Bendigo Bank-backed neobank Up has launched a new feature on its app which enables users to disable access to their savings for up to three hours.

The funds will stay locked until the three hours lapses or if a nominated fellow Up customer grants the user immediate access.

It appears to be targeted at those going on a night out who can't trust themselves not to dip into their savings, or those who tend to make impulse purchases.

"It's being able to say yes to a night on the town or a massive life move. And it's being able to say no, too," Up said in an email to customers.

"It's up to you whether you choose a mate who'll discreetly open the vault no questions asked or a mate you can count on to keep on on the path to your savings goals."

This forms part of Up's delayed gratification initiative - last month it launched 'Maybuy', an anti-buy now pay later (BNPL) service.

The Maybuy feature enables an auto-saving program for items in a user's shopping cart, and at the end of the period they can either opt to purchase the items or continue saving.

Up Bank's savings account rate is 1.60% p.a. if users make five debit card transactions on the linked transaction account.

However, for the funds locking feature, there is no interest rate incentive unlike other 'lock saver' products.

For example, Virgin Money's rate locking feature boosts the maximum savings account rate on its Boost Saver account to 3.60% p.a. if they lock some or all of their savings away for 32 days.

This is a 30 basis point premium over the regular Boost Savings interest rate - 3.30% p.a. - which requires over-25s to deposit $2,000 in their linked transaction account and make five debit card transactions every month.

Virgin Money's Boost Saver rate of 3.60% p.a. with rate-lock is the highest savings account interest rate in InfoChoice's database.

The unlocked rate of 3.30% p.a. sits in third place behind Bank of Queensland's 3.50% p.a. on balances up to $50,000 if users are under-35, deposit $1,000 per month and make five settled card transactions.

What is a notice savings account?

Notice savings accounts may provide an interest rate premium if users opt to lock away their funds for a period - typically 31-32 days, and sometimes up to 90 days.

In this way, they act as a mini term deposit.

Aside from Virgin Money, other notice savings account providers include: Rabobank with up to 2.15% p.a. for 91 days locked; and Westpac with up to 2.60% p.a. with 31 days locked.

Westpac's account is a little different in that the rate applies until a notice of withdrawal application is made; from there the rate drops to 1.50% p.a. until the notice period is over, and then 0% when funds become 'at call'.