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Open an Account and Get $10 after Your First Purchase @ 86 400 Smart Bank

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Download the iOS or Android app open the account and do the requirements outlined in terms and conditions. the relevant bits below.

Open an account and get $10 after your first purchase. Limited to the first 10,000 new customers who open an account after 20 October 2019 and make a purchase before 15 December 2019.

To get the ‘First purchase bonus’ follow the steps below:

  1. Download the 86 400 app and open an account in just 2 mins.

  2. Fund your account by transferring money from any other Australian bank account. You can find the BSB and account number in our app.

  3. Treat yo’ self (a.k.a. make a purchase) using Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay or your 86 400 Visa Debit card before 15 December 2019.

Ta da! $10 is yours and will be credited to your Pay account within a couple of business days.

See here for some OzBargain related discussion on them or if you have an interest in Digital Banking notably neobanks join us in our discord chat room here

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86 400
86 400

Comments

  • +5 votes

    What if it takes me more than 2 minutes to complete step 1?

  •  

    Limited to the first 10,000 new customers who open an account after 20 October 2019 and make a purchase before 15 December 2019.

    Let the race begin, feel bad for the people who opened the accounts before.

    •  

      Limited to the first 10,000 new customers who open an account after 20 October 2019 and make a purchase before 15 December 2019.

      Yeah most likely is gonna go quickly.

      feel bad for the people who opened the accounts before.

      That's what you get for being an early adopter you're always going to miss out on things like this no one is gonna give you money to become a customer if you're willing to do it for free.

    •  

      I was one of those, but the higher interest rate I got for that time was more than $10 so all good

    •  

      Early adopters = easy = no incentive.
      Next wave (cheap customers) = $10
      Harder to obtain customers > $10

  • +4 votes

    Hmm. According to this, they have an Australian banking licence, and their name implies they are a 24/7 online-only bank (86400 refers to the number of seconds in a day). Other than that, I have never heard of them before. Are they worth $10 to try out?

    • +2 votes

      Is 100 points of ID information worth $10?

      •  

        70points really only wants license

      • +5 votes

        It is definitely legit. It's a subsidiary of a card switch provider for most of the credit unions and mutual banks.

        There's a number of these Neo/Fintech banks opening up at the moment. 86400, Xinja, Volt, Up Bank etc.

        They have the same deposit guarantees as the big banks. And bound by the same privacy, security regulations and laws enforced by APRA.

        • +2 votes

          It is definitely legit. It's a subsidiary of a card switch provider for most of the credit unions and mutual banks.

          Cuscal does a lot more than that but yes.

          There's a number of these Neo/Fintech banks opening up at the moment. 86400, Xinja, Volt, Up Bank etc. They have the same deposit guarantees as the big banks. And bound by the same privacy, security regulations and laws enforced by APRA.

          Yeah if anyone else is interested I maintain a list here

          • +1 vote

            @Kyle-K: Yep, I work in technology for one of the Credit Unions, I know they do a whole lot more than that, it was just the first major piece that came to mind to describe them

          •  

            @Kyle-K: Your link doesn't work for me.

    •  

      Hmm. According to this, they have an Australian banking licence

      Correct, they have a full banking license nonrestricted and are currently fully owned by Cuscal who is bringing on new investors.

      and their name implies they are a 24/7 online-only bank (86400 refers to the number of seconds in a day).

      Correct still think it's a terrible night though.

      Other than that, I have never heard of them before. Are they worth $10 to try out?

      They are one of the new entrance into the market see the list here only launched a few months ago if they're worth while trying out for $10 or not that's a decision you have to make. The product is early though.

  •  

    How do we use google pay with this?

  • +2 votes

    "When you connect your accounts, 86 400 is also able to look through your transactions and detect recurring bills, subscriptions and direct debits. "

    Ummm… No thanks…

    • +2 votes

      Just get the $10 and close the account lol

    • +3 votes

      There is no requirement to connect your accounts to them with other banking institutions via Yodlee. That's just if you want that functionality.

      • +3 votes

        If you don't connect your accounts, there's not much point in using this service other than to get a free $10.

        If you do connect, they will access and use information about your private financial transactions.

