Thumbnail icon for Up

Up Saver Account

Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
1.60% p.a. (for $0 to $50,000)
Govt deposit guarantee
Yes up to $250,000
Go to site

Mozo editorial review Up Saver Account

Last updated: 15 July 2020.

binocular icon
What's hot
  • 2020 Everyday & Savings Bank of The Year
  • 1.60% special rate when you make 5 card purchases a month
  • $5 bonus when you use code MOZO5 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 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 icon
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 1.60% 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 0.10%.

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. 

snapshot
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. 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.

snapshot
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 22 October 2020. 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: 0.10% p.a.

  • Balances from $0: 1.60% p.a.
    Balances from $50,000: 0.10% 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
8.5/10
Price
9.5/10
Features
9.0/10
Customer service
8.3/10
Convenience
9.5/10
Trust
9.0/10

Latest reviews of Up Saver Account

  • 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 23 days 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 4 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 4 months ago
  • Overall 8/10
    Good product and good interest rates

    Tech focused! No branches. Fast and easy support.

    Read full review

    Tech focused! No branches. Fast and easy support.

    Price
    9/10
    Features
    9/10
    Customer service
    7/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Nick, New South Wales reviewed 5 months ago

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

1.50% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Promoted

Bankwest

Bankwest

Hero Saver

1.15% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.20% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yes up to $250,000

Promoted

Up

Up

Saver Account

1.60% p.a. (for $0 to $50,000)

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

Yes up to $250,000

Promoted

MyState Bank

MyState Bank

Bonus Saver Account

1.50% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Promoted

Bankwest

Bankwest

Hero Saver

1.15% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Promoted

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.20% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yes up to $250,000

Promoted

Up

Up

Saver Account

1.60% p.a. (for $0 to $50,000)

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

Yes up to $250,000

Promoted

Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

1.15% p.a. (for $0 to $250,000)

Yes up to $250,000

Promoted

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.70% p.a. (for $0 and over)

Yes up to $250,000

Promoted

Newcastle Permanent

Newcastle Permanent

Smart Saver

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

1.80% p.a. (for $0 and over)

Yes up to $250,000

Promoted

Auswide Bank

Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

2.01% p.a. (for $0 and over)

Yes up to $250,000