendigo and Adelaide Bank Limited, based in Australia, and carries an Australian Securities and Investments Commission AFSL and Australian Credit Licence, number 237879. Support runs through chat and help centre, with help centre articles and in-app chat rather than a phone line, which suits people who prefer to sort things in the app.
How Up Bank compares
8.9 vs 8.6
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8.9 vs 9.0
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8.9 vs 8.0
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8.9 vs 9.0
Where Up Bank is available
- Available
- Australia
- Licence in Australia
- Australian Securities and Investments Commission (AFSL and Australian Credit Licence stated on site) (237879), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep an Up Bank account?+
There is a monthly fee of AUD 0 and a minimum deposit of AUD 0, so nothing is charged for holding the account and nothing needs funding to open it. Spending, bills and savings can sit in the same place, which keeps the running costs easy to follow.
Do I need a deposit to open the account?+
The minimum deposit is AUD 0, so an account can be opened without putting money in first. Interest activates after eligible card purchases in a month, and no deposit is required, so the balance can start earning from ordinary card use.
What kind of account is it?+
It is an easy access account, so the balance stays reachable rather than being locked for a term, and the rate is variable. Features listed include free atm and joint account, so cash machine withdrawals and a joint account are part of the standard set-up.
Do I have to spend from the account to earn interest?+
Interest switches on after eligible card purchases in a month, and the rate is variable, so a balance that never gets used may not earn. The account treats saving and spending as the same pot, which suits people who tap their card regularly and check the app.
Who runs the account and is it regulated?+
The account is issued by Bendigo and Adelaide Bank Limited, based in Australia, and operates under an AFSL and Australian Credit Licence from the Australian Securities and Investments Commission, number 237879. Support is handled in the app through chat and help centre.
What does it cost to convert currency?+
The currency conversion fee is 0%, against a site median of 0.5%. The account is aimed at travelers, so spending abroad carries no conversion charge. Transfers are free for domestic payments, with international transfers sent through Wise.
What support is available?+
Support runs on chat and help centre, so help comes from in-app chat and a help centre rather than a phone line. The balance is reachable on demand in the same app, which keeps everyday tasks and questions in one place.
Sources
- up.com.au/bank-overseas-without-the-fees checked September 26, 2026
Backs: Audience
“Bank overseas without the fees... view your balance in both AUD and local currency, and roam the globe with zero fees”
- up.com.au/grow-flow checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Rate type
“Qualifying for interest takes just 5 successful card purchases in a month, with no deposits required.”
- up.com.au/pricing checked September 26, 2026
Backs: Free ATM withdrawals, Currency conversion fee, Headquarters, Legal entity, Pricing model, Monthly fee, Licences
“Domestic ATM withdrawals - Free at most major Bank ATMs”
- up.com.au/product-terms/section-m checked September 26, 2026
Backs: Features, Transfer fee
“ATM Withdrawal, Balance Enquiry or Transfer ... Free; "2Up" means a 2Up joint account arrangement”
- up.com.au/support checked September 26, 2026
Backs: Support channels
“Need help now? Chat to our support team in-app using Talk to Us”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Headline rate, Term, Deposit protection.
Related by the facts
Up Bank
A cost-free everyday account for Australian spenders who tap their card and travel on the same balance.