  • +12 votes

    $10 is an OK opening offer, but I'll hold out for a higher one.

    I'm sure they'll increase it eventually to $30 or $40, in future campaigns.

    • +5 votes

      It's limited to the first 10,000 customers. My guess is that they are more likely to decrease or stop the opening offer. That's what Up did.

      • +1 vote

        It depends on how their business does. If they keep growing, then they'll have more money to spend on these offers.

      • +2 votes

        ING had been established here for years before they upped theirs to $100. Early customers are the easiest customers. Once you get all the people willing to sign up for $10 you get to higher friction customers.

  • -2 votes

    The link features marketing messages for morons such as letting you know the bank will tell you when you can earn more interest so they can lose money by paying you.

  •  

    No love for existing customers??

  •  

    Opened my account 3 weeks ago :(

  •  

    Is this neo bank covered by the Government deposit guarantee of up to $250k?

  •  

    To unlock the 2.25% savings rate for that month. If I was to deposit $1000 and then withdraw it on the same day, would that still meet the criteria for the bonus interest?

    •  

      Yep you can pull it out instantly they even say you can.

      Here and even in the terms.
      https://www.86400.com.au/pay-and-save/

      And best of all, you can take your money out any time without affecting your bonus interest.

      • +1 vote

        So hypothetically, lets say I only have $1000 in the account. If every month I withdraw this $1000 and then deposit it, I will be eligible for the bonus interest? Am asking because for contract workers that don't get paid consistently there may be a month when on holiday where no pay..

        •  

          So hypothetically, lets say I only have $1000 in the account.

          Okay.

          If every month I withdraw this $1000 and then deposit it, I will be eligible for the bonus interest?

          Yes

          Am asking because for contract workers that don't get paid consistently there may be a month when on holiday where no pay.

          86400: This rate is variable and subject to change. It’s made up of a base rate of 0.40% p.a. and a bonus rate of 1.85% p.a. which is paid on Save account balances up to $100,000. Interest on your Save balance is calculated daily and paid monthly.

          The most you will lose is the interest that you would've accrued for the day while the money is out of the account depending on what time and how they take that daily calculation.

  • +10 votes

    A warning, if you skip the TFN step (it says you can add later) there is no ability to add it in the app later, I had to give them a call to add my TFN

  •  

    I can't seem to get an SMS verification code

  •  

    Perhaps a dumb question, but can you have your wages paid directly to 86400? I can't find any BSB details on their website.

    Also wondering what the deal is with the physical Visa debit card they refer to? I thought the point of these neobanks were that they were all about digital payment methods.

    I guess I can't see the point of difference between a neobank and a fee free account from somewhere like NAB, for example, when you still need to have a card mailed somewhere?

    • +1 vote

      Yes there's BSB details. You get a physical Visa debit card so that you can pay for things or use it at the ATM. Neobanks don't have a physical branch so there's plenty of things they can't do but they save money that way.

    • +2 votes

      Perhaps a dumb question, but can you have your wages paid directly to 86400? I can't find any BSB details on their website.

      Yes that information is shown next to each account in there app.

      Also wondering what the deal is with the physical Visa debit card they refer to? I thought the point of these neobanks were that they were all about digital payment methods. I guess I can't see the point of difference between a neobank and a fee free account from somewhere like NAB, for example, when you still need to have a card mailed somewhere?

      They offer instant Apple Pay provisioning once you have your account open so you can add your card virtually to Apple Pay before the physical card is even mailed out to you.

      • +2 votes

        Fair enough, but I already have that functionality set up with my existing bank so there's no real added benefit to signing up with 86 400.

        These banks are going to have to offer a bit more in the way of innovation if they want to entice more people away from the existing institutions.

  • +5 votes

    That's too much work for $10. You are giving them you private details and need to make a purchase. St George has a $40 offer at the moment.

    • +3 votes

      giving them you private details

      I guess you don't have a bank account and/or a credit card then 🤨

      • +1 vote

        Hey No ONE asked you mate… Oh never mind. 😅

      • +2 votes

        True, but this is going out of my way to give them my details for $10 lol.

        I was happy to give ING my details in exchange for $100 and their account is the best for travelling.

