What Up Bank is, in 2026

Up is operated by Bendigo and Adelaide Bank Ltd. (APRA-regulated authorised deposit-taking institution). The Up brand is the digital-first front-end; Bendigo holds the charter. Free Up Spending account, Up Savers under the Grow & Flow structure (Grow rate 4.85% p.a. when no-access conditions are met, Flow rate 1.50% p.a. otherwise; combined cap AUD 250,000), 2Up joint accounts, pay-day forecasting + auto-split.

Safety and regulation

Direct FCS AUD 250,000 deposit insurance via Bendigo and Adelaide Bank's ADI status. APRA supervision applies to the parent. Investment products not offered — banking-only product.

Who Up Bank is for

Use Up if: you're an Australian resident (particularly under 35) wanting the strongest Australian neobank UX with no FX markup for occasional international travel. Use Bendigo direct or a different ADI if you want investing or business banking — Up is consumer-only.

How it stacks up.

K Bank 78
KDIC
Korea's first Internet-Only Bank to launch (April 2017) — predates Kakao Bank by three months. KT Corporation (Korea Telecom) is the largest shareholder, providing carrier-bundled distribution and ASEAN remittance corridors via Wirebarley. The cash-settlement counterparty for Upbit, Korea's largest crypto exchange — exposure to crypto-cycle deposit flows. Listed on KOSPI in 2024 after two shelved IPO attempts.
Kakao Bank 78
KDIC
Largest Korean digital bank by user count (~24M). Public on KOSPI since 2021. Deep integration with KakaoTalk messenger — distribution moat. Mini Stock fractional investing is a strong consumer-investing entry point.
Toss Bank 78
KDIC
Korea's third internet-only bank. Viva Republica subsidiary — operates inside the Toss super-app (~25M users). Full KFSC licence since 2021; KDIC cover. The mobile-app-native counterpart to Kakao Bank.

Or compare side-by-side

Up Bank vs K Bank → Up Bank vs Kakao Bank → Up Bank vs Toss Bank →