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$20 for Referrer and $20 for Referee after First Purchase | 86400 Increased Referral Bonus


The neobank 86400 have increased their sign up offer for the current month to $20 for both parties.

EDIT: Bonus extended for all of October as well.

I've banked with them for the past 12 months, so here are some random thoughts:

  • App is convenient, but not as detailed as Up bank
  • There is no web app, but that hasn't been an issue for us.
  • They have joint accounts if you ask for them which is a bonus (and currently unique among the neobanks)
  • The interest rate is 1.6% but has fallen in line with the other neobanks. However you can have multiple 100k accounts where the bonus is applied.
  • In order to activate the bonus interest, you only need to deposit 1k per month and that is a simple requirement to meet.

Answers to a lot of the questions in the comments can be found here:
86400 FAQs

How the referral program works:

Where do I enter the code?
- Once you've downloaded the app, make sure you enter the invite code you received on the 'About you' screen during the sign up process.

Invite codes can be found in the "Random" code generator button at the bottom of this post.
- You can add your own code by clicking 'edit' on the right side of the generator

I've signed up - what next?
- Put some money into your account by making a transfer from any other Australian bank account. You'll find your BSB and account number in the app.
- Then, go treat yo'self (i.e. make a purchase) using Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay or your 86 400 Visa Debit card by 30 September 2020.

That's it! You'll receive your $20 bonus in your Pay account within a couple of days.

T&C for current promotion below:

"The Refer a Friend offer will run from 1 April 2020 to 31 December 2020 and is available to all 86 400 customers.

The Refer a Friend offer cannot be used in conjunction with any other offer (unless we determine otherwise).

“Friends” who were previously 86 400 customers and closed their accounts within the past 12 months are not eligible for this offer.

Only settled card purchases are eligible to meet the bonus criteria. This means we must wait until the card payment has been settled (no longer showing as "pending" in the friend’s transaction history) before the referrer or the friend become eligible for the bonus payment. The card purchase and transaction settlement must occur by 31 December 2020.

Eligible customers and “friends” will each receive a payment of $10 each into their Pay account within a few days of fulfilling the bonus criteria.

September double bonus offer: “Friends” who join on or after 1 September 2020 and fulfil the bonus offer criteria by 30 September 2020 will each receive a payment of $20 into their respective Pay accounts (instead of the standard $10 bonus).

There are always a few people who will try to game the system, so here are some fair play conditions.

We retain the absolute right to refuse to pay or cancel a “refer a friend bonus” payment without notice to you. The reasons for us to refuse or cancel a payment may include, but are not limited to, if:

● we believe that your access to the 86 400 app is or may be fraudulent
● we believe that you have threatened the security of 86 400
● we believe you have breached any of our General Terms
● we believe you are acting in bad faith
● we have locked or closed your account
● your account contains unpaid charges or is overdrawn

We also retain the absolute right to stop the offer at any time and to change the conditions or incentive of the offer."

Referral Links

Referral: random (913)

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

Related Stores


closed Comments

    • +8

      I definitely don't work for them. We have used several of the neobanks (Up, Xinja, etc) and 86400 has been decent for us.

      I saw Joint accounts on their roadmap and called them up to ask about it and we were given one.

      The rest of the info is from the comparison on Whirlpool:

        • +14

          Lol you clearly did not have a good sleep buddy…

          If you don't like the deal I suggest you move on like everyone else.

          I don't see how you got the idea of socket puppetting here but I checked the app and it was the first thing that popped up this morning.

          I personally am still using them as a secondary bank to ING.

          As OP has stated, they allow multiple savings accounts to be set up (each 100k cap) and still earn interest (compared to ING's 100k cap).

          You also do not need to do anything apart from deposit $1k in, which is another less hassle.

          App also looks way nicer than ING with push notifications, payment predictions etc.

          International fees are also waived without having to meet any criteria.

        • +17

          I suggest you read back your comments when you're in a better mood (clearly something is up) because ironically you sound like more of a sockpuppet for ING than the OP does for 86400.

  • Expensive way to acquire customers

    • +22

      It's actually the cheapest way when you have no customers. Advertisement and marketing are very expensive per acquired customer, and referred customers are also more likely to actually transact.

