Head-to-head
Up Bank vs Macquarie: Best AU Sole Trader Account? (2026)
Two of the most-loved AU everyday accounts among sole traders. Both are no-fee, both have great apps. The choice usually comes down to bucketing style and international card use.
In this comparison
- Both $0/month, both no minimums.
- 10-row side-by-side feature comparison.
- When each wins (bucketing UX vs international FX).
- Clear winner per use case + FAQ.
Last updated
30 April 2026
Format
Head-to-head + verdict
Tools compared
2 (Up Bank, Macquarie Transaction Account)
The structural difference
Up Bank vs Macquarie Transaction Account, in one line
Up is the playful, phone-first challenger bank — Saver Spaces are the killer feature for AU sole traders bucketing GST/tax. Macquarie is the grown-up alternative — same no-fee structure, similar slick app, but with free international card use and a more mature brand voice.
Up Bank
Fee-free everyday banking with great Saver Spaces
Up — best for GST/tax bucketing
Free everyday account with Saver Spaces (unlimited), powerful Rules engine that can auto-move % of every payment into Spaces. Phone-first UX. AU-built, owned by Bendigo & Adelaide Bank.
Best for bucketing-discipline sole traders
Macquarie Transaction Account
No-fee everyday account with mature app + interest
Macquarie — best for international + mature UX
Free transaction account with interest paid on balance, free international card use (no FX margin on Visa transactions), more mature app, branch network + AU support team.
Best for sole traders who travel or transact internationally
Side-by-side
10 rows of honest comparison
Pricing accurate as of the last update date. Both providers change plans periodically — confirm before signing up.
| Feature | Up Bank | Macquarie Transaction Account |
|---|---|---|
| Monthly fee | $0 | $0 |
| Minimum balance | None | None |
| Interest on balance | No (Savers earn interest separately) | Yes — interest paid on the transaction account |
| Bucketing / sub-accounts | Excellent — unlimited Saver Spaces + powerful Rules engine | Good — Save accounts, transfer rules less powerful than Up |
| International card use | FX margin applies | Free — no foreign transaction fees on Visa |
| Mobile app | Class-leading, playful, phone-first | Polished, more mature feel |
| Support | Chat-only | Chat + phone + branches |
| Joint accounts | Only with another Up customer | Yes (with anyone) |
| Owned by | Bendigo & Adelaide Bank (AU ADI) | Macquarie Bank (AU ADI) |
| Best at | Auto-bucketing GST + tax from every payment | Travel, international clients, free FX |
Verdict
Pick by use case, not by hype
Verdict
Pick Up if…
- • You want to set up auto-rules that bucket 1/11th of every payment to GST + your tax % to a Tax Space.
- • You mostly transact in Australia.
- • You like playful UX and phone-first design.
- • Joint account isn't a requirement (or your partner is also on Up).
Verdict
Pick Macquarie if…
- • You bill international clients (or travel) and need free FX on Visa transactions.
- • You want interest paid on your operating cash balance.
- • You want phone + branch support as a backup.
- • You want a joint account with someone who isn't on Up.
FAQ
Common questions
- Can I use both?
- Yes, many AU sole traders do. Up as the operating account (because of the bucketing), and Macquarie as the FX card for international transactions. Both are free, so the only cost is mental overhead.
- Are these business accounts?
- Technically no — both are everyday personal transaction accounts. But because sole traders aren't legally required to have a dedicated business account (you and your business are the same legal entity), either works fine. See our separate guide on whether AU sole traders need a separate business bank account.
- What about Wise for international?
- Wise is better for receiving international payments (you get local USD/EUR/GBP account details, so clients can pay you as a local bank transfer). Macquarie is better for spending overseas on the card. Many AU sole traders running international clients use Wise + Up + Macquarie together.
- Is my money safe in either?
- Yes. Both are AU ADIs (Authorised Deposit-taking Institutions) — your money is covered by the Australian Government Financial Claims Scheme up to $250,000 per ADI. Same protection as a big-4 bank account.
Related
If you want the broader picture
Comparison
All 5 sole-trader bank accounts compared
Up, Macquarie, Wise, ANZ Plus, Hnry Account — the full listicle.
Read →
Comparison
Do I need a separate sole trader bank account?
The legal vs practical answer + the 3-bucket workflow most operators settle on.
Read →
Comparison
How much tax to save as sole trader
Rules of thumb per income bracket — use these for your Up Saver Space % rules.
Read →
Disclosure + disclaimer
How this comparison was put together
Some of the links above are affiliate links. If you click through and start a paid plan, BizTools.au may earn a small commission. The commission does not change the price you pay and does not influence which side of the verdict wins.
Important note
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- Calculator results are general estimates only and depend on the figures entered.
- Examples and summaries are provided for general information, not legal, tax, accounting, payroll, or financial advice.
- Before relying on a result for a real decision, check your assumptions and get qualified advice where needed.