2020 Everyday & Savings Bank of The Year, Up Bank, is an up and coming digital bank shaking things up for savers! Its Everyday Account comes with no account or network ATM fees, unlimited free transactions via its iOS or Android app and a round up feature to help you save your spare change.
On top of its major award, the Everyday Account took out a 2020 Mozo Experts Choice Award in the Exceptional Everyday Account category.
Let’s start by talking about what makes Up Bank’s Everyday account a little bit different: it’s round-up feature. This feature works by rounding up each purchase you make with the linked debit card to the nearest dollar and transferring the difference to your linked Up Bank Saver Account. This can be great for making incremental additions to your savings, which may add up over the long run and make a real difference to your stash.
On top of this neat feature, the account comes with a number of other perks, such as unlimited free transactions via the iOS or Android app. The account also has no minimum balance required to open it and can be linked up with a BPAY account for making payments.
Plus, the account comes with no ongoing fees and no network ATM fees, so you won’t have some monthly fee slowly chipping away at your hard-earned cash. It could even make a handy travel money companion, as the there are zero international ATM withdrawal fees plus a 0% foreign exchange commission.
Special bonus offer: Automatically receive $5 into your account when you sign up for a new Up account using the code MOZO5.
Anyone looking for an alternative option to the big four banks, which brings a little bit of innovation to the field may find Up Bank to be the bank for them. Thanks to the round up feature, this account might also be perfect for you if you want to start saving your spare pennies without even thinking about it.
Up is a digital only bank, which means there's no branch access with this account - you can only access your account through the app. So if you do like to have the option of face-to-face customer service, this one might not be for you.
Balances from $0: 0.00% p.a.
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$0.00
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Unlimited eftpos, debit, ATM, and banking app transactions using the Up iOS or Android app.
$0.00
Bendigo Bank
$0.00
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$0.00
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$0.00
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$0.00
0%
$0.00 monthly
$1.00
$0.00
$1,000.00
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yes
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Bank and saving account only accessible through iOS or Android app.
Optional roundup feature automatically rounds purchase to the nearest whole dollar and transfers difference to linked Saver Account.
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$0.00
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Apple Pay, Google Pay, PayID, Samsung Pay
The pros: Awesome looking card, a fantastic phone app, integration with Apple and Google Pay, alerts and schedules for when you have upcoming bills, or need to make a regular payment, and it's really easy to keep track of your budget. The cons: No physical locations = no physical ATMs to deposit to. I've had to deposit cash to a different bank and then transfer it to my Up account and from what I've read online, that's what most people do.
Read full reviewThe pros: Awesome looking card, a fantastic phone app, integration with Apple and Google Pay, alerts and schedules for when you have upcoming bills, or need to make a regular payment, and it's really easy to keep track of your budget. The cons: No physical locations = no physical ATMs to deposit to. I've had to deposit cash to a different bank and then transfer it to my Up account and from what I've read online, that's what most people do.
I like Up Bank because the app helps me keep in control of my income. Splitting my pay as soon as it comes into my saving and spending accounts is a cool feature.
Read full reviewI like Up Bank because the app helps me keep in control of my income. Splitting my pay as soon as it comes into my saving and spending accounts is a cool feature.
Few and rates are great! Love having the extra features like automatically splitting my pay to help me manage my money easier.
Read full reviewFew and rates are great! Love having the extra features like automatically splitting my pay to help me manage my money easier.
I love how easy it is to open and close separate saving accounts. Each transaction lists exactly what the money was spent on and gives you the option to add a round-up option so that every time you spend money, a set amount which you decide, will go into your savings like a money jar.
Read full reviewI love how easy it is to open and close separate saving accounts. Each transaction lists exactly what the money was spent on and gives you the option to add a round-up option so that every time you spend money, a set amount which you decide, will go into your savings like a money jar.
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