This was posted 4 years 10 months 14 days ago, and might be an out-dated deal.

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86 400 Neobank Transaction Account + up to 3x Savings Accounts at 2.25% up to $100k Per Account (with $1k Deposit/Month)

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86 400 Neobank Transaction Account + up to 3x Savings Accounts at 2.25% up to $100k Per Account (with $1k Deposit/Month)
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CamM on 04/02/2020 - 22:49 86400.com.au (549 clicks)

@Mods - please feel free to move to forums if more appropriate.

No doubt many OzBargainers are already familiar with 86 400's transaction and save account offering from this long running deal so I won't re-hash the same details. However yesterday they upped the ante in terms of their offering by announcing that customers could now open up to 3 x Save accounts. Nothing earth shattering there, right?

Well the interesting bit is that they're offering the full 2.25% interest rate on all 3 Save accounts (up to $100K per account), meaning that 86 400 are in effect now offering 2.25% interest on balances up to $300k. Even better is that there are no additional hoops through which to jump. Depositing $1000/month into any of your 86400 accounts qualifies you for the bonus interest across all Save accounts.

From their website -:

Market-leading rate on up to $300,000.
Earn 2.25% p.a. on up to 3 Save accounts (balances up to $100,000 per account) when you deposit $1,000+ per month into any of your Pay and Save accounts. This variable rate is made up of 0.40% p.a. base plus 1.85% p.a. bonus.

Before anyone jumps in and comments to this effect, let this serve as reminder to everyone that only deposits up to $250,000 per customer are guaranteed by the Australian Government’s Financial Claims Scheme., so, caveat emptor / buyer beware / etc…

Obviously 86 400 isn't the only player in town and depending on your circumstances, something like Xinja's offering may be more appealing (albeit capped at $245k but with virtually no conditions).

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closed Comments

  • tdw on 04/02/2020 - 23:01
    +2

    would depositing $1k and taking it back out count?

    • CamM on 04/02/2020 - 23:05
      +4

      Yep. Straight in and straight out will do the job.

      • tdw on 05/02/2020 - 02:17
        +8

        thatswhatshesaid

        no, seriously, thanks for confirming :)

        • ForeverInBlueJeans on 05/02/2020 - 07:52

          They also have osko so instant between my Westpac and 86400.

  • tof on 04/02/2020 - 23:23
    +5

    let this serve as reminder to everyone that only deposits up to $250,000 per customer are guaranteed by the Australian Government’s Financial Claims Scheme.(apra.gov.au), so, caveat emptor / buyer beware / etc…

    Let me also remind you that the Australian Government’s Financial Claims Scheme must be activated before it can be provided. The government may choose not to activate the deposit guarantee if they believe other options will cause "less disruption" to "stability of the financial system". One potential option could be bail-ins (which may include your deposits based on the vague wording in the bill).

    ¯\_(ツ)_/¯

    • CamM on 04/02/2020 - 23:35

      Maybe the underside of a mattress is a safer option…? 😉

    • CacheHunter on 05/02/2020 - 00:05

      @tof It might depend on whether the vagueness was deliberate. If it was, there might be FOI-able legal advice from the time as to whether the term "guarantee" could be misleading under the ACL.

      • jjcf on 05/02/2020 - 09:02

        Because the federal government and financial services products are subject to the ACL.

        You're obviously not a golfer.

        • CacheHunter on 05/02/2020 - 13:30

          Sorry, you are correct. I should have been clearer. The Government wanted banks to use a logo that contained the word "guarantee" and may have considered mandating it. The interesting question is whether, by using the logo, the banks were making a misleading representation.

    • countmein on 05/02/2020 - 07:01

      How do we activate it?
      And is it 250k per bank or per account?

      • vetopower on 05/02/2020 - 07:36
        +3

        You can’t activate it. The government does. Essentially, it’s at the whim of the government to determine if you lose your money in the event of a bank collapse.

    • Mr BoMBAStiG on 05/02/2020 - 08:43
      +2

      Only a major issue with a trading partner that contributed to 1/3 of our economy would make this a possibility…

      • vr4indian on 05/02/2020 - 08:51
        +4

        Please understand Bank Bail In law 2018….

        After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues. … The money can be reclaimed from ASIC but the process can take months.

        • chyawala on 05/02/2020 - 09:36
          +1

          Can you link to this info?

        • Mr BoMBAStiG on 05/02/2020 - 10:37

          Does the account need to be not used or the money? Is money transferred in 3+ years ago fair game assuming I make not withdrawals and they used a first in first out (in) rule?

        • vetopower on 05/02/2020 - 11:56

          That's not what bail-in means.

          Bank bail-in laws are where the money of unsecured creditors (eg a person with money deposited in a bank) is used to prevent the collapse of a bank.

          So say you have $300,000 deposited in a bank and it goes bust.

          A bank bail-in would mean your money is lost (written off). Now you don't always lose the money in its entirety. Under some bail-in schemes, your money gets converted into bank capital, so now you own a portion of a worthless bank.

    • abc on 05/02/2020 - 09:47

      They are on the list of ADI's on the APRA website however (first result). https://www.apra.gov.au/register-of-authorised-deposit-takin…

      Regarding "activation", the gov are just covering themselves as circumstances for any individual banking collapse would be different. If you don't trust a neo bank over say a big bank then you shouldn't use them. It's all about risk/reward.

