$20 for Referrer and $20 for Referee after Making 3 Transactions in Their First 30 Days @ 86 400

901

The neobank 86400 have increased their sign up offer to $20 for both parties starting December 1st.

I've banked with them for the past 24 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 do appear to be working on this presently via their roadmap.
  • They have joint accounts which is a bonus
  • Customer support is pretty good - can contact on the phone within about 5 minutes. They recently extended from 5 → 7 day support.
  • Their interest rate is 1.2% but is nearly market leading on the Savings Account Leaderboard. You can have multiple 50k accounts where the bonus is applied (up to 150k).
  • In order to activate the bonus interest, you only need to deposit $200 per month and that is a simple requirement to meet.
  • Displaying account balances from other banks is helpful for maintaining a global view on finances.

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

They have an interesting timeline of new features that they do tend to deliver on regularly
86400 Feature Roadmap

Referral program FAQs:

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
  • Your code can be found in the settings tab at the top of the page.

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. They also support PayID/osko.
  • Make 3 card transactions using your Visa debit card or digital wallet within 30 days of signing up.

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


Terms and conditions

The Refer a Friend offer will run from 1 December 2021 to 31 January 2022 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.

3 card purchases must be made and settled by the “friend” in their first 30 days as an 86 400 customer to be eligible for the bonus payment.

Only settled card purchases are eligible to meet the bonus criteria. This means we must wait until each 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.

Eligible customers and “friends” will each receive a payment of $20 each into their Pay account within a few days of fulfilling the bonus criteria.

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 you or your friend’s access to the 86 400 app is or may be fraudulent
* we believe that you or your friend have threatened the security of 86 400
* we believe that you or your friend have breached any of our General Terms
* we believe that you or your friend are acting in bad faith
* we have locked or closed you or your friend’s account
* you or your friend’s 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 (577)

Referrer and referee each receive $20 after making 3 transaction in the first 30 days by referee (Valid from 1 December 2021 to 31 January 2022).

Related Stores

86 400
86 400

Comments

  • Do we have a referral system for 86 400?

    • Don't seem to

    • Referral system re-enabled for 86 400.

  • +3

    The referral system was disabled and has only just been restarted. I’m not sure if it is archived but I’ll get admin to try and restart it.

    • Referral system re-enabled for 86 400.

      • Thanks RichardL

        It wasn’t archived so make sure you re add your referral codes.

  • The Refer a Friend offer will run from 1 December 2021 to 31 January 2022 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).

  • Agreed with OP - app is pretty good but no other special or outstanding features that win over other neo banks. Free money is still free money though!

  • This or Up bank?

    • Both. Is free.

    • +2

      I found that Up kept dropping the savings rate, but I haven't had that issue with 86400. I also prefer their more professional tone in their emails.

      • +2

        Agreed. The $200/month deposit requirement is so easy to meet.

    • +1

      I really like Up, a lot of great features and fresh design that has the end user in mind. I wish the big banks would take a page out of their book, the Westpac app is disgusting, it just loads webpages inside the app.

    • +1

      Prefer Up myself since it's not Big 4

      • It's Big 5

    • +1

      Up for transactions/spending as they have the good analysis tools

      86400 for savings as they have the interest rate

    • +2

      Both. I like Up for miscellaneous purchases, coffees, takeaway… so it doesn't all appear on a statement when applying for a loan.

    • 86400 has1.2% savings rate for what that's worth whereas up is at 0.7% and require additional 5x card transactions requirements

      • as long as you put $200 in

    • I’ve got both but mainly use 86400.
      You can have payments go directly to/from the savings accounts so only have to move money into the non-interest earning account if need to use your card.
      With Up, up you have to make sure there’s enough in the non/savings account to cover any bills/withdrawals. Having to transfer money back and forth makes it a lot more hands on.
      Plus, 86400 has higher interest and only condition is depositing $200 a month.

