Up Bank customers will need to upgrade to v2.0 of the Up app and can then register for early access to 2Up, with the rollout expected to occur over the coming weeks.
Up Bank said the reason for the staggered load out was to ensure there were no teething issues, with no word as to when a full rollout is expected.
2Up joint accounts will be spending accounts, meaning the money in them won't earn interest.
However, purchases made on 2Up contribute to the five transactions needed to earn interest on the Up Savers account.
So, if one 2Up account holder made three transactions and the other made two, each would qualify for interest to be paid in their private Up Savers account.
The interest rate at the time of writing for the Up Bank Up Savers account is 0.70% p.a. and is paid on balances up to $1 million.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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2Up accounts will have access to features like direct debits, BPay, scheduled and repeating payments, Apple Pay, and Google Pay.
Digital cards will be available for 2Up users immediately and physical cards are set to be available from late 2021 to early 2022.
Each user will be able to see every purchase made on the Spending account and how much it was, but won't be able to see the details of the other person's private Up Savers account.
At launch, 2Up will only be available to two account holders but Up said they had shared accounts (for more than two people) planned for the future.
As with most joint accounts, permission is not needed to make transactions using 2Up, so Up Bank urged users to only open an account with someone they know well and trust.
Up Bank marketed the launch of their joint accounts under the guise of 2-player banking, inviting users to "join forces to battle bills, share expenses and track spending".
More to come...
Take on a new adventure with your Player 2 💥 Welcome to 2Up 💥
2Up is new way to fight finances together in co-op mode. 📱 Update your app to v2.0 😎 Invite your Player 2 ⏱ Register now for 2Up Early Access.
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Harry O'Sullivan
Denise Raward