Updated September 29, 2026 · VaultCue Editorial Team
Up vs Varo Bank
Up
Higher score in this comparison
Varo Bank
Up vs Varo Bank: the differences
| Compare | UpReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | A$0 | $0 |
| Free ATM withdrawals | A$0 | $0 |
| Transfer fee | Free for domestic Pay Anyone transfers, BPAY and direct debits; international transfers sent via Wise | Free |
| Licence type | Not confirmed | Bank |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
| Local account details | Not confirmed | Us ACH |
Same on both: Currency conversion fee (0%).
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Key differences
- Up scores higher overall: 9.4 vs 8.9.
- Pricing model: only Up offers Low FX.
- Features: only Up offers Joint account.
- Features: only Varo Bank offers Digital only, No credit check.
Our verdict on each
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.
Varo Bank
Varo Bank suits people who want a free digital bank account and an easy-access savings balance without a minimum deposit. It charges a monthly fee of $0, pays a variable rate of 1% to 3.75% and holds deposits under FDIC up to USD 250,000.
Score breakdown
| Area | Up | Varo Bank |
|---|---|---|
| Cost | 9.4HigherCash withdrawals are free within the allowance of AUD 0 and the minimum deposit is AUD 0, so running costs stay low. | 9.3 |
| Offer | 9.2HigherBuilt for travelers, with help on chat, phone and email and an Australian Credit Licence, 237879. | 9.0 |
| Trust | Not confirmed | 8.5 |
How they place
| Ranking | Up | Varo Bank |
|---|---|---|
| Current and checking accounts | 44 of 885 | 120 of 885 |
| Savings accounts | 110 of 1420 | 440 of 1420 |
Every fact side by side
| Fact | Up | Varo Bank |
|---|---|---|
| Audience | Travelers | Not confirmed |
| Pricing model | No monthly fee, Low FXCovers more | No monthly fee |
| Features | Free ATM, Joint account | Free ATM, Digital only, No credit check |
| Legal entity | Bendigo and Adelaide Bank Limited | Varo Bank, National Association |
| Headquarters | Australia | United States |
| Founded | Not confirmed | 2015 |
| Support channels | Chat, Phone, Email, Help centre | Email, Chat, Phone, Help centre |
Savings
| Fact | Up | Varo Bank |
|---|---|---|
| Headline rate | Not confirmed | 1% to 3.75% |
| Rate type | Variable | Variable |
| Minimum deposit | A$0 | $0 |
| Access terms | On-demand easy access via the Up app; interest activates after 5 eligible card purchases in a month, no deposit required | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Up | Varo Bank | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | 0%below the median | 0.5% |
Median across 377 listed accounts.
Pros and cons
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.
Varo Bank
Pros
- A monthly fee of $0 applies, matching the site median of €0
- The savings account takes a minimum deposit of $0 and pays a variable rate of 1% to 3.75%
- Transfers are free and the ATM allowance is $0
Cons
- The savings rate is variable, so the 1% to 3.75% range can move
- The service is digital-only, which needs a phone and app access for everyday banking
- It is a US bank licence, and the local payment detail is us ach
Who each suits
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.
Varo Bank
Who it suits
- You want a savings balance you can reach at any time from the app
- You want no monthly charge on the everyday account
- You want a bank rather than an e-money or payment institution
Who should look elsewhere
- You want a fixed-rate term deposit, since the rate here is variable
- You need branches or in-person service, as the service is digital-only
- You need euro or UK payment details, and the local detail is us ach
Current offers
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 | Up | Varo Bank |
|---|---|---|
| Australia | Yes | No |
| United States | No | Yes |
Questions about each
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.
Varo Bank
What does Varo Bank charge each month?+
Varo Bank charges a monthly fee of $0 on the everyday account, which matches the site median of €0. Transfers are free and the ATM allowance is $0, so day to day banking costs nothing extra.
How much interest does the Varo savings account pay?+
The savings account pays a variable rate of 1% to 3.75%. Because the rate is variable, the range can move over time. The site median headline rate is 3%, so this sits at the higher end of typical savings listings.
Other options to compare
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Varo Bank