New Neo Bank 86400 Review

gozyla86 on 28/08/2019 - 15:33

Hi,

Just received an invitation code to open an account with 86400 Bank this morning and these are my thought about this bank:

  1. Advantages:

    • Highest saving interest atm 2.5% (Ubank recently went down to 2.41%), with 1k deposit monthly.
    • Free accounts
    • No Direct Debit Dishonours fee
    • Native Osko payment (Did not see PayID but in their email, they said they are Osko Ready)
    • ATM Withdrawals free
    • Well design app and allow you to monitor your other bank's accounts in 1 place.

  2. Disadvantages:

    • 1.5% International transaction (including ATM, merchant or purchase online) - Not good at all for travelling
    • No In-Apps Chat. I think a bank without branches should have live chat.

Now I am waiting for Xinja to actually catch up. Volt too.

Financial

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Comments

  • HighAndDry on 28/08/2019 - 15:39

    Thanks. That's a nice savings rate, for a normal account anyway.

    • sixteenweasels on 28/08/2019 - 15:44
      +1

      I think Up Bank has the same rate and the requirement for theirs is 5 transactions in a given month (as opposed to the 1k deposit)

      • HighAndDry on 28/08/2019 - 16:06

        Ah okay, thanks. Both are fine I think - there's no fees for withdrawals right? For a savings account, I think 1 deposit might be easier to remember than 5 transactions, though that might be easier for others.

        • gozyla86 on 28/08/2019 - 16:23

          They don't state "No withdraw fee FOREVER" like other banks but they said something like if there are fees, it will appear on screens. And there is more than 10k free ATM around Aus. So I think they say no fee from their end but there is might be from others.

          • HighAndDry on 28/08/2019 - 16:55

            @gozyla86: Oh hmm good point. Might have to use it as a savings-only kind of account then. Move $1k in, move out whenever I need to use it. But yeah that adds a layer of inconvenience which… hm. 2.5% is good, but I also place a high price on my effort.

            • gozyla86 on 28/08/2019 - 17:15

              @HighAndDry: As I recalled, except for some independent ATM, most of others ATM Banks in Aus are free to use for domestic cards.

  • darkblueslider on 28/08/2019 - 17:45

    I've opened an account too. It's not all singing all dancing but for the moment they can have some cash for 2.5%! Better than uBank so far.

  • passwordistaco on 28/08/2019 - 21:19

    Anyone concerned about storing other bank details with 86400? I read their policy on connecting banks, seems somewhat safe - however you waive all rights in case something happens (depending on your banks conditions).

    • omguleh on 29/08/2019 - 14:43

      That’s my main concern too. Not game enough to set it up.

    • Vietsoldier on 04/09/2019 - 10:13

      We'll have to live with the risk until Feb 2020 when Open Banking becomes active in Australia.

      Can anyone advise if I can link my Coles Mastercard account to it?

      • flyingspacebar on 22/09/2019 - 23:22
        +1

        Can confirm, Coles MasterCard will link to it.

  • knightslay2 on 28/08/2019 - 22:46

    I wonder what is the reason they decided to have the $1000 requirement for extra interest?

    • omguleh on 29/08/2019 - 14:44

      Same as any other bank. Forces you to use the account and inject extra cash for them.

  • blurrybird on 29/08/2019 - 13:02

    Just signed up - it’s the fees that are the kicker. They’re available here to anyone interested.

    https://www.86400.com.au/wp-content/uploads/2019/02/86-400-F…

    If they did the same fee structure as ING I’d be switching instantly but for now the ATM fees not being returned (for those servo kebab stop atms) and international aspect means I’ll be keeping ING as my daily at this rate.

  • saitken on 29/08/2019 - 18:41

    I joined yesterday as well and am considering using it as my main bank.

    Pros for me:

    Links to other bank accounts and let’s me view everything from one app
    Bill scanning and upcoming bill info is displayed really well

    I don’t normally withdraw cash and have an ING credit card that I pay off each month.

    Have split my pay with work to have $1000 into my ING and the rest into 86 400 each month so I can get the best of both worlds

  • PixelPaul on 04/09/2019 - 10:02

    1.5% International transaction… no thanks.
    my citibank account seems much better.

  • novicenow on 18/09/2019 - 21:39
    +1

    I’m not sure I understand the $1000 rule.

    It doesn’t say that the balance at the end of the month must be $1000 MORE THAN at the beginning.

    So I can basically transfer out $1000 and transfer it back in and still get the 2.5% rate?

    • finbar on 19/09/2019 - 12:56
      +2

      yep

      • novicenow on 19/09/2019 - 21:02

        Thanks! That’s good to know :)

  • T-man on 20/09/2019 - 14:40

    It’s very boring bank, nothing likes N26 in the EU.

  • Pentanol on 21/09/2019 - 00:31
    +1

    Their glassdoor reviews are really concerning. Ill probably hold off or go with Up.

  • misguided on 30/09/2019 - 13:00

    does this have a USP which is different from UP ?

  • vchan on 30/09/2019 - 16:04
    +1

    Up bank as well has everything that is mentioned. They also have support for direct debits (dunno if Osko covers that).

  • FirstWizard on 01/10/2019 - 11:28

    Doesn't seem to support BPay yet, unfortunately.

  • gozyla86 on 02/10/2019 - 00:39
    +1

    Macquarie will still be my main so far due to their budgeting tools. No other banks come close to them in that aspect. But Saving will be in 86400.

  • Fundies on 05/10/2019 - 08:23
    +2

    New 86400'er here. A couple of minutes work to get an extra 0.25% and give the finger to the big four….well worth it :)

  • [Deactivated] on 14/10/2019 - 14:51
    +2

    86400 Bank

    I just don't like the name.

  • 7hours 44min ago on 19/12/2019 - 12:20

    Silly name. Literally took 3 mins to sign up yesterday. Plan to only use as HISA as conditions and % are the best for our situation.

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