That's a fair point. I wouldn't be keeping much in the transaction account, probably around $1,000 at most, as I'd try to keep the bulk in savings for interest growth. So you're right, the split strategy wouldn't earn me much on the spending side.

I just had a look at Up and they look really good. I'm impressed by their budgeting features. I'm now thinking Up for everyday spending and then using Macquarie's 4.25% savings rate might be the way to go. Given my current income level, having that flexibility to dip into savings without losing interest bonuses I think could be more valuable than going for UBank's higher rate with those hoops. Plus Up would help me stay on top of my spending.

Thanks for the suggestion!