$20 for Both Referrer and Referee - Referrer Activates Offer by Updating to The Latest App Version @ Up Bank (App Required)

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$20 for Both Referrer and Referee - Referrer Activates Offer by Updating to The Latest App Version @ Up Bank (App Required)
Go to Deal
TitanFather on 09/12/2024 - 12:44 up.com.au (454 clicks)
Last edited 12/12/2024 - 09:25 by 1 other user

Up Bank have increased their referral program to $20 each for both referrer and referee.

For Referrers:

  1. In order to increase your referral rate, you simply need to update your app to the latest version. It doesn't look like you need to watch the "Up Year 2024" video.
  2. Check to see if the increase has applied by navigating in the app menu to "Up → Hook Up a Mate" where you should see the following banner:
    "Give your mates the gift of Up, and get a cool $20 each! Until 31/01/2025"
  3. Once you have confirmed that, add your referral code to the newly created '$20 Signup Bonus' section below as per the mods.

For New Users/Referees:
This is the most straightforward method for getting your bonus cash as per simplerick:

  1. Install Up Bank iOS or Up Bank Android from your app store (Do not launch app yet)
  2. Click on the referral generator via your mobile to find a referral, then click on Join Up button to launch into the app
  3. Continue sign up process to verify ID etc.
  4. Profit - referral bonus is deposited immediately

Thoughts on Up Bank:
They are a pretty good everyday mobile bank, although their interest rate of 4.35% for savings has fallen behind the other digital banks over the past couple years.

They seem to have a good reputation for home loans - but we do not have one so can't comment. There are some more detailed discussions about Up for home loans in the comments of this post.

Overall the app is feature rich and there are some features that are completely unique to the Up ecosystem. Added some extra points from wangasm

  • PayID usernames linked to Up bank
  • In app chat support that is very responsive
  • Integration with Wise for overseas transfers
  • A visually satisfying product tree called the Tree of Up
  • Contact Management - Just more intuitive with more options like creating contacts from incoming transactions or assigning transactions to contacts.
  • Threads - Payments are grouped by Threads which show you the complete transaction history with the contact. Yes it is smart enough to usually know which transactions belong to which contacts. This view just makes more sense to me
  • Insights - Complements Threads with useful statistics to track your spending/transactions over time down to a per thread/merchant/category basis.
  • Chances for cashback on morning coffee or happy hour purchases
  • Card management - More granular control over how your card can be used. Also can have up to 2 cards (one digital, one physical)
  • Security/login - Up has more login options. I personally like that you can set it so doesn't require you to login everytime you open the app to see your account (Login still required to transact). Meanwhile uBank went the opposite direction and forced everyone to use passkeys just to open the app, which takes at least 5 seconds for me. Yes I know it is technically more secure but I don't need it on my phone, especially if it takes longer.

For frequent questions, please check their Support Page

Referral Links

Referral: random (1390)

$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.

$20 Signup Bonus (Expires 31 Jan 2025): random (510)

Targeted offer: Referee and Referrer receives $20. Offer ends on 31 January 2025. Conditions
Please only fill in your referral link after you have confirmed your $20 referral bonus in the latest app version

Financial Bank Account

Related Stores

Up Bank
Up Bank

Comments

  • TitanFather on 09/12/2024 - 12:51
    +2

    Could anyone confirm that this offer becomes active at $20 for everyone after they view the 'Up Year 2024'?

    • Heybargain on 09/12/2024 - 12:59

      It was available for me without needing to view “Up Year 2024”.

      • TitanFather on 09/12/2024 - 13:09

        Thanks - have updated the main post.

  • asCMSas on 09/12/2024 - 12:53
    +2

    Is an up bank like an updog?

    • Micolash on 09/12/2024 - 13:22

      How is an up bank?

      • Clarky77 on 09/12/2024 - 13:51
        -3

        A bank that is ‘up’ would be an ‘up bank’ ?

        They do say bankers are partial to a little nose candy so I’m assuming most banks are ‘up’ , but still can’t compete with the legal profession ;)

    • floorpie on 10/12/2024 - 08:16

      Are you like a yoga instructor or something?

    • Loopholio on 10/12/2024 - 08:20
      +1

      What's an updog?

  • Moderatorscrimshaw on 09/12/2024 - 12:55

    Please use the referral system only, do not solicit referrals. I've created a separate pool labelled "$20 Signup Bonus (Expires 31 Jan 2025)", if you are targeted with the $20 bonus, fill in that section.

