Up logo

Up Saver Account

Advertiser disclosure
Interest rate
0% p.a.(for $0 and over)
Maximum rate
4.35% p.a. (for $0 to $1,000,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Up Saver Account - last updated: 22 January 2024

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What's hot
  • 4.35% special rate when you make 5 card purchases a month
  • Handy savings features like round-ups, auto top ups and payment splitting
What's not
  • Savings account only accessible through iOS or Android app
Mozo snapshot

If you’re a keen saver who loves the convenience of mobile banking, then you might want to check out the Saver Account from the Aussie neobank Up. The account allows you earn a competitive interest rate with no account fees, plus there's several super useful app features which can help you build up your savings stash such as round-ups and payment splitting.

With Up, you don't need to have separate savings accounts. You can have muliple savers for different savings goals and as long as you meet the standard criteria each month, you'll earn the bonus rate on all balances. 

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Key features

Banking has never looked more modern and easy than with the Up Saver Account which features a special rate of 4.35% for balances between $0 - $1,000,000 when you make five successful card purchases each month through the linked Up Everyday Account. Just keep in mind that if you don't meet this condition, there's no base rate, so you won't earn any interest on your balance.

The Up Saver Account comes with a number useful perks. The first being that you can set up different savers within the app and all will earn the bonus rate as long as you meet the monthly criteria. This is super handy if you have short and long term savings goals as it makes then easier to track and manage.

If you like the idea of building up your savings without having to actively manage your accounts, there's also the optional roundup feature. Every time you make a purchase with the linked transaction account, the App will automatically round it up to the nearest whole dollar before transferring the difference to your linked Saver Account.

You can also take advantage of the split payments feature. You might have different long and short term savings goals so this feature will split your regular savings payments across the savers in whatever percentage you like. 

If you are often tempted by impulse buying, there's even a block feature within the App which will block access to the account for 3 hours (just long enough for you to think things through) - but you can also nominate a 'mate' who has keys to the account and can unlock it for you if needed.  

If you are thinking of opening a Up Saver Account, just bear in mind that there is no branch or phone access and customers can only access the account through the iOS or Android app.

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Who is it good for

For Aussie savers who like to keep everything they do through their mobile, then the Up Saver Account is a top pick, especially if they can meet the monthly account conditions and make use of the handy tools and features.

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Any catches

The Up Saver Account can only be accessed through the iOS or Android app, so if you prefer to bank with providers that allow you to walk into a branch or use a desktop platform, then you may want to consider other accounts.


Details

Rates and fees information correct as at 29 March 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.00% p.a.

Balances from $0: 4.35% p.a.
Balances from $1,000,000: 0.00% p.a.

Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).

Fees

$0.00

n/a

Unlimited free transactions from mobile app.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

n/a

no

no

no

no

no

no

yes

no

no

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. Maybuy feature creates savings schedules for items by sharing links with the Up app.

none

Customer Reviews

How are Up savings accounts rated by the Mozo community?

Overall
Price
Features
Customer service
Convenience
Trust

Latest reviews of Up Saver Account Savings Account

About Up

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

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Bendigo Bank

Reward Saver

5.25% p.a. (for $0 to $100,000)

0.30% p.a.(for $0 and over)

Yes up to $250,000

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AMP Bank

AMP Saver Account

5.40% p.a. (for $0 to $250,000)

1.20% p.a.(for $0 to $5,000,000)

Yes up to $250,000

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ubank

Save Account

5.10% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

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Bankwest

Hero Saver

4.60% p.a. (for $0 to $250,001)

1.00% p.a.(for $0 to $5,000,001)

Yes up to $250,000

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Unity Bank

MoneyMAX

No Current Offer

4.75% p.a.(for $1 and over)

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

Thumbnail icon for ubank
ubank

Save Account

5.10% p.a. (for $0 to $250,000)

Yes up to $250,000

0.10% p.a.(for $0 and over)

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AMP Bank

AMP Saver Account

5.40% p.a. (for $0 to $250,000)

Yes up to $250,000

1.20% p.a.(for $0 to $5,000,000)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

0% p.a.(for $0 and over)

Thumbnail icon for Bankwest
Bankwest

Hero Saver

4.60% p.a. (for $0 to $250,001)

Yes up to $250,000

1.00% p.a.(for $0 to $5,000,001)

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Unity Bank

MoneyMAX

No Current Offer

Yes up to $250,000

4.75% p.a.(for $1 and over)

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

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