This was posted 4 years 11 months 10 days ago, and might be an out-dated deal.

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$10 for New (Referred) Signup to Up Banking - $5 for Both on Signup, $5 for Both after 5 Transactions

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$10 for New (Referred) Signup to Up Banking - $5 for Both on Signup, $5 for Both after 5 Transactions
Go to Deal
SeaWolf au on 12/12/2019 - 13:29 up.com.au (1815 clicks)
Last edited 05/09/2020 - 16:17 by 3 other users

You can earn up to $10 for every mate you invite to Up. Once you’ve qualified you can send invites to your friends' mobiles. After they successfully sign up, you’ll each get $5. Once they make 5 purchases in their first 30 days you'll both receive another $5.

You'll need to be using the latest version of the app.

Up has no monthly fee, no international transaction fees and 2.75% 2.25% 1.85% interest rate with the only condition being 5 card transactions made.

Also has instant Apple and Google Pay provisioning so you can use your $10 before receiving the physical card.

N.B. If you use the Old referral system when you click the Ozbargain referral link you need to include your mobile number in the message.

Conditions of use
Invites will expire automatically if the invitee has not become an Up customer (having passed KYC) after 14 days.

To receive the sign-on bonus, the invite needs to be provided through the Up app and the invite text must explicitly state the bonus amount in Australian dollars. If your email, SMS or other notification does not clearly state the bonus amount, you are not eligible for any bonus.

Conditions for inviters
To enable the sending of invites you must be an active Up customer with a verified email address and have made one or more purchases with Up. You will receive a notification once you qualify. To enable your shareable Hook Up a Mate page, you'll need to also have set up your Upname and have opted to share your profile picture, Upname and the length of time you've been an Upsider.

One bonus payment will be paid to the inviter when the person they invite joins Up and becomes a customer.

An additional $5 bonus payment may be paid if the person invited makes 5 purchases using their Up card or digital wallet in their first 30 days as an Up customer. This additional bonus payment only applies to any invite accepted after 5pm AEDT, 12 December 2019. Invites accepted before this time are not eligible for this additional payment.

Conditions for invitees
One bonus payment will be paid to the invitee when they join Up and become a customer.

An additional $5 bonus payment may be paid if the invitee makes 5 purchases in their first 30 days as an Up customer. This additional bonus payment only applies to any invite accepted after 12pm AEDT, 20 April 2020. Invites accepted before this time are not eligible for this additional payment.

Invite codes
If you have signed up using an invite code or sharing link (which may resolve to an invite code), you will be told what that code or link entitles you to before completion of sign up.

Bonus payments associated with invite codes or links will only be paid on successful sign up and creation of your account and satisfaction of any qualifying criteria.

Invite codes may be cancelled at any time after they are issued.

Last modified 11 June, 2020

Referral Links

Referral: random (1204)

$10-$15 for both the referrer and referee. Conditions

Bonus starts at $10 and $1 for each year referrer has been a customer, up to a cap of $10. Referee will see the exact bonus when you visit Up Bank.

Financial

Related Stores

Up Bank
Up Bank

closed Comments

  • frontendstronger on 12/12/2019 - 13:38
    +4

    Has anyone used Up before? I'm looking to move banks and Up is high on my list.

    • lasterato on 12/12/2019 - 13:39
      +2

      Yes, but I ended up going with 86400 for savings and ING for everyday.

      • coolrunnings on 12/12/2019 - 13:57
        +4

        Can you elaborate on your reasons?
        86400 requires $1k deposit every month to get the interest rate, which can be a hassle.
        On the other hand 86400 has a $100k savings cap for the high interest rate, while up is $50k.

        And why do choose ING for everyday?

        • lasterato on 12/12/2019 - 15:42
          +2

          ING let's me have more than 2 accounts and rebates ATM and international transaction fees.

          • io on 12/12/2019 - 16:27
            +1

            @lasterato: More than 2 accounts of the same type? So one can hold two ING everyday account?

          • shadowangel on 09/01/2020 - 16:26

            @lasterato: I prefer NAB + ING. Allows me to keep multiple NAB cards back home when traveling. So if i ever get stuck, i have easy access to money with Smart ATMS + Australia Post network.

            Up has a very intuitive app.

      • pifts on 12/12/2019 - 14:08
        +2

        Curious too because I did the opposite - started off 86400 but now use Up as main savings.

        I find it better in every way - just missing the 'multiple balances from other banks' feature is missing.