  • DingoBilly on 09/12/2024 - 12:55

    I didn't do anything and have the offer available. Just shows in my app as a regular invite for $20.

    I don't open the app often enough so haven't read anything about Up Year 2024 or what that means.

  • mujitee on 09/12/2024 - 12:56

    Mine was $15, viewed the 'Up year 2024' and it's now $20

  • Heybargain on 09/12/2024 - 12:58
    +1

    I just updated the app and it shows the $20 referral

  • turk182 on 09/12/2024 - 13:04
    +1

    Agreed. Soon as you update the app it shows $20

  • firestint on 09/12/2024 - 13:18
    +1

    Updated app, now $20. Same referral link though.

  • WhyAmICommenting on 09/12/2024 - 13:26

    Woohoo, come in spinner!

  • Asti on 09/12/2024 - 13:35
    +12

    Promotion aside, I've been using them for 1 year now. The app is smooth and a joy to use. Travelling with the card is also great, with auto currency calculation and mid market currency conversion. Their only weak point is the substandard interest rate, but you can compliment them with ubank for the best of both worlds.

    • TitanFather on 09/12/2024 - 13:46
      +1

      Completely agree - this is exactly the combination of digital banks that works for us. For couples, the joint account integration is nicer on Ubank and the interest rate tier limits double.

      I would also caution that Up Bank are experimenting with a subscription only tier for new features which is a bit worrying.

    • witheredcouch on 09/12/2024 - 14:05

      Same here, have been with them since 2020 and have been very happy. Also makes for a superb travel card.

    • eagerfisherman on 09/12/2024 - 14:09

      It's my favourite app bank but I just use it for spending and travel.

      It's difficult to move anything else while they remain app-only. Consider me old but it just doesn't sit right to have the singular access to your account be your phone.

      • TheFreaK on 09/12/2024 - 14:46
        +7

        You can always go with Commonwealth and just get charged for existing

      • Asti on 09/12/2024 - 15:34

        When I first joined I also thought that would bother me, but since joining there has never been a time when I missed a desktop/web app. They should still really get on it though.

    • BloodRanger on 09/12/2024 - 14:13

      I couldn't agree more with you, I've been using it in my holiday to Korea and the US the past few weeks and it's worked great, now I'm just waiting for them to create their web and desktop application and it would be golden. But for depositing cash and stuff I just use commbank and transfer it, which is a bit of a hassle but apart from that no complaints.

      • TitanFather on 09/12/2024 - 14:27
        +4

        They also have bank @ post so can use any post office to deposit or withdraw cash.

    • Hunter14 on 09/12/2024 - 15:14

      Do you also have a Ubank account? How does it compare in terms of usability? Anything Up Bank can do that Ubank can't?

      I'm genuinely curious why Up Bank is so seemingly beloved despite the 'low' interest rate.

      • Asti on 09/12/2024 - 15:28
        +1

        Yes I do. If you are comparing usability, up bank is a clear winner. ubank is slow and clunky. the way they arranged some UI elements in Ubank is baffling. I always find I'm in the wrong menu when trying to do payment between accounts and to people. It's very unintuitive. I suppose it's all subjective though. Functionality wise, it doesn't do much differently to Ubank.

        • Hunter14 on 09/12/2024 - 16:11
          +2

          Wow, that's surprising because for me Ubank is the best platform I've used in terms of usability (and I've tried all the main ones). That is until they got rid of direct transfers from the savings accounts.

          I may give Up Bank a go. Thanks for the insight.

      • wangasm on 09/12/2024 - 20:01
        +2

        I also use both apps and agree Up is the clear winner in terms of both usability and just the sheer amount of features.
        Some things Up does better:

        • Contact Management - Just more intuitive with more options like creating contacts from incoming transactions or assigning transactions to contacts. Also integrates with other Up users nicely
        • Threads - Payments are grouped by Threads which show you the complete transaction history with the contact. Yes it is smart enough to usually know which transactions belong to which contacts. This view just makes more sense to me
        • Insights - Complements Threads with useful statistics to track your spending/transactions over time down to a per thread/merchant/category basis.
        • Chances for cashback on morning coffee or happy hour purchases
        • Card management - More granular control over how your card can be used. Also can have up to 2 cards (one digital, one physical)
        • Security/login - Up has more login options. I personally like that you can set it so doesn't require you to login everytime you open the app to see your account (Login still required to transact). Meanwhile uBank went the opposite direction and forced everyone to use passkeys just to open the app, which takes at least 5 seconds for me. Yes I know it is technically more secure but I don't need it on my phone, especially if it takes longer.

        There's more so could keep going

        • TitanFather on 09/12/2024 - 22:26
          +1

          All great points - credited in main post

  • dizzy_7 on 09/12/2024 - 13:49
    +3

    Up Bank is great if you want to transfer money to someone in another country - it uses the WISE platform and is super fast.

    • WhyAmICommenting on 09/12/2024 - 14:18

      Does it work in the other direction? Can you receive international transfers into your up account?

      • dizzy_7 on 09/12/2024 - 14:35
        +1

        You could but it would not be via WISE - it would be via their bank account and what they utilise for international money transfers

    • Hunter14 on 09/12/2024 - 15:15

      Do you have to pay the FX fee?

    • amsaini15 on 10/12/2024 - 08:19

      I have just confirmed end transfer amount for Up Bank and Wise and found Wise send more money. So they are not exactly same

      • Scrooge McDeal on 10/12/2024 - 08:37

        What's the difference in the rate?

  • melk on 09/12/2024 - 14:21

    Up bank is great, no issues for years

  • movieman on 09/12/2024 - 15:13

    Literally just referred a friend yesterday - for $10 each.

    Oh well.

  • Cludo on 09/12/2024 - 15:25
    +1

    Nice, I have the $20 referral now.
    Too bad I just referred my partner a few days ago!

  • ShaneLikesABargain on 09/12/2024 - 15:53
    +3

    I moved my home loan to UP. One of the key benefits is all the money irrespective of saver account (as you can have dozens and split pay automatically into savers for different items) is used as an offset.The savers don't incur interest as when they become an offset, you're instead offsetting the loan amount at the Home loan % which is higher.

    This is in comparison to previous when I was with Athena for my home loan and would leave $1-2K in UP and transfer the rest to my offset in Athena manually after each pay. Whilst the savings on a small amount aren't massive - The reduction in admin work each pay cycle is by itself worth the switch!

    As others have said, using it when travelling overseas with no fees and market currency conversion was excellent.

    A relative was overseas with a Travel card from an airline which stopped working and was having a meltdown over facebook about not being able to access funds. She signed up to UP whilst overseas, got the instant virtual card added to Google (or Apply pay), transferred money from Commonwealth to UP instantly via Osko and was using her UP card instantly.

  • ozisaver on 09/12/2024 - 16:37

    Had an account for years. Best banking app out there. Wanting to use their home loan but they’ve just silently increased their rate to 6% without explanation. Rates haven’t been going up so why they need to do this?

    • Gavman on 09/12/2024 - 16:41
      +1

      6% is pretty competitive these days. probbaly had low rates and held off increasing too quickly unlike the other banks. plus theyre a bank so they need to make money too .. if they paying 4.35% on deposits they are making 1.65% margin on loans .. that isnt a huge amount. On $1,000,000 lent thats around $13,500p.a. They arent a charity at the end of the day

    • circle9nine on 10/12/2024 - 13:46

      Their sharp pricing on rates and 'no haggle' - everyone gets the same rate - was appealing.

      Then, an out of cycle rate increase erodes trust.

      I was going to move my home loan over to them when my current fixed rate term ends, but won't do so any more. All for a 0.05% increase.

  • Gavman on 09/12/2024 - 16:38

    Does anyone know how does UP calculate FX? i.e. if im in USA and wnat to withdraw $100 AUD at the current spot rate (.639) i would get 63.90 USD… is this what i would get with up or would they take a commission/margin on spot rate and if so what % would that be?

    • TitanFather on 09/12/2024 - 16:55
      +2

      I believe they use the mastercard mid market transfer rate.

      We'll automatically convert international transactions from the local currency to AUD using the Mastercard exchange rate, with 0% bank fees (when selecting Mastercard). We’ll also automatically show your balance in the local currency once we detect you’re travelling. If you want to turn this on manually, you can head to Up > Travel and turn on “Travel Mode”. You can check out the exchange rate by heading to Up > Travel in the app, or on the Mastercard currency converter website.

      When overseas we'd also recommend paying in the local currency as opposed to AUD when given the choice by the EFTPOS terminal. This lets you take advantage of the great exchange rate you get by being an Upsider, instead of the rate the merchant terminal chooses to give you 😊

    • amsaini15 on 09/12/2024 - 19:02

      I need to know this too. Is it the best currency conversation you can get with no extra fees when using it overseas?

  • Heybargain on 09/12/2024 - 16:45

    I refinanced with UP a couple of weeks ago after banking with macquarie for the last 5 years. With anything new needed to get around how their app works but so far so good.