    • Up bank are decreasing their interest rate to 0.5% on 15/12/21

  • +1

    Where can you find your referral code on the app?

    • +5

      Found mine in "November feature update" email

      • Ok thanks!

      • It was previously in Settings but now I could only see in the email update

      • From "November feature update" email received 40 min ago:

        You asked, we listened… refer a friend is back

        That’s right, our new refer a friend offer is launching tomorrow, 1 December 2021. You can earn $20 by inviting your friends and family to try us out 💸

        For each friend that you invite, you’ll each earn a cool $20 when your friend:

        1. signs up during the offer period using your referral code, and

        2. makes 3 card transactions using their Visa debit card or digital wallet within 30 days of signing up.

        Your referral code: #######

        • I think I’ve unsubscribed from their emails so no luck here

    • Now in Settings in App

  • +1

    86400 have merged with Ubank. I suspect not worth signing up if your currently with Ubank as i guess the accounts will merge at some point.

    • +4

      Still a free $20 why not?

    • +8

      I think you slightly overestimate the ability of financial institutions to complete acquisitions and merge systems..

      • Yup, especially how quickly Ubank implements PayID.

  • What's the minimum age to open up a bank account with them?

    • https://www.86400.com.au/faqs

      To join us, you need to be:

      16 years old or over
      an Australian citizen or permanent resident with an Australian residential address
      And have:

      an Australian driver licence, birth certificate, passport or Medicare card handy (you’ll need at least one of these)
      an Australian mobile number

  • +5

    can vouch for this bank, I love the clean design of the app, the card is sexy, the dark theme of the app is +1

  • -1
    • 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.\

    OP, I am not able to see any field to enter the referral code on About You screen during sign up, all I can see is First name, Middle name, Last name, Name on your medicare card, and gender.

    • That was the previous layout. Remember that the promo doesn’t start until tomorrow!

  • +1

    This Promo Starts Tomorrow! Do not sign up until tomorrow morning

    • right, thanks!

  • 86400 FAQs

    Link won't work for me.

  • +1

    Can vouch for this bank, it’s an excellent bank and I had never had any issues with it!

  • Is this targeted? it says for "Eligible customers and “friends” will each receive a payment of $20 each into their Pay account within a few days of fulfilling the bonus criteria."

    • Not targeted - it will be available to all regular users. I imagine that staff can’t be involved in the promo.

  • +1

    Great bank and the app is neat.

  • “Friends” 😂

  • +3

    For those searching for their unique referral code in the app, it will be made available from the 1st of December via the app settings tab (when the promo goes live). Spoke to the contact centre this afternoon.

  • No interest year this year for those who did not have account open before 1/12:

    Interest is calculated daily and paid monthly based on the balances of your Save accounts. To be eligible for the bonus rate, you must put $200+ each month into any of your Pay or Save accounts prior to 11:30pm (Sydney time) on the last day of the month.

    • There is 0.1% interest on accounts set up this month.
      Just no 1.1% bonus interest until next month by depositing $200 min this month.

      That's max $2.20 bonus interest not applied on $200 but can receive $20 referral!

      • Oh thanks for clarifying

  • Sometimes it helps if you have signed up with a real friend, if you run into any issues getting the referral bonus.

    I am a member of this bank and I love it - great features, easy to setup, sleek app

  • I wish this bank had a username and password. I re-installed the app and it wants mobile,DOB, and last 4 digits of the card. Can't find the card so I have to call them if I want to login.
    Username and password would be much better.

    • That's on their roadmap at present

    • Is your 86400 card linked to Google Pay or Apple Wallet? the last 4 digits should be visible in those apps.

  • i signed up a day early. can i cancel my account and re-do?

    • Can always call up and check

  • Thanks for the deal!

  • Just noticed they don't charge international card fees! Hopefully they're crypto friendly?

    Perfect for on-ramping fiat from non-crypto-friendly banks or avoiding international fees to crypto exchanges which don't offer an AUD on-ramp.

