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Refinanced a home loan with Up Bank. What a nightmare!

The application went smoothly up until it went to their lawyers' MSA.

After 44 Days of: - Document requests (they requested the same document 3 times!) - stuff ups (too many to count - had to keep scheduling a JP to certify yet another document) - sheer incompetence (sent us on wild goose chases with our insurers that wasn't required)

After making a complaint, both MSA and Upbank started taking it seriously, and we finally got a settlement!

Only... the surplus funds we requested - haven't arrived. So we're paying interest on money we don't even have! Upbank don't seem at all concerned.

Someone from Upbank said they were investigating compensation options weeks ago – but I never heard back from them.

The sting of finding that MSA lawyers passed along a $10 "service" charge! Also, they decided not to wear the $500 title office charges - despite the god awful "service" provided.

All up with the discharge fees - we're not even saving money this year by refinancing.

Massively regret ever taking on this endeavour. No sense of customer service. Always quick with an apology & admitting fault - but no offer to make it right. Don't make my mistake. Find yourself a bank that respects you and your time.

UP Bank was rumoured to be one of the more Crypto Friendly Australian banks.

After opening account I made a few test transfers to a couple of exchanges
and they went through.

A day or two later I tried again, only to have everything blocked.

And then the fun starts. You will receive a message in the talk to us tab, that at best is vague and bizarre (to the point that I had to double check I wasn't taking with an AI bot) and at worst passive aggressive.

TL/DR. They are absolutely, 💯 NOT a crypto Friendly bank

Heard this bank was crypto friendly.
When I tried to transfer a small amount ($1) from Up to swyftx they blocked the payment. Figured this was a normal formality so I politely explained why I was transferring and reassured them I'm aware of scams and take full responsibility.

10 seconds later I get a seperate message in the 'talk to us' section saying my account will be closed in 30 days and will be banned forever.

Sorry what?? You're telling me what I can/can't do with my own money? Screw you!!

Constant outages gives you no access to your money… great if you want to save ie not being able to spend any of your own money half the time! Had to open another account at a diff branch Because of all the outages
Easy to use app but absolute RUBBISH!!! service

Would give 0 starts if I could , got scammed and as soon as I disputed the transactions with them they closed my account due to “suspicious activity” and when I asked to elaborate more on what I’ve done wrong or suspicious they simply have no answer because apparently they can’t disclose information and it’s funny to my because it’s my account and it’s information about my account not some random stranger’s account. The other funny thing is that they want me to dispute the transaction with the police and they can’t do anything. Even if they didn’t close my account I would’ve happily closed it myself after see how unreliable and dishonest they are.

Shocked to see all the recent bad reviews here for UP...

I have been using the service for close to 5 years. It has been easily the best banking experience I have ever had.

I have always found the customer service incredibly helpful and love that I can message customer support through the app and there is no need to call.

The banking experience has been so seamless. I now have my mortgage and all of my accounts with UP. One of my favourite features is that ALL of my accounts are offsets for our home loan mortgage. Including my spending/transaction account. There is no "annual fee" to have this benefit.

UP is a great product and the future of banking.

New Grow and Flow rate is garbage. They marketed to young people offering flexible and innovative ways to save, now that they've built a reputation they've introduced a new system that takes all this work away. They don't care about customer loyalty. I'm moving to Macquarie. Avoid Up Bank at all costs, they'll reel you in with shiny objects and then take them away from you. Terrible.

If I could rate them less then one star I would up bank will not allow you to transfer your money from a savings account so you can get your money out I have $808 sitting in the bank that they refuse to let me transfer to else where so I can get my money out and use it don’t even bother calling the phone number that’s only used to unblock you from your account if you get locked out of it and as for their chat option all they will tell you is we can’t allow that to happen so now there is $808 sitting in a account that I can’t access BEWARE AND STAY AWAY FROM UP BANK

Up recently changed their interest rate on the back of customer feedback that the rate of 3.85% was too low, which is fair. But in changing their rate, they've completely ruined 90% of its money-saving features now, counteractively going against what made Up so brilliant in the first place.
Unfortunately, they seem set in their ways to make your own money ever so much harder to work for you and I like many thousands of their most loyal customers for years are moving from Up. Grow and Flow is the death of Up.