      • +2

        That is completely dependent on how many customers you acquire from a campaign. The fixed cost of an advertising campaign can be far more affordable if you're acquiring a large number of users. However I think I prefer the idea of paying customers rather than advertising companies! Advertising is the devil!

        • +1

          how many customers you acquire from a campaign

          Interestingly, not too much. Large companies like Westpac spend an enormous amount on these activities and they get a fairly big chunk back (they own most of the home loans, which is money-generator while having customers with deposits is a loss-leader).

          Small players, like neobanks, spend smaller and get smaller back, somewhat balancing it out.

          However, what's difficult for these small ones is lack of brand recognition: potentially all advertisement money can be lost if they can't convince people that they are to be trusted with the money-generators, like home-loans.

          I prefer the idea of paying customers rather than advertising companies!

          On the surface, it seems like a good idea. However, spending on the local advertisements (not Google or FB, but billboards and radio) stays in the economy, gives jobs to people and so on. Two of us depositing $20 on an account does nothing, unfortunately.

        • Benjamin Franklin is the devil!

  • Good pick up OPs. I can now start referring to my family :)

  • +1

    Been with these guys for a while. Recommend it!

  • +4

    Been using them for a while now, moved from ING.

    Instant transfers from OSKO is a plus from me.

    • -2
      • +5

        Instant transfers from 86 400 not capped at $1k/day like ING.

        • +1

          i think its limit of $3k last time i tried

        • +8

          Unfortunate find however: transfer the max out a few days in a row and they’ll block your account for fraud suspicion. There’s no way online to raise your max transfer limit. The fraud hotline is outsourced - so you’re not even speaking to 86400 when you ring - which is.. scary to give your details but you have to - and their support isn’t 24/7 either. No weekend support.

          After that experience I decided to leave them.

          • @haemolysis: Curious..what is the limit for an instant transfer?

            • @currentfad: I think it was 2k per transfer up to 5k max daily.

              • @haemolysis: I was able to do 5K in one transfer.

                BTW, I was told you can call up and increase the daily transfer limit for a day, and it will be OSKO all the way. No separation into standard transfer and OSKO. This could be a good feature.

          • @haemolysis: That's what I think..what security do these banks have.. maybe they are for youngsters for day to day…
            I wouldn't be comfortable putting my life saving in a bank that is not guaranteed by government

          • @haemolysis:

            Unfortunate find however: transfer the max out a few days in a row and they’ll block your account for fraud suspicion.

            Unlike your case, I got a message left on the phone to call them, after two days of transfers over a weekend which was close to the limit. I called the bank, the cust rep could not see any obvious issues, she contacted the fraud department to check. And sure enough, it was due to the concern with these transfers. Having been confirmed, I was told there would be no block. It makes me wonder if this will occur every time though.

            At least, they did not automatically block my account but gave me a chance to confirm. It is a real drawback if they also block without notification. I am still trying to gauge the experience using them. Other than this, so far it has been good.

            • +1

              @bluesky: I mean YMMV but I still think whether you get notified or not - not having support after hours to rectify these things is …infuriating… not worth 0.5% interest pa when you can go with a bank that’s got a better tech platform. These neobanks don’t have mature apps. They are not tech focussed: that’s marketing nonsense… the applications are barebones.

              • @haemolysis: I do share the hesitation about neobanks, no browser interface, and did have a bad experience with UP bank too. Just dipping my toes back in again. In any case, I certainly would not be putting all the eggs in one basket. Just don't want to rule out a sector so soon, because one or two decades ago, people were saying the same about non-brick-and-mortar banks like ING. And now we will not even think twice about using them.

        • +3

          (profanity), I'm a complete failure. The OP talking about multiple accounts kept under $100k to get extra interest and people needing osko with limits over $1k like it's candy :-) Next life…

    • InG has Osko too

    • ING savings maximiser rate reducing to 1.5% in a couple of days apparently.

      • 86400 seems to give the best savings rate at the moment. Other banks will also follow ING and reduce their saving rate soon.

  • Darn it, signed up earlier this morning. Would have loved to give referral bonus to a fellow bargainer!

