Up bank has launched "Locked Savers" 🔐

Australian fintech news and articles

Up bank savings feature

Bendigo and Adelaide Bank owned Up have launched a locked savers function.

Commenting on a tweet today the company used phrases like "Install some savings self defence" :

Commenting on their blog -

Upsiders are keen for a way to lock up their money! We wanted to deliver, but not without properly interrogating the psychology that sits behind saving. We wanted to see if we could make something that genuinely added to the great options that already exist in the world, like term deposits.

Locked Savers are locked accounts, reimagined, so they do a little bit more than just keep your money tied up. Here’s how they work:

Set up a Saver and put some money in there. Maybe you already have one, like ‘☔️ Rainy Day’.

Now lock it down – well, really it’s more like adding a delay to access it. That is, a 3-hour long self imposed delay. If you choose to unlock it, this means you get ample time to reconsider spending the money – or better yet just forget (and re-lock later).

If you’re in a super tight spot, a mate can have your back. You can choose a mate who’s on Up to hold the keys for immediate access at your request. (To do this you just pick your champion when initially locking the saver).

If your mate ignores your request (or misses it) and doesn’t unlock it for you, then you’ll need to wait the full 3 hours.

Once unlocked, your Saver is just a regular ol’ Saver again. You’ll be able to access the money and transfer it into your Up or 2Up spending account to use.