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

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Open an Account and Get $10 after Your First Purchase @ 86 400 Smart Bank
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Kyle-K on 21/10/2019 - 12:28 86400.com.au (2211 clicks)
Last edited 19/12/2019 - 14:14 by 2 other users

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 15,000 new customers who open an account after 20 October 2019 and make a purchase before 15 December 2019 31 January 2020.

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

Referral Links

Referral: random (1033)

Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.

Financial Bank Account Savings Account

Related Stores

ubank
ubank

closed Comments

  • StevieRay on 21/10/2019 - 12:32
    +5

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

    • thestripedlion on 21/10/2019 - 12:35
      +23

      Repeat step 1 until you can do it in 2 mins.

    • Kyle-K on 21/10/2019 - 12:44

      It's just the quickest you can open an account in you don't have to do it in two minutes to qualify for the offer.

    • Graffin on 21/10/2019 - 16:16
      +2

      The speed-run trophy/achievement won't pop!

  • Stopback on 21/10/2019 - 12:34

    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.

    • jv on 21/10/2019 - 12:39
      -5

      Limited to the first 10,000 new customers

      Link shows 86,400 have already redeemed…

    • Kyle-K on 21/10/2019 - 12:46

      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.

    • NotBritishorUK on 21/10/2019 - 14:28

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

    • [Deactivated] on 21/10/2019 - 22:50

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

  • jv on 21/10/2019 - 12:38
    -6

    86 400 Smart Bank

    Is this like bitcoin ?

    • Kyle-K on 21/10/2019 - 12:47
      +5

      No it's a new bank, Apparently they think they're smart it's just there marketing buzzwords.

      • crazyboy on 21/10/2019 - 13:40

        Its a neo bank

        • Kyle-K on 21/10/2019 - 13:41
          +14

          Which is more of a buzzword as well.

  • mad1dude on 21/10/2019 - 12:46
    +4

    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?

    • 10101010101 on 21/10/2019 - 12:48
      +2

      Is 100 points of ID information worth $10?

      • Wilder94 on 21/10/2019 - 12:50

        70points really only wants license

        • bargain-lover007 on 21/10/2019 - 12:56
          -1

          They will ask for secondary id as well.. eg. medicare

          • Wilder94 on 21/10/2019 - 12:57
            +1

            @bargain-lover007: They didn't, tfn was optional i guess that could be considered id however all banks have to ask for it now

          • Kyle-K on 21/10/2019 - 12:57
            +1

            @bargain-lover007: I didn't have to give them a Medicare only a drivers license.

            • bargain-lover007 on 21/10/2019 - 13:34
              +1

              @Kyle-K: That's a bit strange. I hold an account with them from past couple of months and I was asked to provide a secondary ID at that time.
              May have changed the process now.

              • Kyle-K on 21/10/2019 - 13:40

                @bargain-lover007: I've also been on the products since launch and was never asked for two forms of ID so yes that's definitely strange. May have something to do with what level they can identify you with one form of ID first before asking for a secondary.

        • [Deactivated] on 09/11/2019 - 20:23

          They can look up your details on the AEC / Veda etc.

          Technically - they can get away without even one ID.

          https://www.austrac.gov.au/business/how-comply-and-report-gu…

      • sghetti on 21/10/2019 - 13:24
        +5

        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.

        • Kyle-K on 21/10/2019 - 13:44
          +2

          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

          • sghetti on 21/10/2019 - 15:27
            +1

            @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

          • [Deactivated] on 21/10/2019 - 17:50

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

    • Kyle-K on 21/10/2019 - 12:53

      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.

      • jv on 21/10/2019 - 12:56
        +8

        (86400 refers to the number of seconds in a day)

        So they haven't catered for leap seconds?

      • wolfazrael123 on 21/10/2019 - 16:09

        thanks for the information

  • Wilder94 on 21/10/2019 - 12:50

    How do we use google pay with this?

    • [Deactivated] on 01/11/2019 - 09:31

      Same as any other account?

  • jv on 21/10/2019 - 12:53
    +2

    "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…

    • Wilder94 on 21/10/2019 - 12:56
      +2

      Just get the $10 and close the account lol

    • Kyle-K on 21/10/2019 - 13:00
      +3

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

      • jv on 21/10/2019 - 13:18
        +3

        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.

        • Knightelf on 21/10/2019 - 13:54
          +10

          Mate pretty sure everyone is in this just for the $10.

        • Stopback on 21/10/2019 - 13:56
          +4

          best interest rate for all the banks at 2.25%

  • vikvance on 21/10/2019 - 12:53
    +12

    $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.

    • lorikeet on 21/10/2019 - 13:37
      +5

      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.

      • vikvance on 21/10/2019 - 14:35
        +1

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

      • [Deactivated] on 21/10/2019 - 22:44
        +2

        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.