    • +1

      U can’t apply one after signup? Referral was always there but only $10

    • Yeah pretty sure you can enter the code after signing up!

  • +2

    What is 86400? Sounds like a bank, but what makes them different and why would I want to bank there?

    From my PHP coding days, 86400 is the number of seconds in a day from memory.

    • correct

    • You get $20…

    • +2

      "What is 86400? Sounds like a bank, but what makes them different and why would I want to bank there?"
      Genuinely would like to know too.

      Been with ING for close to 15 years. Have moved around to other banks (Bankwest, UBank, CBA, etc.) and have stuck with ING. Now that I am older, I am less adventurous in trying out new banks.

      • +2

        Their app is way slicker. Easier to transfer money with ur phone contact (if they have PayID). No stupid deactivated like ING if ur inactive for few months. I use this and UP, for secondary account, honestly prefer UP for the interfacd

        • I had a look at the FAQ on their website, and although it all sounds new and spiffy, I'm not seeing a whole lot of benefit to normal banks? Lot of comments indicate the app looks nice, but that's not what I use a bank for. I don't use an app though anyway, the web interface is usually fine. I'd do that maybe once a month.

          I guess they might offer lower mortgage interest rates.

      • Sounds like a bank, but what makes them different and why would I want to bank there?"

        I am willing to try them out because they are backed by Cuscal, an established payment provider in Aus, who brought us NPP. Also, the company is chaired by someone who is quite experienced - founder of 2 banks in the UK, including a neobank.

  • +1

    I've been a member for a while but only really started using once they introduced shared accounts which really helped jump on board the barefoot investment syle. Also made a recommendation for automated scheduling of payments and that's now a feature too.

    They have a public road map so you can see what they've been working on along the way.


  • How can i get my ref code?

    Edit: found it

  • I can't find my referrer code :(

    • in settings in the app
      try closing and repopening if its not there, worked for me

      • That fixed it, thanks.

  • Just signed up with a referral code. When do I receive my $20?

    • +5

      Wheres my burrito? Wheres my burrito?

    • After first purchase. I'm blind

    • And deposit $1k

      Edit: wait, that's not required for $20!

  • +1

    Signed up with your referral, @ozdoc. Enjoy your $20 =D

    • I don't see any bonus yet, do you, @ozdoc?

      I made a payment via BPay a couple of weeks ago already.

      • +1

        Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay or your 86 400 Visa Debit card

        Doubt bpay counts

      • +1

        Hey @wisdomtooth, I think @Chihongo is correct - BPay might not activate the bonus.

        Typically time from referral to cash is 24-48 hours (time it takes to clear the transaction).

        • +1

          You're right; bonus came through yesterday.

  • Do you need to make a purchase before the bonus is added?

    • +2

      Yes - you need to make one purchase and it needs to clear the bank (so will take a day or two)

      • I thought you had to deposit $1k as well to get the bonus?

        Edit: should have re-read before posting. That’s just for the bonus interest.

      • Is it any value or does the purchase has to be a specific amount?

  • Can you deposit cheques through austpost to one of these accounts?

    • no, but you can open a debit card with Post or other institutions like ING where you can deposit money at Post then transfer directly to this new created account

    • From their FAQs:

      How can I put money in?

      As we’re a digital bank without any branches, you need to transfer money into your account from another Australian bank account (we don’t accept cash or cheques) or have your salary paid directly into your account. If your other bank supports Osko payments, the money should arrive in your 86 400 account straight away.

      And if you set up a PayID with us, you’ll be able to transfer money into your 86 400 accounts instantly using just your mobile number or email address.

    • +2

      bummer thanks guys. Looks like UP allows it.

  • For (profanity) sake, I just got the $10 for signing up ffs

  • +5

    Have recently signed up for 86 400 and Up. I think UP is very matured and better banking experience when compared to 86 400 and any ways 86 400 is still a new kid on the block ( have to grow further to reach there ) . my personal opinion.

    • I agree with this as well. 86400 were first off the mark for neobank joint accounts which is the only reason we use them over Up.