        • lasterato on 12/12/2019 - 17:35

          I use ING as my main everyday with 86400 I don't do the 5 tap and pays with it to be able to get the bonus interest.

        • LustStarrr on 19/12/2019 - 22:35

          There's an app called Pocketbook that I've found useful for keeping an eye on several bank account balances, from different banks, in the one place. Perhaps it'd be helpful for you too? Thought I'd leave you the link to check it out anyway, just in case: https://getpocketbook.com/.

          (As with everything, on OzBarg & beyond, your mileage may vary - please take the time to review their privacy policy beforehand, & consider your own individual circumstances, etc., & whatever other disclaimers I've forgotten, beforehand.)

      • bui on 12/12/2019 - 14:28

        When I last checked, 86400 didn't have BPay so paying bills was a pain. Up did eventually get it so now it's my main account.

        • andresampras on 12/12/2019 - 14:53

          this is from the iOS app store listing:
          What’s New
          Version History
          9 Dec 2019 Version 2.6.3
          You can now pay your bills with BPAY using the 86 400 app, as well as search for PayIDs from your phone contacts. And in our next update, you'll be able to save BPAY billers and PayIDs to your address book too.

          • bui on 12/12/2019 - 15:01
            +3

            @andresampras: Yeah, this would be about 6 months after Up implemented it. Too little too late. I emailed them about this and never got a response. You can message Up about bugs/enhancements and they get back to you within hours.

            • andresampras on 12/12/2019 - 15:06
              +1

              @bui: sorry, didn't mean to upset you. I've only heard about Up and 86400 today.

              • bui on 12/12/2019 - 15:10

                @andresampras: Not upset. Just stating some differences between the two for people still deciding.

                • andresampras on 12/12/2019 - 15:14
                  +1

                  @bui: the only thing you've pointed out is that you got no response from 86400 when you contacted them.

                  for anyone joining today, BPay is available on 86400 and therefore 'too little too late' doesn't apply to them. That's all I was attempting to post, since I was looking at the two app store listings.

                  • bui on 12/12/2019 - 15:18
                    +1

                    @andresampras: Customer service is important for some people. Especially for neobanks that have no physical presence.
                    How quickly features are rolled out is also important for some people. Especially for neobanks that are competing on differentiating features.
                    I guess that was my point from the beginning.

                    • andresampras on 12/12/2019 - 15:24

                      @bui: Fair enough. I guess if you're happy with Up that's all that matters.

                      After looking at these neobanks for the last 30mins, I'm not seeing any real benefits (to me) over say a bankwest transaction account. I'm not comfortable as yet with linking multiple bank accounts to one for ease of use, although that does sound very convenient.

                      • bui on 12/12/2019 - 15:28
                        +2

                        @andresampras: That's something Up doesn't have yet. One thing that made me switch is having better access to metadata of my transactions, exact time, location and being able to assign these to contacts so you can see all transactions for a single contact.
                        Transactions in my Commbank app for a shared account are so cryptic it takes me ages to figure out the source.

                        • andresampras on 12/12/2019 - 15:31

                          @bui: that does sound good. Maybe I should contact Bankwest about it and see if they reply haha (Given it took them a ton of time and customer pressure to eventually announce apple pay, I'm not holding my breath)

      • Bob81 on 12/12/2019 - 15:06
        +1

        Neobank's in Aus:

        86 400
        Up
        Tyro Payments
        Volt Bank
        Xinja

        • ToobsAU on 12/12/2019 - 21:07

          Revolut

          • lasterato on 13/12/2019 - 08:25

            @ToobsAU: These guys don't have a banking lic in Australia yet tho and don't offer any interest on savings.

            • ToobsAU on 13/12/2019 - 11:14

              @lasterato: True, good for a travel card though

              • lasterato on 13/12/2019 - 11:15
                +2

                @ToobsAU: You could just use ING for that. No international transaction fees.

    • SeaWolf au on 12/12/2019 - 13:42
      +5

      I've been playing around with them for a few days now and I'm pretty impressed with the phone app, the only downside really is that there isn't a web interface just yet, though it's on their roadmap.

      There's no fee for just having the account so you might as well sign up, get your sign on bonus and have a play with it.