        • +1 vote

          I use ING for everyday and then dump most of it to 86400 for slightly higher savings. I like ING but their recent out of cycle interest rate cut (just before the latest RBA cut) was not cool. And then they cut in full again after the RBA cut

  • +5 votes

    Really boring card design and name. International transaction fee. I’ll pass!

  • +2 votes

    Wow they are smart and all in for digital disruptions. But NOT with Osko or Fast Payments, as yet. Smart. Yeah.

  • +5 votes

    Seriously, how is $10 an incentive? Most of us are not starving students needing an extra $10. How about offer ijng a real inducement for the risk of trying a relative unknown. $10 Is a pretty cheap seduction…

  •  

    I literally signed up 2 weeks ago, sigh

  • +1 vote

    not worth the effort for $10

  •  

    No online banking through website - thats a no from me mate, don't want another app draining battery and taking up space!
    What if I needed fast access at my friend's house and didn't have a phone - I sure don't want to bother them downloading an app for them.

  • +4 votes

    Nice UI and few features which is great. Only wish they offered the interest rate on >100k because of my 23423423 p/a whirlpool salary.

  • +1 vote

    Gave Medicare card as ID check, demanded for more ID.

    Cant be bothered anymore.

  • +4 votes

    I find it annoying that they don’t have scheduled or recurring payments. Would probably dump savings in there if I could automate a transfer to meet their bonus interest requirement. But it’s a bit difficult without that feature.

  • +8 votes

    No BPAY
    No Address Book for previous payments, you have to retype details every time, every time, every time, everytime…
    Hence no recurring payments, because, every time,…

    They do have a fee for an international transaction. Get an account with Citibank, Macquarie, ING or Up with no international transaction fees.

    App constantly nagging to provide passwords to your other bank accounts. You cant cancel the "to do", so bad.

    No thanks, not worth $10.

    •  

      Some good points there particularly the no address book. I haven't bothered to link the accounts, which looks like theres no benefit.

      For me this is a secondary account, so I don't plan to use it for my regular banking. I've got other accounts that have international fee free transactions and bpay, so I can just transfer money when I need it into them.

      With this having the osko fast payments, it does have an advantage over the ubank account which takes too long to transfer money even with nab accounts.

      •  

        Am using 86400 as my replacement uBank account (until they get PayID).

        Do miss the auto sweep function

  •  

    St George is offering 4x the $ but only gets 8 upvotes https://www.ozbargain.com.au/node/488496

    • -1 vote

      That is a very long running promotion, and if you've ever taken advantage of it, you are never eligible again

      Long running:
      https://www.ozbargain.com.au/search/node/Complete%20freedom%...

      Excludes previous customers:
      "Excludes customers who hold or have held a transaction account with St.George Bank, Bank of Melbourne or BankSA at any time."

    • -1 vote

      With min deposit + extra t&cs

    •  

      This is for a high interest account of 2.25%. Even though that account gives you a higher sign on, the accounts aren't reasonably comparable since that is more of a regular account with no interest and the maximum that St George offers is 1.8% for its savings.

  • +1 vote

    Still waiting for my money to appear in this bank, pretty poor form taking over 2 days

    • +1 vote

      Where did you transfer from? I did from nab and because it had osko it came instantly (using standard BSB and account number).

  •  

    can we open multiple accounts to get around the 100k bonus interest limit?

  • +2 votes

    No web access and they don't allow to download the app if you're not on Australian playstore.
    What a pos!

  • +1 vote

    I was told by their Support that the bonus interest starts when a payment of $1000 is deposited and ends at the end of the month. Weird system. So if you deposit $1001 today, you'll get bonus interest for 3 days before it reverts and you need to do it again……………….

    •  

      Thats different to other banks, normally, they will give you a full bonus as long as you meet the requirement within the month.
      Kinda makes u need to make sure the deposit goes thru on the first day of the month, otherwise u will be losing a lot of interest.

  • +1 vote

    Joined up a week ago, got card recently, activated it and just spent a minmal amount as of 28/10.
    Will update when and if the bonus comes through.

  •  

    I spent $0.01 on paypass and got bonus!

  •  

    Will opening an account with 86400 or UP hit my credit scare?

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