Up is an Australian digital bank operating entirely through the Up app, built on Bendigo Bank's banking licence. It offers two savings accounts: the Up Saver, which pays a competitive rate when monthly conditions are met, and the Up Essentials Saver, which pays the same competitive rate with no conditions at all.
The Up Saver earns its bonus rate when you make 5 or more settled card purchases from your linked Up Everyday Account each month and make no withdrawals from the Saver during the month. There is no minimum deposit requirement and no balance cap. Importantly, if conditions are not met the Up Saver earns 0% — there is no base rate to fall back on, which makes the conditions meaningfully stricter than most banks.
The Up Essentials Saver pays a competitive ongoing rate with no monthly conditions — no deposit requirements, no card purchase counts, no withdrawal restrictions. There is no balance cap. It is one of the few accounts in the market paying a rate comparable to conditional accounts with no strings attached.
Both accounts require the Up app and a linked Up Everyday transaction account. Up is covered by the Financial Claims Scheme up to $250,000 per account holder per ADI via its Bendigo Bank banking licence.