    • mouski on 12/12/2019 - 13:42

      yes, all works well from the app

    • AAC on 12/12/2019 - 13:42
      +3

      I have it right now, it has some pretty good features like being able to label any transaction (Renaming / Tags) for arguably the best transaction clarity of any bank, Round Up (Round up transaction account to an even amount and transfer the change to your Savers)

      Also you can withdraw from your Savers account without any consequences to the interest rate

    • lyon on 12/12/2019 - 13:42
      +2

      I'm using Up for my overseas travel expenses (i.e the no overseas transaction fee); for example when I go overseas and want to pay for items or restaurants and they accept card, I'd use Up :)
      Pretty easy to use and I like that I can just transfer the money from my primary bank to Up before I go to the counter to pay.

      Also like seeing the direct Aussie dollar equivalent in my phone's pop up as soon as I pay

    • Shwayne on 12/12/2019 - 14:36
      +1

      Yes it's by far the best experience I've had with bank, but like all Neo banks it's not suitable as a primary bank obviously.

      There's an obvious limit of $50k savings if you're looking for banks to put your money, but I find it incredibly useful for isolating my "splurge" (spend money without worrying) funds from my other savings, and it gives great interest rates to boot!

      You do need to use the card a lot, but after you see how useful the transaction history is, you'll definitely want to.

      • wellzi on 12/12/2019 - 15:02

        why can't you use it as your primary bank?

        • lyon on 12/12/2019 - 15:11
          +2

          To those who are paying mortgage and have offset accounts, I think (not an expert here), it's better to put all your money in the primary bank with the mortgage/loan account. This way, you have less interest from the loan

      • dothehustle on 12/12/2019 - 15:19
        +4

        I’m using Up as my main bank. I just have a NAB card for cash deposits into ATMs and that’s it.

      • megadrive on 12/12/2019 - 21:16
        +1

        This is what I do. The fact Up rounds up and puts the difference to savings is helpful.

    • wellzi on 12/12/2019 - 15:03
      +3

      I've got it and I'm looking to shut down all of my other banks and move solely to Up. :)

    • theg00s3 on 12/12/2019 - 15:27
      +1

      Yeah, I use it as my main bank

    • jeffcarras on 12/12/2019 - 15:46
      +2

      What I like the most is up is how it organises your expenses

    • marklar on 12/12/2019 - 16:27
      +1

      Yeah, been on it for ages. Good product, zero hassles so far.

    • kipps on 12/12/2019 - 19:56
      +1

      I'm using it. Great product. When you experience a bug they respond quickly and are very helpful. There are very frequent updates to make improvements. I'm particularly looking forward to the upcoming foreshadowed improvement (see their tree published online which shows you what they are working on) that automatically matches expenses and draws upon your savers to meet those expenses. It will make budgeting completely effortless and then I'll probably use them for almost all transaction stuff.

    • GregMonarch on 12/12/2019 - 21:00
      +1
      1. Ubank. Reason: interest rate (bonus interest rate, that is).
      2. Macquarie. Reason: No international conversion fees.

      Macquarie also has gift card discounts I think (which I always forget to check and use - I think one is ebay??). The easiest and fastest online signup I've seen!

    • SeaWolf au on 12/12/2019 - 13:47
      +13

      No, a ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.
      A sign on bonus (as offered by many banks in Australia from time to time) is not that.

    • watwatwat on 12/12/2019 - 14:26
      +3

      Is it possible to block people on ozbargain or no? It would be great if it was like reddit and you could just block and all that person's comments disappear.

      • jv on 12/12/2019 - 14:36
        +7

        Is it possible to block people on ozbargain or no?

        Why are you asking me?

        • GregMonarch on 12/12/2019 - 21:01

          Just… LOL. That will skip over many people's heads.

      • thinkv on 12/12/2019 - 14:58

        I really wish we could :(

      • John Kimble on 12/12/2019 - 15:14

        Just choose "hide" under one of the person's posts…it's not a 100% block, but better than nothing.

        • jv on 12/12/2019 - 15:23

          Just choose "hide"

          Party pooper…

        • elf888 on 12/12/2019 - 16:19
          -1

          Thanks a lot! Done it.

          • jv on 12/12/2019 - 22:50
            +3

            @elf888: Did it work?

        • thinkv on 13/12/2019 - 15:22

          Legend! They're all gone

  • ozbmm on 12/12/2019 - 13:45
    +2

    I got the $10 within a couple of days with the previous 86400 deal.
    https://www.ozbargain.com.au/node/490884

    • Shwayne on 12/12/2019 - 14:37
      +1

      Oh thanks for reminding me! Need to use my card before the 15th.