Until now I thought UP was very good. I had to close my account as I was worried about scammers having the details. UP told me it would take 28 days to close the account and could not open a new one in this time. How do they expect you to live lol, pretty much pushed me out the door to another bank.

UP DOES NOT RESPOND TO NEGATIVE COMMENTS - Which tells you all you need to know!

Signed UP with great hopes initially all went well but as usual with online banks when problems occur they are extremely difficult to fix.
Mobile banking site is full of stupid ridiculous fluff that does nothing but confuse. Meant to be funky and modern I suppose but for me it's unwanted trash.
Still trying to access my account because suddenly my phone number is not recognised and there is no apparent way to get around this.

Any chance I can rate at zero stars? Shocking service. Now I have closed my account and am still waiting since November 2024 to get my funds.

Great app, fast home loan processing experience. Really enjoying the quick response from Up whenever we have an issue, we even managed to resolve opening an Up account while we were overseas (there was some fraudster who had taken the Optus data and opened an account with the same name, same licence etc). Created all sorts of issues for our home loan application also but we worked through the issues like adults and I'm really happy with the experience and outcome.

Ive been a UP bank user since 2018 and it has been nothing short of a wonderful experience.

The App is great, the support via in app messaging has always been incredibly helpful, even helping me when i was overseas and someone skimmed my card. They cancelled the card, issued a new one, lodged the dispute for me with MasterCard and had me refunded in less than 30 days.

The people complaining on here seem to be purely people that have been scammed or tricked into losing there money and UP bank has been unable to get it back.

Unfortunately I don't think people understand just how much paperwork and legal red tape it is to cut through to get money back. The whole process is normally out of their hands as fraud is investigated mostly by Mastercard and Visa, not UP bank. Visa and Mastercard are the only ones who can typically reverse completed non pending debit transactions an issue refund, especially when the transaction is international. An this goes for all banks typically, even the big ones.

If you want someone to point your rage at it probably shouldn't be Up Bank but instead Visa and Mastercard. Who own the payment system and in the end have the final say as to if something is a fraud or scam and whether you get your money back.

Never bank with these people.
An error by another customer lodging incorrectly into my account was met with them
1. Not contacting me prior to any action (I had no issue with correcting the error made by another customer, issue was lack of contact regarding it)
2. Reversing the incorrect payment not once but twice from my account meaning now I was out of pocket and needing to follow this up
3. When I lodged the dispute they believed the error was mine by having hackers access my account so they froze my account. (Up bank were the “hackers”)
4. Took me a day dealing with them answering stupid questions unrelated to the issue to have my account unfrozen
5. Now they refuse to prioritise returning my funds they robbed from my account stating 45 days to fix it
This banks incompetence is a joke and be wary of any matters you have dealing with them

Low life's took a disadvantaged women's money won't let her login no help what so ever 50k in there low life's avoid this place

My partner up account has been scammed and had transaction of 100k. He verified all the details and transactions. It has been nearly two months. We have been involved with Financial complaint as well. But this bank is ridiculous. Every single day, they say it will be fine to log in to app and get access to our money by 5pm. We are sick of it.

Do not use UPBank if you are planning for digital investment they will block you and let you know you are being investigated and may take up to 3m and lock you account with all your funds it in, they do not care who are you and there is no humanity whether if you have money to survive or not.

Trash, horrible app and horrible service. Got scammed and they closed my account. AVOID

SCAM ALERT!

Up Bank embodies everything wrong with modern banking—deceptive, underhanded, and outright fraudulent.

They are running a blatant bait-and-switch scheme, luring in new customers with the promise of a sign-up bonus that never materialises.

Their so-called "online support" is nothing more than a useless front: unhelpful, dishonest, and complicit in the scam.

If you currently have money with Up Bank, I’d strongly advise you to move it immediately. If you’re considering opening an account, don’t bother—you’d be safer stuffing your cash under a mattress.