Interest rate
0% p.a.(for $0 and over)
Maximum rate
1.10% p.a. (for $0 to $1,000,000)
Govt deposit guarantee
Yes up to $250,000
Go to site

Mozo editorial review Up Saver Account

Last updated: 16 November 2020.

binocular icon
What's hot
  • 2020 Everyday & Savings Bank of The Year
  • 1.10% special rate when you make 5 card purchases a month
  • $5 bonus when you use code MOZO5SAVE at sign up
  • Optional roundup feature
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 2020 Everyday & Savings Bank of The Year, Up Bank. The account allows you earn a competitive interest rate with no account fees, plus there's an optional roundup feature which can help you build up your savings stash.

The Saver Account also won an individual 2020 Mozo Experts Choice Award in the best Regular Saver category. 

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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 1.10% for balances between $0 - $1,000,000 when you make five successful card purchases each month through the linked Up Bank 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.

One handy perk with the Up Bank Saver Account is the optional roundup feature. Every time you make a purchase with the linked transaction account, the tool will automatically round it up to the nearest whole dollar before transferring the difference to your linked Saver Account.

Another useful feature is that you'll be able to create multiple and name different Saver Accounts, all of which are eligible to receive the maximum interest rate. That way savers can have dedicated accounts for each of their savings goals. 

If you are thinking of opening a Up Bank 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.

Special offer: Sign up for an Up account using the special bonus code MOZO5SAVE to automatically receive $5 into your new account. 

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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 Bank 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 20 January 2021. 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: 1.10% 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

  • none

  • 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.

  • none

Customer Reviews

How are Up savings accounts rated by the Mozo community?

Overall
9.0/10
Price
9.7/10
Features
9.3/10
Customer service
8.8/10
Convenience
9.7/10
Trust
9.3/10

Latest reviews of Up Saver Account

  • Overall 10/10
    UP- The bank of the future

    I swapped my bank over to up about a year ago now. I tell literally everyone I know about how great and convenient it is. Almost every time I get my debit card out, people comment on the fluorescent colour and ask me about it. I can't recommend how convenient it is enough, everything is right there at your fingertips, transactions are instant and itemised to reveal your spending habits and it truly is the bank of the future. The only thing I could say bad about up is the fact that if my phone goes missing or it breaks, I have no way of logging on to a desktop version to move or send money- everything is done in the app.

    Read full review

    I swapped my bank over to up about a year ago now. I tell literally everyone I know about how great and convenient it is. Almost every time I get my debit card out, people comment on the fluorescent colour and ask me about it. I can't recommend how convenient it is enough, everything is right there at your fingertips, transactions are instant and itemised to reveal your spending habits and it truly is the bank of the future. The only thing I could say bad about up is the fact that if my phone goes missing or it breaks, I have no way of logging on to a desktop version to move or send money- everything is done in the app.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Abby, Queensland reviewed about 11 hours ago
  • Overall 10/10
    Definitely recommend up banking

    Love up banking but mainly the savings account with the high interest you can earn while saving.

    Read full review

    Love up banking but mainly the savings account with the high interest you can earn while saving.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Jocelyn, Victoria reviewed 8 days ago
  • Overall 10/10
    The structure of the savers motivates me to save.

    For me Up has been so motivating. I've set up various savers each with a title and emoji and I can easily move money into each. When you deposit money into your saver it has an animation that shows the account 'filling up' to reach the target you've set. I have been very happy with Up and it is backed by Bendigo Bank so I know it is safe and reliable. Customer Service are easy to deal with over instant chat. Highly recommended.

    Read full review

    For me Up has been so motivating. I've set up various savers each with a title and emoji and I can easily move money into each. When you deposit money into your saver it has an animation that shows the account 'filling up' to reach the target you've set. I have been very happy with Up and it is backed by Bendigo Bank so I know it is safe and reliable. Customer Service are easy to deal with over instant chat. Highly recommended.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Jess, New South Wales reviewed 4 months ago
  • Overall 8/10
    Competitive rates and quick customer service

    Great (high) bonus rate when 5 purchases are made. Convenience of customer service and alerts. Payment summaries are categorised well and aesthetically.

    Read full review

    Great (high) bonus rate when 5 purchases are made. Convenience of customer service and alerts. Payment summaries are categorised well and aesthetically.

    Price
    10/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Ann marie, New South Wales reviewed 7 months ago
  • Overall 8/10
    Crazy good neobank for the modern age.

    Great product but needs to have even more communication with community. E.g. announces changes to interest rates late.

    Read full review

    Great product but needs to have even more communication with community. E.g. announces changes to interest rates late.

    Price
    9/10
    Features
    9/10
    Customer service
    6/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Joshua, South Australia reviewed 7 months ago
Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

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

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.90% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for Up

Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.85% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

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

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.90% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for Up

Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.85% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for Suncorp

Suncorp

Everyday Options Sub-account

No Current Offer

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

Yes up to $250,000