Up Bank Alternative for Everyday and Savings Accounts

namenotspecified on 16/05/2023 - 19:39
Last edited 16/05/2023 - 19:40

Hi all,

I've been with Up Bank for several years. I really like the functionality but with the ongoing rate rises I think it's time to look around. For context, they pay up to 3.85% on savings which is at least 1% behind being competitive.

I've seen the spreadsheet of rates payable from different banks (https://docs.google.com/spreadsheets/u/0/d/145iM6uuFS9m-Rul6…)

What I'm keen to know is which of the better performers in terms of interest rate has similar performance in terms of app functionality, ease of use etc. Does one exist? Or would I be better off keeping Up for everyday banking and opening a savings only account on top?

Thanks!

Financial Bank Account Savings Account

Related Stores

Up Bank
Up Bank

Comments

  • coffeeinmyveins on 16/05/2023 - 19:44
    +1

    Or would I be better off keeping Up for everyday banking and opening a savings only account on top?

    Why not just do this? It's what I do. I use UP for day to day stuff and have savings accounts with others.

    Win Win

    • namenotspecified on 16/05/2023 - 20:20

      You're probably right. It's a few things:

      1. I like moving between accounts in one app (especially the way Up does it)
      2. If I have a separate savings bank it probably negates more than half the features that make Up stand out.
      3. I already have too many banking loan accounts/apps and I'm trying to cut down.
      • kipps on 16/05/2023 - 20:30
        +1

        I already have too many banking loan accounts/apps and I'm trying to cut down.

        That’s what they all want you to do. Don’t let any one bank become your home bank. The “stickier” you become the more they screw you over.

        This isn’t about loyalty. It’s about finding deals. Change banks like your underwear.

      • askbargain on 16/05/2023 - 20:31

        pay the lazy tax, next!

    • RichardL on 17/05/2023 - 11:33
      +1

      Same here. I use UP for everyday banking cause I like the App and have a savings account for the rest.

  • Ozbar Gain on 17/05/2023 - 12:38

    I like Up's app a lot. I'm saving for a home deposit in seperately with UBank. Only need to contribute $200 p/m to qualify for their bonus interest rate (totalling 4.6%).
    To satisfy the $200 requirement I have recurring payments set up from Up. Easy

  • crichz on 23/05/2023 - 14:19

    it's 4.10% starting 1st June 2023

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