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86 400 Neobank Transaction + Savings Accounts (2.25% with $1k Deposit, up to $100k, Digital Wallet Support + NPPA)

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If you don't know what a neobank is, they're online banks that are 100% digital. They do not have physical branches and are not constrained by legacy systems. Some others include Up, Volt and Xinja.

Account names are Pay and Save.

$1k deposit per month into either account will give you 2.25% on Save (1.85% bonus, 0.4% base) up to $100k. That's double Up Bank's limit at the same rate and with an arguably better bonus rate condition (Up requires 5 card purchases per month).

Compatible with Apple, Google, Samsung, Fitbit and Garmin Pay.
There's also an Osko logo on that page. They are listed on NPPA's website.

Their app: Android, iOS.

They do NOT rebate ATM fees. Their page says "Free at over 10,000 Australian bank ATMs", which is probably just counting the networks owned by the big 4.

You can add other institutions' accounts to the app to see all your funds in one place (similar to AMP).

They do not seem to have an internet banking portal yet for access on desktops or mobile browsers. Your accounts can only be accessed on the app on your phone.

Related Stores

86 400
86 400

closed Comments

  • +6

    I would definitely preference Up over 86400, recently had a play around with the 86400 app and it’s nowhere near as polished/user friendly as the Up app.

    • +1

      Up also has a $5 referral bonus! Just need to text your mobile number to an Up customer.

  • -1

    possibly because of the personal information farming scandal recently

    link or elaborate please

    • +4

      https://www.google.com.au/search?q=payid+zdnet

      https://www.google.com.au/search?q=payid+itnews

      TL;DR Westpac's systems failed to detect an attack lasting 45 days at 1900 lookups a day.

      When you you enter a PAYID such as an email address or phone number, the system confirms you have the right person by displaying part of their name. This can be (and in this case, definitely was) abused to confirm/match names with known email addresses or phone numbers.

      If you're concerned about this, you can have fast payments with traditional BSB and account number without PayID. Most banks with NPPA have PayID as an opt in feature.

      • thanks. i thought that was a feature open to abuse. you can easily try to look up someone's mobile phone number.

  • +10

    +1 for the detailed write-up.

    • -7

      From the voting guidelines:

      Please refrain from voting when it's not a good deal but has a funny picture or coupon, good description, you like the poster or any other element that is not related to the deal itself.

  • +5

    seems like a stupid name for a bank

    • +2

      It's the number of seconds in a day, apparently.

      • +6

        see above comment :)

      • +1

        Wait til someone starts one called 31536000.

      • +1

        Maybe 525,600 is easier - there is already a nice song for it!

      • It's the number of seconds in a day, apparently.

        Or is it? https://youtu.be/IJhgZBn-LHg

    • Yes they should have gone for a name like Commonwealth, oh wait…

  • +1

    they've totally lost me as you have to use either android or ios to bank …

    • +1

      So it's bad for people who still don't have a smartphone then…

      • +2

        no, i prefer to use a linux desktop because 1) it is much easier to type using a keyboard & mouse and 2) i have much more confidence that my interactions will be secure and 3) the screen size is much bigger so no cramped menus

        • Agree with this. My Up Bank app was unusable after some updates a while back. Could not bank, until some uninstall and re-install and some verification - a bit annoying and a distraction when it was least expected.

          Enough feedback, and maybe they will also provide a desktop interface.

  • +11

    Reading through all this garbage, what's the bargain? Rabobank, BOQ is better for savings, ING is better for transactions.
    Sockpuppeting?
    Move to forum?

    • Oh it’s a new bank? I thought someone O.D.’d at marketing school and vomited into their post.

    • +1

      Rabobank's 2.75% on their HISA is a 4 month honeymoon rate.

      BoQ has intolerable legacy tech. 86 400 offers the same rate with digital wallet support + NPPA at the cost of having a lower cap on the bonus rate balance ($100k vs 250k, but it's still better than Up's $50k and with a less annoying bonus rate condition).

      Since they're a neobank, they should be able to add new features much faster than banks burdened with legacy systems.

      BoQ also specifically states you have to deposit the $1k into the transaction (Day2Day) account. 86 400 doesn't care which one you deposit into.

      • Since they're a neobank, they should be able to add new features much faster than banks burdened with legacy systems.

        Are you marketing from 86400? Who cares how fast they add features? How is it a bargain ?

        • The irony is they are probably using some legacy systems.

        • burdened with legacy systems

          Burdened by regulations so that they don't lose all your money.

      • 86 400 states
        Save account
        Earn 2.50% p.a. When you deposit $1,000+ each month.
        https://www.86400.com.au/?gclid=CjwKCAjwwvfrBRBIEiwA2nFiPfPs...

  • UBank's sweep feature also allows direct debit bills to be paid with the "$0 in the transaction account" trick, so your money stays in the savings account earning every last cent of interest until the due date.

    What does that mean?

    • +1

      https://whirlpool.net.au/wiki/UBank

      See points 4 and 7 of "highlights maximising your interest", Q5, Q6, Q10 and Q11.

      The live sweep feature means if there are insufficient funds in the transaction account, the difference will be seeped from the savings account. Applies to savings transactions, direct debit, ATM withdrawals, etc. Doesn't work for credit transactions and some others. See the Whirlpool wiki for the details.

      In the end it's only a few cents of interest vs letting $100 sit in the transaction account.

