86400 Dropping Savings Interest Rate from 2.5 to 2.25%

charligirl on 11/10/2019 - 15:46
Last edited 11/10/2019 - 15:59 by 1 other user

I JUST moved all my savings from ING to them. Is it worth keeping it there now, or is there a better place to put my savings?

Email I received at 15:40 11/10/19:

'Keeping you in the loop

In the spirt of being transparent and not catching you out, we’re letting you know that as of today the variable interest rate on your Save account will be reduced to 2.25% p.a. when you deposit $1,000+ per month into any of your 86 400 accounts, which is still a great deal in today’s market.

The bonus rate is now 1.85% p.a. and is paid on balances up to $100,000 while the base rate remains the same at 0.40% p.a.

Have a great weekend.

The 86 400 Team'

Financial

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Comments

  • [Deactivated] on 11/10/2019 - 15:58

    In the exact same boat here - Literally just moved all my savings from ING to these guys. Now this. Ugh.

    • charligirl on 11/10/2019 - 16:13

      Same. Literally did it today.

      I also have some issues with their app: they don't seem to have past payee details (which means having to input the bsb and account numbers everytime). I emailed them to inquire if I am overlooking the feature somewhere…

    • ribbonsofnight on 15/10/2019 - 20:25
      -1

      you must have been shocked that they'd all cut their rates at the same time.

      • [Deactivated] on 16/10/2019 - 03:37
        +2

        Not as shocked as I was to read your 5 day late blast of sarcasm.

  • Blue Cat on 11/10/2019 - 16:11
    +1

    Never heard of 86 400 - when did they start?

  • argonide on 11/10/2019 - 16:13
    +4

    Up is down as well.

    • charligirl on 11/10/2019 - 16:16

      Ahh right. It will be interesting to see which bank is the most competitive over the next few days.

  • AdamFury on 11/10/2019 - 16:22
    +3

    No surprise there. I will however be surprised if UBank doesn't lower by the full 0.25 also.

  • Pcoder on 11/10/2019 - 17:25

    Almost feel like having a protest in front of the RBA.

    • DeafMutePretender on 11/10/2019 - 22:27
      -1

      I'd actually support the Extinction Rebellion crew if they protested the RBA.

      Instead of blocking traffic and forcing me to get home late.

  • CodeXD on 11/10/2019 - 20:47
    +1

    ING is down to 1.95% so you are still better off than if you had stayed.

  • DeafMutePretender on 11/10/2019 - 22:22

    Sucks to be those that took a risk and transferred all of their funds to a new bank.

    Countries that have 0 or near 0 interest rates are stagnant. Why are we following them?

    • RockyRaccoon on 12/10/2019 - 00:59

      Because its a Lowe act

      • DeafMutePretender on 12/10/2019 - 21:52
        -2

        To be quite honest, the head of RBA can bLowe me and all Australians who have been forced to swallow the financial consequences of their QE insanity.

    • ribbonsofnight on 12/10/2019 - 10:59
      +1

      Surely everyone was aware that an official rate cut had a pretty big chance of being passed on with whichever bank they chose

  • gozyla86 on 12/10/2019 - 21:36
    +1

    Those Neobank still offer the best rate atm. 2.25%

  • haemolysis on 14/10/2019 - 03:29
    +2

    Don’t know why people all rushed to move their savings so quickly… I’m all for swapping banks when the rates aren’t competitive… but you gotta let the dust settle a little first.

    • charligirl on 14/10/2019 - 16:00
      +1

      I had been meaning to change for a while as ING have become less and less competitive

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