  • Diji1 on 21/10/2019 - 13:00
    -2

    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.

  • currentfad on 21/10/2019 - 13:19

    No love for existing customers??

  • crazyboy on 21/10/2019 - 13:41

    Opened my account 3 weeks ago :(

    • omguleh on 21/10/2019 - 13:44

      I opened mine the day they got their license :(

      • Mibo on 21/10/2019 - 14:55

        I opened mine last friday :(

  • stockpimp on 21/10/2019 - 13:43

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

    • Kyle-K on 21/10/2019 - 13:44
      +1

      Yes, they have a full banking license.

      https://www.86400.com.au/pay-and-save/

      Government guaranteed Up to $250,000
      1. Our deposits are guaranteed up to $250,000 per customer by the Australian Government’s Financial Claims Scheme.

  • stockpimp on 21/10/2019 - 13:50

    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?

    • Kyle-K on 21/10/2019 - 13:54

      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.

      • stockpimp on 21/10/2019 - 14:07
        +1

        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..

        • Kyle-K on 21/10/2019 - 14:42

          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.

  • NotBritishorUK on 21/10/2019 - 14:31
    +10

    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

  • impoze on 21/10/2019 - 14:44

    I can't seem to get an SMS verification code

  • Pantagonist on 21/10/2019 - 14:48

    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?

    • Mibo on 21/10/2019 - 14:58
      +1

      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.

      • Pantagonist on 21/10/2019 - 19:23

        Ok, thanks. I think I'll hold off for now until I can see some real benefit to signing up.

    • Kyle-K on 21/10/2019 - 15:00
      +2

      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.

      • Pantagonist on 21/10/2019 - 19:25
        +3

        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.

  • techlead on 21/10/2019 - 14:50
    +5

    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.

    • No ONE on 21/10/2019 - 15:07
      +3

      giving them you private details

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

      • nodeahs on 21/10/2019 - 15:14
        +1

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

        • No ONE on 21/10/2019 - 15:15
          +1

          Take a chill pill mate, no deh!
          No ONE asked you a question.

      • techlead on 21/10/2019 - 15:25
        +2

        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.

        • Flintz on 21/10/2019 - 17:13
          +1

          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

          • watwatwat on 21/10/2019 - 17:27
            +1

            @Flintz: As well as interest, I'll dump my cash in there instead of ING so I don't have to do 5 paypass each month.

  • auna on 21/10/2019 - 15:44
    +5

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

  • PopCounty on 21/10/2019 - 16:03
    +2

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

  • clubhonda on 21/10/2019 - 16:08
    +5

    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…

  • cloudy on 21/10/2019 - 16:47

    I literally signed up 2 weeks ago, sigh

  • c64 on 21/10/2019 - 17:05
    +1

    not worth the effort for $10

  • Blue Cat on 21/10/2019 - 17:08

    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.

  • mightyfes on 21/10/2019 - 17:24
    +4

    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.

  • lawyerz on 21/10/2019 - 17:56
    +1

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

    Cant be bothered anymore.

  • haemolysis on 21/10/2019 - 18:54
    +4

    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.

  • Ryk on 21/10/2019 - 20:12
    +8

    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.

    • Pcoder on 22/10/2019 - 13:04

      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.

      • avoidfullprice on 23/10/2019 - 13:43

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

        Do miss the auto sweep function

  • silenthillrocks on 23/10/2019 - 06:16

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

    • WaywardOne on 23/10/2019 - 07:29
      -1

      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."

    • Wilder94 on 23/10/2019 - 08:57
      -1

      With min deposit + extra t&cs

    • Pcoder on 23/10/2019 - 14:32

      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.

  • Wilder94 on 23/10/2019 - 08:56
    +1

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

    • Pcoder on 23/10/2019 - 14:36
      +1

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

  • lknight on 23/10/2019 - 20:37

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

    • Kyle-K on 23/10/2019 - 22:21

      As far as I'm aware at this stage no unless you were to use a partners name.

  • kashirin on 23/10/2019 - 21:49
    +2

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

  • watwatwat on 28/10/2019 - 14:48
    +1

    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……………….

    • silenthillrocks on 29/10/2019 - 13:24

      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.

  • trendisyourfriend on 28/10/2019 - 20:47
    +1

    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.

    • trendisyourfriend on 01/11/2019 - 01:46

      Got $10 bonus today. So took them 3 days.
      :)

    • Magnastar on 01/11/2019 - 14:29

      Got my card yesterday and made a purchase of $3, and the $10 bonus went in today.

  • watwatwat on 01/11/2019 - 12:39

    I spent $0.01 on paypass and got bonus!

  • atlinus on 01/11/2019 - 14:09

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

    • [Deactivated] on 01/11/2019 - 14:13
      +2

      BOO!

      (no)

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