  • Matt P on 12/12/2019 - 13:50

    What's Up?

    badum tish

  • CookieCounter on 12/12/2019 - 13:52
    +12

    I've been with UP for over a year now, have all my savings in it and I have had a much better experience than with the Commonwealth Bank app for example. The development team behind it are super transparent and provide updates every few weeks to the app along with detailed blog posts and future roadmaps etc.

    Feel free to reply if you have questions I love this freaking app/bank hey.

    • Switchblade88 on 12/12/2019 - 14:28
      +5

      The transparency was what really sold it for me.

      Little things like their blogs talking about the vertical card design, making the signup process exceedingly streamlined (which it is!), things like that.

      I really appreciate people and companies that want to make the best possible 'thing', not the most profitable, and it shows here.

      • CookieCounter on 12/12/2019 - 15:37

        And I know this post is about the referral process to get more people to sign up, but UP have not spammed me with information about the 'Bring a Mate $5/$10' offer. Other things I am signed up with always hassle me about referrals constantly.

  • Benjkmv on 12/12/2019 - 13:55
    +5

    Its 2.25% interest rate and not 2.75%. Atleast this is what i am getting at the moment.

    I am impressed with the mobile app and usually use Apple Pay linked to the account for all purchases. It helps me in tracking purchases based on various category.

    • ModeratorRichardL on 12/12/2019 - 14:31

      Updated to 2.25%, as reflected on their pricing page

      • SydBoy on 13/12/2019 - 08:12
        +1

        Richard isn't it better that every financial post comes with disclaimer. Just checked that 86400 seems Chinese bank while upbank is Australian… reliability and coverage under government guarantee scheme may not be similar. Many people burnt in past with investment and last thing we need is to see OzBargain forum perceived as part of it.

        • auscompgeek on 13/12/2019 - 10:13

          86400 have a full ADI (so guaranteed up to $250k as with any other normal deposit-accepting bank). Up uses Bendigo's ADI (so the $250k guarantee is shared across the banks).

  • BronzeWok on 12/12/2019 - 14:30
    -1

    Ok thanks. Did it but didn’t include a phone number.

  • mysterybox on 12/12/2019 - 14:37

    Could I able pay youtube international subscription fee using this?

    • Shwayne on 12/12/2019 - 14:40
      +2

      Yes, with no international transaction fee.

  • bonz on 12/12/2019 - 14:40

    Damn, missed out on the extra $5. Should've waited when i refered the partner last week

  • watwatwat on 12/12/2019 - 14:53
    +10

    (Referral solicitation in comments is not allowed)

    Uhhhh I never did. I said to anyone requesting a referral from anyone, remember to include your name and number.

  • Bob81 on 12/12/2019 - 15:02
    +1

    Wow, they're not making it easy to get that 2.25% interest rate 'bonus'. You need to do 5 transactions per month and have a maximum account balance of $50K. Otherwise, you're on 0.5% rate! That's pretty poor.

      • Shwayne on 12/12/2019 - 15:07
        +9

        You can actually use BeemIt to send another one of your cards (or a friend) $1 x5 to complete this requirement (though it's probably not considered fair use).

      • neyo on 13/12/2019 - 15:04

        And when interest gets paid you go over the limit. Genius.

    • Shwayne on 12/12/2019 - 15:06
      +1

      Open the account, put 50k in it, use the card as your daily coffee/food spend card.

      Done?

    • wellzi on 12/12/2019 - 15:07
      +3

      How is 5 everyday transactions not easy?

    • Bob81 on 12/12/2019 - 15:15

      If you're going to jump through hoops to get some extra $$$ in your savings account, why not go with Rabo Bank instead? Get 2.5% on balances up to $250K for four months, then move the cash somewhere else.

      https://www.rabobank.com.au/personal-hisa-finder/

        • Bob81 on 12/12/2019 - 15:32
          +1

          If you've got a large bank balance, have you considered approaching your bank directly and negotiating a higher interest rate for a term deposit with them?

          https://www.ratecity.com.au/term-deposits/faqs/can-negotiate…

          Also, RateSetter might be a good option for you?

        • Yola on 12/12/2019 - 19:10
          +2

          Macquarie 2.65%, Heritage Bank 2.50%, AMP Saver 2.36% and HSBC 2.35%. All for 4 months. Also Citibank 2.30% for 4 months but I have renewed it several times.

    • DogGunn on 12/12/2019 - 16:40

      That's substantially easier than most other (relatively) high interest savings.

      ING for instance is deposit $1000 and do 5 transactions.

