Up Bank customers will need to upgrade to v2.0 of the Up app and can then register for early access to 2Up, with the rollout expected to occur over the coming weeks. 

Up Bank said the reason for the staggered load out was to ensure there were no teething issues, with no word as to when a full rollout is expected. 

2Up joint accounts will be spending accounts, meaning the money in them won't earn interest. 

However, purchases made on 2Up contribute to the five transactions needed to earn interest on the Up Savers account. 

So, if one 2Up account holder made three transactions and the other made two, each would qualify for interest to be paid in their private Up Savers account. 

The interest rate at the time of writing for the Up Bank Up Savers account is 0.70% p.a. and is paid on balances up to $1 million.

See also: Savings accounts with the highest bonus interest rates


Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 26, 2024. View disclaimer.

        2Up accounts will have access to features like direct debits, BPay, scheduled and repeating payments, Apple Pay, and Google Pay.

        Digital cards will be available for 2Up users immediately and physical cards are set to be available from late 2021 to early 2022. 

        Each user will be able to see every purchase made on the Spending account and how much it was, but won't be able to see the details of the other person's private Up Savers account. 

        At launch, 2Up will only be available to two account holders but Up said they had shared accounts (for more than two people) planned for the future. 

        As with most joint accounts, permission is not needed to make transactions using 2Up, so Up Bank urged users to only open an account with someone they know well and trust. 

        Up Bank marketed the launch of their joint accounts under the guise of 2-player banking, inviting users to "join forces to battle bills, share expenses and track spending". 

        More to come...

        Photo by Priscilla du Preez on Unsplash