So what’s a Neobank?
Neobanks are simply banks which are completely digital. Although the word bank is generally associated with long queues, poor customer service and countless fees, neobanks promise to be different. They don’t even have physical branches! What they do provide is all the banking services you need from the convenience of a smartphone app. They vow to deliver app-based banking that is easy to use and beautifully designed, with the ability to quickly track your spending while also delivering an excellent customer experience.
Is Up Safe?
At first, you may be apprehensive about the idea of a fully digital bank. Although, it is important to note that neobanks are regulated by the same authorities as traditional banks – the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investment Commission (ASIC). Plus, just like traditional banks, deposits of up to $250,000 per person are protected by the Financial Claims Scheme (FCS). Plus, Up accounts offer added reassurance in being backed by Bendigo Bank.
Up Account Features
The Up bank account and debit card comes with all the features you would expect from your everyday bank plus more!
When enabled each transaction is automatically rounded to the nearest dollar, with the amount rounded put in a savings account
Up Is Great For Travel
While traditional banks will charge in excess of 3%, Up has zero currency conversion fees and zero international ATM withdrawal fees (although the ATM provider may charge a fee). To work out the currency conversion rate, Up uses Mastercard’s daily standard FX rate, without applying any markup.
1.85% p.a Interest Rate
To be eligible for the Up bank account and debit card, you will need to be able to say yes to the following: