While I do like the developer centric features, that interest rate is pretty terrible. Macquarie and Volt are much better in that respect.

I just checked and Up is 1.5%, Volt is 1.45%, and Macquarie is 1.5% for the first 4 months before dropping to 1.35%.

Edit: Up is actually at 1.6% when you activate the bonus rate by completing 5 card transactions in a month.

Up says they are .1% without the bonus.

"Interest rate Up to 1.60% p.a. (base 0.10% p.a. and bonus 1.50% p.a - details below)" from https://up.com.au/pricing/

.1% does indeed sound pretty awful.

And that bonus is only on the first 50k.

Great stuff. Now, how sure are you of their security, because that's far more important than (other) features.

The banking facility is provided by Australia's 5th largest bank [1], which has been in business since 1858, and is as solid as any bank.

Up Banking provides the user-facing front-end, which of course needs to be highly secure too, but the tech team at Up Banking is one of the best teams in Australia (it caused quite a bit of buzz in the AU developer community when the team was quietly coming together to start working on this a few years ago; As a fun fact, some of the initial dev team previously worked together building The Conversation [2], which is a huge platform and major content source here on HN).

So, they know what they're doing and they know who to bring in to ensure they've done everything right.

Those interested may want to check out this interview with the founder/CEO [3].

My interest: no personal stake or involvement, but am friends and former colleagues with a few of the team members (including the author of this post), and I know of several others by reputation.

[1] https://en.wikipedia.org/wiki/Bendigo_and_Adelaide_Bank

[2] https://theconversation.com/

[3] https://www.youtube.com/watch?v=C64e_9kgb-s

A decent answer, thanks.

Cheers. Note I added a link to a great interview with the founder/CEO if interested.