    • GregMonarch on 12/12/2019 - 21:13

      Free money I guess, but yeah - many people would need more bank account/s. Why would they want LESS money placed with them!? The only things I can think of, is they're not sure they can grow to handle 'more' of everything (customer queries, etc.), or think they're not capable of investing smart enough in order to pay interest on higher amounts. Maybe they're just taking it slow to begin with to be sure they can cope.

      Regardless, the best solution to date (for those not chasing some free money) is in my post higher up: https://www.ozbargain.com.au/node/505123#comment-8110154 - (at least it still was the last time I checked interest rates).

  • FireSword on 12/12/2019 - 15:13
    -3

    developed by Bendigo and Adelaide Bank Limited

    so its owned by them ok

    • jv on 12/12/2019 - 15:25

      so its owned

      apparently.

    • Switchblade88 on 12/12/2019 - 15:26
      +7

      I don't think Bendigo 'owns' them (I'll need to check though) but they use Bendigo's financial backend/accounts etc in a wholesale format, seemingly similar to how Aldi uses Telstra's network.

      Simplifies the regulations & insurance side, and lets them work on the actual product & services.

      • jv on 12/12/2019 - 15:31
        +1

        similar to how Aldi uses Telstra's network.

        Aldi only use a subset of Telstra's network.

      • theg00s3 on 12/12/2019 - 15:31
        +3

        Yeah, you're correct. Up Money uses Bendigo's accounts but the app development is done by Ferocia

      • FireSword on 12/12/2019 - 15:40

        I dont mind this, maybe gives it more credibility. I am needing a transactions account with no monthly fee, so maybe I'll try this

        dont like that you have to do it on an app on the phone, my phone is terrible and old, probably doesnt even support the app

      • Csadeev on 12/12/2019 - 17:15
        +6

        "Up is designed, developed and delivered through a collaboration between Ferocia Pty and Bendigo and Adelaide Bank Limited… Up a subsidiary of Bendigo and Adelaide Bank Limited"

        This is from the front page of their website. It is nothing like the relationship between Aldi Mobile and Telstra. Up is fully owned and managed by Bendigo Banking Group, while Aldi acts as an independent virtual operator paying fees for Telstra.

        • BarryBargain88 on 12/12/2019 - 23:02
          +1

          Why the hell everyone is upvoting switchblade is beyond me. He is wrong

    • wellzi on 12/12/2019 - 16:48
      +3

      In the website footer: Up is designed, developed and delivered through a collaboration between Ferocia Pty Ltd ABN 67 152 963 712 ("Ferocia") and Bendigo and Adelaide Bank Limited ABN 11 068 049 178, AFSL and Australian Credit Licence No 237879 ("Bendigo").

  • jackystudio on 12/12/2019 - 15:29
    +3

    Does 'Up Everyday Accounts' fetch money automatically from 'Up Savers', like USaver & Ultra from UBank?

    • auscompgeek on 12/12/2019 - 16:42

      You can set up automatic transfers from Savers. I don't think it'll auto-withdraw from Savers if you don't have enough balance to cover a transaction though (yet anyway).

      • jackystudio on 12/12/2019 - 17:10
        +1

        good to know, thanks, I just stay with ubank to save the hassle.

  • taffy711 on 12/12/2019 - 15:42

    The annoyance caused by needing to make 5 debit card transactions every month and being limited to $50k in savings does not seem worth it to earn the 0.15% additional interest over a uSaver account.

    • camoAU on 12/12/2019 - 15:58
      +3

      The 5 transactions a month can be online and includes PayPal transactions where the balance is paid from your Up account (counts for me, at least).

      I have a few recurring bills set to charge my Up debit card (eg. Amazon Prime) so I only need to make 1 or 2 other transactions a month.

      • taffy711 on 12/12/2019 - 16:11
        +5

        It's just an unnecessary thing to be keeping track of when I'd prefer to be putting everything on a credit card. I'd much prefer 86400 where the only requirement is depositing $1k per month and the limit is $100k. To each their own though.

        • camoAU on 12/12/2019 - 16:26
          +1

          Fair enough - can definitely see how it would be a hassle in that case

        • Yola on 12/12/2019 - 19:13

          taffy711 I do the same.

        • GregMonarch on 12/12/2019 - 21:19

          I don't understand why any of these businesses require any balance limit. It's not like millionaires will race to put their money with them, then make sure they pay for 5x mars bars separately (Robert Kiyosaki aside, perhaps). They're probably investing in multiple other sophisticated methods, and why would you NOT want excessive amounts of money flooding into your business anyway?

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