    • +1

      Have loaded crypto.com fiat currency through them instantly and also staked initial purchase with them as well. Received a phone call to confirm transaction on first use.

      • Nice! Good to know it works & they've got proactive security in place.

        Some banks straight up block the transaction and you have to call+wait on hold for them to temporarily unblock the card.

        Do they call each time or was it just the first time?

        • +1

          Was only after the first transaction. Maybe 15 minutes after it was blocked.

  • I had to update the app for my code to appear. as it didn't appear this morning, but after upgrade it did.

  • Up is really nice with their customer service. They got a Tree of Up which shows planned improvements

    https://up.com.au/tree/

    I was impressed by 86400, but Up has got the edge.

    • +1

      but Up has got the edge?
      Left UP after dropped interest rate!

      UP: make 5 purchases each month: 0.70%
      86400: deposit $200/mth: 1.2%

      • +2

        I think the app gives it the edge imo. It's probably the best one out there… having a support thread in the app itself is icing on the cake.

        • So almost half the interest on your money with UP doesn't matter?

          I rarely used the app & only needed to contact support once in years. So unimportant to me.

          UP: More effort for less interest!
          Making 5 purchases / mth with UP is more effort than automatically transferring $200/mth into 86400.

          Glad I left UP!
          Depends on what you want from a "bank".

          • +1

            @the INFIDEL: Depends what you need I think. As a transactional account, and for keeping track of budget etc, I check the Up app multiple times a day, and find it is far better than anything else I use.

            Making 5 purchase per month isn't more effort than transferring $200 if it is your everyday transactional account and (at least in my case) you are going to have a lot more than 5 purchases.

            • @witheredcouch: Certainly not my use. Almost never have use for transaction account. So got rid of UP.

              There is no ongoing effort to have $200 automatically deposited from another bank to 86400. Don't even need to think about it.

              And there is no discount (as with using egift cards etc) or CC points paying for purchase by UP. So why pay with a transaction account?

              Along with the lower interest rate - It's a financial loss all the way round.

              • @the INFIDEL: I find it better to manage with the savings and the UI is nice and more friendly too. Agreed on the low interest and lack of discount on egifts though.

        • +1

          Yeah I reckon Up for transactions and another bank for savings is the way to go.

    • +1

      I totally agree. I like how prompt they are with responding to messages. I can't believe you still have to CALL some banks within business hours

  • Been meaning to try this one out… loving UP bank so far and trying to get away from BIG 4 lol.

  • Im fine with ING (totally outside big 4 Aussie banks) - they've been great for me no problems. And I will stick to them

  • This is such an easy way to make a free $20, I'm surprised this has not received more upvotes. Great bank, backed by NAB - what's not to love

    • I suspect that a lot of users signed up during the previous promotion. Referral system is already >400 users. Diminishing returns the second time.

  • They locked my account after I made transactions. Asking for my passport, proof of age card or Medicare card LOL

    I directed them to their own TnCs where it is clearly mentioned the below, and I provided Drivers license and funny thing is it says recommended on their app.

    So, when called and read out their own terms they said we are improving as a business and sometimes we need more documents. Then why not mention that under the TnCs?? And you realise this after the user made big transactions?? Nice joke!!

    What do I need to join?
    To join us, you need to be:

    16 years old or over
    an Australian citizen or permanent resident with an Australian residential address
    And have:

    an Australian driver licence, birth certificate, passport or Medicare card handy (you’ll need at least one of these)
    an Australian mobile number

    • Same thing happened with me too.

    • Did this eventually get resolved?

      • No, they cancelled my account after I made over 7 transactions. Remaining funds were refunded to its original mode of payment.

        Reason given, i didn't provide identity documents lol, imagine this reason after you are all set and made transactions.

        • Same here. Accused me for using the account for "business purpose". Account terminated.

          Back to NAB and CBA it is.

Login or Join to leave a comment