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.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Macquarie Savings Account (<$250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
4001$product[$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
Disclosure

Rabobank High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
Disclosure

Save Account

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Accelerator

    More details
    02501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • $0 monthly account fee
    • Grow your balance by $250 each month to qualify for bonus interest
    • Bonus Interest Tracker via the app
    Disclosure

    Future Saver

    • $0 monthly account fee
    • Grow your balance by $250 each month to qualify for bonus interest
    • Bonus Interest Tracker via the app
    More details
    Disclosure
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    More details
    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 September 17, 2024. View disclaimer.

    Important Information and Comparison Rate Warning

    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