Neobank Up adds BNPL alternative Maybuy to help fend off buyer’s remorse

Up online bank Maybuy pop up shop for Buy Now Pay Later savings alternative maybuy
Image by Wayne Taylor

Ever bought something you didn’t really need because Buy Now Pay Later made it oh-so-easy?

The popularity of BNPL has made it easy to get access to important (and fun!) goods and services, but it has also made us way more likely to spend out of convenience

Neobank Up found that BNPL can evoke feelings of stress and apprehension in more than half of the surveyed Aussies under 35.

With two in five of the people surveyed admitting to having multiple BNPL purchases open, 57% also said they would be interested in an alternative focused on saving. Up’s new feature, Maybuy, has been introduced to fill that niche.

What is Maybuy and how does it work?

Instead of clicking through to their go-to BNPL app, Maybuy allows customers to add items to your account and creates a savings plan for them. Once you’ve met a savings goal, Maybuy will allow you to either purchase the item - or to put aside those savings for other use.

Up’s head of product, Anson Parker, says “Our research uncovered almost a third of young Australians found their purchases less enjoyable when paid over multiple instalments. So, we want to give people more time to make decisions about what they buy, which in turn we hope will lead to increased purchase satisfaction and better financial outcomes.”

Maybuy comes at a time when the cost of living is getting higher and higher, putting more financial strain on people. If you’re struggling with savings, this could be a welcome addition to your app library.

To celebrate the launch, Melbournians can take their own impulse purchases to a pop-up store in the Melbourne CBD. The Maybuy Exchange is open from 11:00am to 4:00pm on the 3-7 August, 2022, on the corner of Swanston Street and Little Bourke Street. 

Attendees will be able to trade-in their spending regrets for between $10-$500 (T&Cs apply). All of the impulse buys collected will be donated to a charitable partner.

Curious about Up and other online banks? Read our guide to neobanks and fintech. If you want to start saving up, check out Mozo’s best savings and bank accounts.

Compare savings accounts - last updated 18 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.