Up Digital Banks
Up stands out for its fewer features and higher mobility for making transactions quickly. This is something really appreciated by those who seek limited features, but with ease of access to them. Banks like Up Digital Banks remains in demand all the time; without being influenced by market trend.
Up was launched in 2017, and partnered with Software Development Company Ferocia and Bendigo & Adelaide Bank. It was a collective effort to make the Australian people’s work smooth with straightforward options, and it did successful.
Up, being not that big has achieved a lot of fame within a very short span of time. It’s also nominated for innovation of the year, and other such awards.
Talking about Up, it’s different from other digital-online banks because it does not have any branch, not even a website; it facilitates its features through mobile application only, which makes users feel comfort to find features or anything they want at a place.
We are gonna discuss everything in this Analysis part, which will help you to get answers to all your questions hanging in your mind.
Company Review
Within a period of 4 years, the growth of Up has been remarkable in terms of banking facilities. Made successful adoption of Up digital banks, leaving traditional banking behind. This bank is important in one more sense: It is operated through Application only. Apart from that, there is no place; Website, another place where you can find and use Up.
Due to the easiness of banking and limited
source of access, it became Australians’ top choice in the banking arena. A banking facility should be easy to access, and therefore Up justifies this with its compilation of features at a place.
With continuous efforts and improvements in its features, Up became a trustworthy medium for Australian to use for their important works.
As said, it is conglomerated with software Development companies called Ferocia and also with Bendigo & Adelaide Bank.
Features: Up Bank
In-app card facility:
Up has a very specific digital card such as the other debit cards, which can be ordered through its application. Also, you get your card accessed through the physical plastic-free card. Or, you can also have access to your card be it on your phone or sent to you by mail.
The card is directly connected with the Up account, making expenditures smooth in no time.
Additionally, the Up card is easy to get by ordering it on the Up mobile application. Besides, other perks are there to help you to manage your Up card, in case anything unnecessary act happened. These are: Disable and Enable the card, change of PIN, configure the card, and Report the card.
All these actions could be taken through its Mobile application.
Money Insights
This is helpful in tracking what you have been spending. It’s ideal to figure out your spending areas and can be beneficial to manage those spending as per your demand.
A few more related money insight features are there.
Weekly Spending Notifications
Up has been helpful in managing what you have spent. Therefore, it has weekly spending notifications as well. Through it, users can figure out their spending habits, and also they can make changes as they look up to it.
Merchant ID
This feature, in particular, helps to find out which website and store you have paid for the purchases, instead of seeking merchant and product relations.
It’s a quick way to figure out the products or services that belong to a particular merchant or store in one click.
Accurate Time and Location Stamps
It is something essential for you ever getting faced fraudulent or anything. However, this is something very much taken care of by the Up beforehand. Like all digital banks, you get to know the timing of your payments on Up, but it lets you know about places along with the timing.
It is something beneficial for the safety of users if anything bad takes place.
A brief discussion of Up features
A list of features is given here. Let us see what features give what beneficiary.
Detailed Spending History :–
This feature allows users to get access to the recent or past transaction history in a quick and compiled way. Also, Up’s “Naked Truth” feature helps find the transaction history in-depth. And, it can be considered as the advanced version of finding the transaction history on the Up.
Payment Splitting –
It is a technique to pay in real-time to businesses or to individuals. It is called “conversational payments”, which is helpful in getting payment history via texts and also ideal for making the transaction in a quick way. For this purpose, you can use users’ Pay ID, account number, and BSB.
Automatic Bill Detection –
With the automatic features of Up, users can make their bills, and payments in automatic mode. So when the time comes, it will be paid automatically. This feature helps to come out of the worry of making payments of your bills on so and so date.
It’s, indeed, a valuable feature.
Payment Options –
On Up, you will find numerous options to play with. This easy Up digital bank supports payment features like Google Pay, Apple Pay, Samsung Pay, etc., which will help your transaction be done hassle-freely.
Multiple Savings Accounts –
Up allows adding multiple savings accounts with its application. There is nothing to be worried about the privacy at all. Adding multiple accounts with Up is helpful in gathering all the accounts in place and it facilitates doing what you want on Up itself.
Low Fees –
Up is flexible in terms of fees on its usage. For instance, there is no fee applied if you use Up’s card for making payments or withdrawing. Also, no fee will be asked for international transactions, savings accounts, etc.
Up Banking Account (Everyday Transactions)
It is another essential feature of Up digital banks: Everyday Transaction Account. It’s an account beneficial for unlimited transactions and also using free ATM services. Along with it, it contains a round-up feature that helps in boosting the savings account.
With an Everyday account on Up, you will be benefitted in various senses: No ATM fees, no monthly fees, and no international fees while using your debit card at a foreign ATM.
Up Bank Saver Account
Up has another bank account called ‘Bank Saver Account’ which is helpful in getting a good rate of interest on your amount being $1,000,000, and using your everyday account for making the 5 purchases every month.
In spite of it, you get a chance on Up to make changes in the name of your savings account, with an additional emoji stick to it. Also, you may go ahead making several savings accounts, achieving your savings goals.
You can facilitate an automatic transfer feature which will help to transfer from your everyday account to your saving account. There is this option of making the transaction scheduled as it will then be done when the time comes.
Payment Options
As far as payment options are concerned, Up digital banks allow numerous payment gateways to be added or used with it. For instance, Google Pay, Apple Pay, Samsung Pay, etc. These all are really important and widely acceptable payment options that are allowed on Up.
You can sign up for PayID and make use of the Osko platform for instant transfers to banks that also utilize the service.
Travel Perks
So, for Australians to visit anywhere in the world, Up is there to help them. It has become too easy to visit with Up because of its zero-fee charges on the Up card used abroad.
Also, making payments through the Up card is so simple and fee-less as well. This is why it’s helpful in making payments anywhere with so much ease. Traveling is something most people love to do. And, having a partner in terms of taking care of financial needs is something we always seek.
To get the best services and that too free of cost, go for the Up debit card.
Should You Try Up Bank?
Up is regarded as one of the easy and less featured digital banks, but effective ones. It’s good in making online abroad transactions with little or no stress and with zero fee charges. Also, you can get spending insight and savings accounts which are essential.
Along with it, a debit card is issued to Up users, which users can use for purchasing goods at various places with no fee applied.
However, with all perks that are there in Up, a lot more is left. For instance, Credit card facilities, Loan features, mortgages, and others are not there in the Up.
So, you must be careful and know about these things prior to becoming a user of Up.
Frequently Asked Questions
Are Digital Banks Safe?
With lots of surging digital banks into the market, a question like this is obvious to be raised. Actually, digital banks are not something a false concept or anything given by unknown personalities, however, it’s more real and security-ensured. Digital banks are replacing the traditional way of finance work and leading towards a new concept that offers comfort along with fewer fee charges.
Who Is Up Bank Owned By?
Up is founded by Grant Thomas and Dominic Pym. It is a conglomerate with Bendigo and Adelaide Bank.
What is Up Bank’s Business Model?
Up provides spending and saving products, but with free services; most of them. This makes Up a reliable option to choose.
The reason that it takes no to less fees is that it is conglomerated with an Australian technology company (Ferocia) and a fully licensed bank (Bendigo Bank).
Summing up!
You must have found crucial information regarding Up bank; one of the popular virtual banks in Australia. It comes up with limited but effective features that help to manage funds and allow transactions free of charge. Additionally, you find spending insight to help find your spending in a detailed manner. Also, international transactions require no fee for using ATMs or making payments there using an Up debit card.