    I've still kept got my macquarie transaction account still open as a backup since there's no fees but look forward to using my UP account when I head off to Japan at the end of this week!

    • ozisaver on 09/12/2024 - 17:39

      What’s the experience with the app like once you add a home loan? Is there a new tab that is dedicated to the home loan?can you see daily balance and offset savings etc. Do you get an additional bank account number dedicated to the home loan account? Any chance you could share a screenshot (with private info scrubbed out of course)

      • Heybargain on 09/12/2024 - 20:54

        The loan shows up under the Savers tab. It does not come with an account number. You can toggle to display either loan balance or offset loan balance.

        Your other savings / transaction accounts display as normal in the app.

      • ShaneLikesABargain on 09/12/2024 - 21:03
        +2

        Hey @ozisaver , I'm not OP however here's some screens from mine

        I don't have multiple savers but my partner has several dozen for different things (Congeries, Vet, Pet stuff, car insurance, gigs etc) which would all become offset accounts.

        • ozisaver on 10/12/2024 - 01:20

          Thanks for this. Looks like they integrate the home loan well into the app

  • hasher22 on 09/12/2024 - 16:57

    Oh… I read the picture wrong…. I thought it was a dating app or something "hook up a mate"

  • AsukaST on 09/12/2024 - 17:00
    +2

    I only use my Up bank account for online shopping.
    Keep only $2 there in regular days and only transfer $ in when I need to shop.
    That's the best way to protect myself from online security risks, can combine with Paypal as well,
    It also stops myself from overspending.
    It gives me a 2nd chance to rethink how big the spending is and whether I really need it by actually watching my total balance drops.
    Smart shoppers only buy what you needed, not what you wanted, at the best bargain price.

  • twig on 09/12/2024 - 18:10

    Damn, just as I got around to signing up for the $15

    Oh well

  • Gazza-75 on 09/12/2024 - 18:17

    For what it's worth, I use UP bank exclusively so that I can use them with Garmin Pay. The few banks I've been woth in the past dont support Gain Pay.

  • DoctorArd on 09/12/2024 - 19:40

    Thanks Luke for the referral! That was the quickest one yet - under five minutes to sign up and receive credit, makes me wonder why I wasted so much time with Bankwest.

  • itchy scratchy on 09/12/2024 - 19:49
    +3

    I just came back from a trip to Japan and pretty much used my Up card the whole time, no complaints.
    Zero ATM fees when withdrawing at a place like 711 unlike Revolut which only lets you take out $350/month without fees (just make sure to use the country currency)

    They say they use the MasterCard rate, but it seems to lag a bit behind, from what I can tell. I'm not too sure. Either way no conversion fees either so I was pretty happy.

    Best feature IMO is using the app to pay people back, the other person/you can "slice" a purchase and adjust how much to charge each person, and press a single button to pay them back. It came in really handy.

  • danwylie on 10/12/2024 - 08:01
    +2

    I like Up bank even if I find their youth focus a bit jarring occasionally (in a funny way). I'm middle-aged, I'm definitely not "saving up for an epic backpacking trip across Europe" lol that's pretty close to my worst nightmare. That said, I'm not saving up for a all inclusive cruise through the fjords either (my other worst nightmare), so I guess it evens out

  • LLK on 10/12/2024 - 08:02
    +2

    UP bank is great so far, no issues at all

  • amsaini15 on 10/12/2024 - 08:22

    So there is no limit in amount for Atm withdrawal overseas? They are transferring slightly less than Wise to the same country and same amount. So it may not be just master conversation rate.

    • wangasm on 10/12/2024 - 12:14

      The default ATM withdrawal limit is $1000 per day but can be changed in the app up to $3000, though not sure if this is only for myself.
      If you are talking about transactions/ATM withdrawals (not transfers), Up are the ones using the Mastercard rate. Wise use their own market rate which can be better or worse depending on the time/currency

  • iNeedMoreMoney on 10/12/2024 - 08:25

    I woke up this morning and updated my up app, thanks up/op

  • Freddies on 10/12/2024 - 10:45

    Used my passport and it says pending for verification

  • imtheonewhoknocks on 10/12/2024 - 16:23

    Thank-you for the referrals, free money is always good to have 😊

  • ttfb on 12/12/2024 - 01:31

    The best app, my partner and I love using this. She can keep her income seperate and pay into our 2Up for mutual expenses, and we have set up a couple various savers for mutual goals. I keep the bulk of my money on ING for a higher savings rate of course.

    I'm considering moving my home loan to them also - unlimited easy offset accounts is 🔥

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