Up Saver Account

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 to start earning interest with any balance you’d like and doesn’t charge any account fees. There’s also 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. 

Key features:

Banking has never looked more modern and easy with the Up Bank Saver Account. For the first four months the savings account features a special rate of 2.00% for balances between $0 - $50,000. But it doesn't stop there - if you then make five successful card purchases each month through the linked Up Bank Everyday Account, you can keep earning this bumper interest. Just keep in mind that if you don't meet this condition, the interest rate will drop down to 0.25%.

Plus, with no minimum balance required, you can get started straight away no matter how big or small your savings stash is.

There are also no account fees, so you can keep every saved dollar in your Up Bank account.

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.

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 MOZO5 to automatically receive $5 into your new account. 

Who it's 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. It’s also a good option for those who want to earn a great interest rate on a temporary basis, as the bonus rate is only available for the first 4 months.