Up Bank Savers rate increases to 5.6% p.a. from 8 October
Up Bank is raising the Savers account interest rate to 5.6% p.a. effective 8 October 2026. To qualify, you need to make 5 card transactions per month and avoid any withdrawals from the Saver account. Essentials remains at 2%.
Original title
Up Savers Grow Rate 5.6% p.a. (Must Make 5 Monthly Card Transactions & No Withdrawal on Saver)
Quick take
- Users with idle funds willing to use their Up card monthly
- Those looking for higher savings yield than Essentials 2%
- Anyone who needs to access Saver funds frequently (withdrawals forfeit the rate)
- Users who cannot meet 5 monthly card transactions
- 5.6% p.a. is competitive among Australian savings accounts
- No account fees, no minimum deposit requirement
- Strong community vote (+55/-0) confirms the deal is straightforward
- Failing the monthly conditions may drop the rate for that month
- Variable rate — expect decreases if the RBA cuts the cash rate
- Price
- Reward offer
- Value per hour
- $0
Fill in your profile and we'll tell you whether you can do this (state, visa status, banks, memberships).
Set up my profile →How to do it
- 1Open or ensure you have a Savers account in the Up app.
- 2Make at least 5 card transactions per month (online or in-store).
- 3Do not withdraw from the Saver account during the month to earn the 5.6% rate.
Conditions
- 5 card transactions required per month.
- No withdrawals from Saver during the month.
- Rate effective from 8 October 2026.
- Variable rate, linked to RBA cash rate changes.
Risks
- NoteOnly available in NSW / VIC / QLD / WA / SA / TAS / ACT / NT.
- NoteNo end date given. The price or offer could end at any time.
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