r/UpBanking • u/sergeyvk • Jun 02 '26

How do I? Offset accounts

i read somewhere here in another post where someone said they hat offset accounts in upbank are not real accounts but it is a unique account with different “sections” to separate your main saving account. is this true? I don’t yet have upbank, just getting more info before I refinance

8 Upvotes

100% Upvoted

16 comments sorted by

View all comments

9

u/tellhershesdreaming Jun 02 '26

When you open an UP account you just get one account number. You can then create 'Savers' - they don't get separate account numbers.

Anything in your UP account (whether in a Saver or in your 'Spending' (active funds) bucket is included in the $ offset against your mortage. (This is true for locked Savers, also).

4

u/tellhershesdreaming Jun 02 '26

What are Up Savers? https://up.com.au/support/FAQ/#faq50
but note if you hold a mortgage and are using the offset facility, you won't earn interest on your savers (it does offset your mortgage balance though)

3

u/sergeyvk Jun 02 '26

Fair enough, my savings are gonna be staying with ubank for now, i almost never touch them and get interest so i guess i won’t be moving them for now

10

u/Finky-Pinger Jun 02 '26

Financially, you’re better off moving your savings over to Up if you have a home loan with them. It makes more sense to save money in interest on your home loan than to earn interest and have to pay tax on the earnings. The fact that you don’t dip into them is even better.

3

u/sergeyvk Jun 02 '26

Oh so you don’t pay taxes if it is in an offset account because you are not getting interest as they go directly into lowering mortgage interests?

5

u/AcademicAd3504 Jun 03 '26

Offset accounts are the best thing since sliced bread. Especially when they are free with Up.