    • Agree, I signed up with Up, Xinja & 86400. Up seem to be the most mature, but have a year start on 86400, Xinja are just awful. Seem to be spin than product.
      Love when I spent at woolworths, the woolworths logo was on the notification (UP)
      I did switch mortgage to 86400 as they have low rates and recently reduced it lower due to my LVR.
      Happy to bank with them every day as they have most of what I need now (notifications, payId/Osko) just missing a search and scheduled payId (like UP)

  • One big issue with 86400 is their daily withdrawal limit of $5k. If you need to get out say $15k to pay for car/renovations etc. you either have to do it in 3 lots or phone the customer service.
    They will not permanently increase the limit

    • This has been annoying and I've reported it to them in the past. Nothing on their timeline about larger limits.

    • -1

      You just jealous and inferior then the greatest Aquarius of all time dam I’m so great, Everybody says it, no dog can match me one to one on greatness, how can you defeat me against my 30 perfect ideas. I can snap things like that and make money, you want to challenge the man In person, to be the man you got to beat the man true story.

  • What does it mean '86400'?

    • +1

      seconds in a day

    • +5

      This must be one of the worst company names ever. :)

  • Thanks OP. Signed up.

  • Very good experience so far - recommended.

    We use it for depositing savings for a 'rainy day' - we've set-up an auto transfer to deposit $1k each month, and that's it.

    No extra hoops to jump through to maintain the (currently dismal) interest.

    Plus the card received is very nice - a light green.

    • +1

      yep, me too!

      we set up a joint account solely for the purpose of saving. app is clean and easy to use, customer service has been good.

    • Purple cards for joint accounts.

  • Does Apple Pay count as a 'card purchase' to get the $20?

    • I would assume so as it’s still a purchase.

  • Having a hard time finding their interest rates. Anyone else find a link?

    • +2

      Its 1.6% if bonus activated (deposit $1k/month)


    • +1

      It’s in the FAQ. Here it is:

      • Base interest rate of 0.15% p.a. (paid regardless of if you meet the bonus interest criteria)
      • Bonus interest rate of 1.45% p.a. and can be earned on balances up to $100,000 per Save account (only paid when you put $1,000+ each month into any of your Pay or Save accounts)
    • +2

      Same as Ubank Ultra and many others.
      It was market leading for a while, but has fallen back into the rank and file.
      Worth checking out the Whirlpool spreadsheet which seems to be regularly updated

  • Thanks OP was really easy to sign up, you have my referral 😉

  • What is the advantage of this vs ING?

    • Biggest difference is probably the bonus interest requirement, you don't need to make any card transactions on 86400, just the 1k monthly deposit. You can also have a max balance of 300k (across 3 accounts) vs 100k for ING.
      However 86400's rate is 0.05% lower than ING (For now) and there seems to be a difference in the max daily transfers (see previous comments).

      • I see.. what do you mean by 'across 3 accounts'? Would they be 3 savings accounts connected to the same account? In ING, you can create another savings account and put the extra amount there to get the benefit of bonus int rate if the balance was more than $100k. Doesn't it work? Just curious.

        • With 86400 each savings account pays bonus interest up to 100k.

          If you have 250k cash in a single savings account, you will only receive bonus interest on the first 100k.
          However, you can create 3 accounts and fill them up partially (100k, 100k, 50k) in order to receive the bonus interest on the whole amount.

  • What are the postive experience using neobanks over traditional banks?

  • -7


    Risk and return are related. Just remember if you can't risk it then don't use a Neobank. If they are Financial Claims Scheme (FCS) qualified is what you're looking for.

    • +5

      86400 is an authorised deposit taking institution, which means the money held by an account-holder with an ADI, whether in one or more accounts, up to a total value of $250,000 is covered under the Financial Claims Scheme.


      • -2

        You just jealous and inferior then the greatest Aquarius of all time dam I’m so great, Everybody says it, no dog can match me one to one on greatness, how can you defeat me against my 30 perfect ideas. I can snap things like that and make money, you want to challenge the man In person, to be the man you got to beat the man true story.

  • Nice sign up offer, thanks.

  • +1

    Highly recommend Up over 86400, as they're not trying to sell your data and don't encourage you to use third parties that "store your password" and violate your big bank terms of service.

    I hightailed out of there as soon as 86400 started telling me what electricity provider I should use.

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