      • thanks for making us aware of this. So you mean to say we can keep that balance at $0 and when a direct debit is processed to pay off i.e $120 credit card balance is processed it will simply do the sweep and withdraw the funds from the linked savings account and we wont get charged a dishonor fee?

        • Yep!

      • +1

        "In the end it's only a few cents of interest vs letting $100 sit in the transaction account."

        True, if you only have $100. If you have direct debuts in the thousands (e.g. paying off your credit card every month, etc.) then it starts to become a factor. E.g. Keeping $1000 in your transaction account would mean $24pa lost interest.

        Especially considering the 0.09% difference between these guys and UBank would equate to $90, if you had the full $100k.

        • If you have direct debits in the thousands (e.g. paying off your credit card every month, etc.) then it starts to become a factor. E.g. Keeping $1000 in your transaction account would mean $24pa lost interest.

          If you have direct debits in the thousands, you still only need to leave $100 in the transaction account.
          UBank automatically tops-up the transaction account from the savings account whenever a debit occurs.

        • That's $2.50 you are losing every year.

  • +1

    Account names are very simple and unambiguous (unlike UBank): Pay and Save.

    who cares… you sure you arent in marketing?

    there is no support for BPay
    They do not seem to have an internet banking portal yet for access on desktops or mobile browsers. Your accounts can only be accessed on the app on your phone.

    seems like some negatives for what is just another savings/transaction account for somewhere between 0 and 0.1% difference compared to other banks accounts

    • +1

      Wait, what? No BPAY? WTF?

      • Hence "neo bank". Lower cost = less features.

  • +7

    up bank is better.

    • +1

      At least 86400 is better for savings if you just want to park your money there without 5 transactions each month to qualify for bonus rate. Only condition $1000 in and out with 86400.

  • +2

    As much as was in the write-up it didn't seem to mention if 86400 was an authorised deposit taking institution, which is critical information for these deals. Fortunately it is:

    https://www.apra.gov.au/media-centre/media-releases/apra-gra...

  • +4

    ‘If you don't know what a neobank(wikipedia.org) is, they're online banks that are 100% digital. They do not have physical branches and are not constrained by legacy systems.’

    Sounds good..

    ‘They do not seem to have an internet banking portal yet for access on desktops or mobile browsers. ’

    Uh…

  • Nice, thank you for the post :)
    Do you know if BOQ has a "$0 in the transaction account" trick?(I use them now due to seeing it here on the HISA top list).
    Also, I'd switch to this bank if you know if you can debit form the account receiving the 2.5%?

    • +2

      BoQ does not have a sweep feature, so you can't have $0 and still transact with live sweeps.

      https://www.boq.com.au/content/dam/boq/files/terms-and-condi...

      Fast Track accounts have "N/A" for direct debits, but they allow direct credit. So you can transfer in directly to the savings account, but their bonus condition requires the minimum monthly deposit to go through the transaction account first.

      Most people are not using this account for everyday banking. They're using it to park money, but still be able to access it at anytime since it doesn't have a "no withdrawals" condition.

      • Thanks Scalebearer.
        Yeah I think it's great and use the direct credit. But it would be too annoying moving the money back to the chequing account each month for mortgage repayments (line of credit not an option for me unfortunately). So I just leave a small amount there. But same issue applies to anyone's general debits.
        I've messaged this bank re debits from the savings account.

  • +4

    there is no support for BPay
    They do not seem to have an internet banking portal yet for access on desktops or mobile browsers. Your accounts can only be accessed on the app on your phone.

    These are show-stoppers, surely ?
    Do they have a roadmap for adding this stuff ?

  • +4

    No deal. This belongs in the forums

  • +1

    no physical branch/offices? and i'm putting my savings here? hmm… will take a while before my mindset can change!

    • don't you worry, it's all stored in the "cloud" :)

    • They definitely do have an office but its not public facing. Given they have a banking license your money would be guaranteed up to $250k as per government policy.

  • ref "$1k deposit per month into either account will give you 2.5% " does the 1k deposit need to come from outside the bank? or can we transfer between own accounts or from our spouses 86 400 account back and forth to qualify?

    • A transfer isn't a deposit, so deposit would be from outside. (which includes a spouse account -> yours)

    • +1

      you really need to read the t&cs. ing bank counts deposits from other users' ing accounts.

    • Can't find any proper product disclosure documents on the site at the moment, so it is hard to tell.
      Their call centre is up and running, so it is possible to find out, I suppose, if really interested.

  • -1

    Any great banks for a newborn/child account with great interest? Only to put in a few bucks here and there

  • +1

    How do you deposit a cheque or physical cash? Literally the only reason I need a physical branch once or twice a year.

    • +3

      open a nab classic account, it's free. Deposit at nab branch or ATM, and transfer to bank of your choice.

    • if u still use cash u shouldnt be using a neobank

  • +5

    Just an announcement for a new bank. No deal. Belongs in forums.

  • +2

    This is just advertising. This isn't even a deal.

  • +1

    INTERNATIONAL TRANSACTION FEES.

    What a smart bank to charge foreign transaction fees in todays world.

  • Anyone know if you need to deposit $1000 during that month to qualify for the bonus interest or you got to deposit the previous month to qualify for the subsequent month?

    • +1

      The former. I asked on the phone. You can call them yourself to verify as well.

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