      • tof on 05/02/2020 - 10:06

        It's not about trusting any one bank but rather the government to look after the public's interests in a time of crisis…

      • vr4indian on 05/02/2020 - 10:58

        ING Bank (Australia) Limited (trading as ING) is under Foreign subsidiary banks

        • CacheHunter on 05/02/2020 - 13:32

          But still covered by the scheme. It is only foreign branches of overseas banks that aren't covered. Some global banks (eg Citi) operate both in Australia.

  • crazyboy on 05/02/2020 - 00:13
    +3

    Already using it, they are just awesome.

  • Shwayne on 05/02/2020 - 01:00
    +3

    I decided to close my 86 400 account after dealing with them for only a few months.

    I had two major issues with their product:

    1. They prompted me, persistently to provide my banking details to a third party so that it could display a balance in their app, all whilst giving the third party (not even 86400) my credentials. Of course I didn't, because not only is that absurd, it's against the Terms and Services of most banks.

    2. They are no undoubtedly in the business of selling your data, they announced a service where "a new, free service that can help you find a better deal on your electricity and lets you initiate the switch in-app to save you time and money". They claim it's impartial, but they don't clarify what's in it for them.

    Not what I want from a bank, I don't care how savvy they are.

    • dingdong3000 on 05/02/2020 - 01:13
      +6

      I've never been asked nor given any third party banking details by them unless you opted to connect your non 86400 accounts.. Besides I think most people use it as savings account not their primary account

    • ForeverInBlueJeans on 05/02/2020 - 08:11
      +2

      So you closed your app because you cannot dismiss a to-do tile and you are annoyed about a ‘coming soon’ feature that is currently available free via https://energyswitch.service.nsw.gov.au/
      And choice magazine??
      Any evidence of this data selling?

  • Jammar on 05/02/2020 - 01:23
    +2

    You guys don't have mortgage to park your money? 2.25% - personal tax rate will be less than the 3 or 4 mortgage interest?

    • Hasbulla on 05/02/2020 - 04:51

      Please explain why/how this would be better off

      • aaronaldo on 05/02/2020 - 05:22
        +10

        By putting it in your mortgagee, you reduce the interest you pay which is usually in the range of 3-4%. Putting the money in a high interest savings account would give you 2.25%, but then you have income tax on the earnings, which say you're at the top bracket (assuming roughly 40%), could bring the earnings down to 1.35% (2.25 X 0.6)

        • Hasbulla on 05/02/2020 - 11:02
          +4

          yep yep thanks.
          You need to have a mortgage tho.
          Cheers

    • vetopower on 05/02/2020 - 07:37
      +14

      Not everyone owns property.

      • Hasbulla on 05/02/2020 - 11:27
        +1

        this!

      • Its4me on 07/02/2020 - 03:39

        Not everyone who owns property has a(n offset) mortgage.

  • movieman on 05/02/2020 - 05:34
    -8

    No deal.

    This is their standard rate.

    Just because you can deposit in multiple accounts (and higher value), how does it make it a bargain?

    Also, recently had an account, received the $10 sign up bonus they had in January. Very annoying how the phone needs to have a screen lock for the account to work.

    Closed my account.

    • Domingo on 05/02/2020 - 07:37
      +11

      Probably a security feature as they can't force you to password protect your email and SMS apps individually, so an non lockable phone presents a higher risk of someone resetting your credentials and taking your money

  • Splurge on 05/02/2020 - 06:07

    Switched to 86400 late last year. They have some cool tech. Happy so far so would recommend.

  • KillerkratZ on 05/02/2020 - 06:44
    +6

    I’ve been following them a while now. Still don’t know why would I switch to this from Up Bank

    • edgaritsthepopo on 05/02/2020 - 11:48
      +1

      My thoughts exactly, Up just seems to have better overall functionality and transparency.

      • F1Maniac on 05/02/2020 - 14:08
        +2

        50k limit and you have to spend 5 txn?

        • edgaritsthepopo on 05/02/2020 - 15:05

          Each to their own I suppose. I personally keep any large sums in a UBank Saver and use Up as my day-to-day account for their automatic salary splitting and bill tracking, unlimited savings accounts, Samsung Pay, UI design etc. I suppose if those features didn't matter as much to me I probably wouldn't use it - but they do and so I do.

  • Platinumtelecom on 05/02/2020 - 07:22
    +1

    2.25% is the same at Up Bank, however up is capped at $50k. But I like the piece of mind that it is a Bendigo Bank, Neobank

  • shaybisc on 05/02/2020 - 07:35
    +1

    I checked out these neobanks last week and if memory serves you can get 2.25% with no fees and no deposit obligations. Now what was the name of it? Xinja.

  • ocoolio on 05/02/2020 - 08:12
    +1

    Xinja has
    - 2.25% interest on balances up to $245K with no strings
    - No intro period
    - No min deposits / payments

    This is no deal.

    • Pcoder on 05/02/2020 - 10:00
      +9

      Xinja doesn't have bpay or osko fast payments yet, which 86 400 does. I don't really get all this negging as even though a lot of these neo banks are offering the same 2.25%, it so much better than the regular banks who are offering a pittance on their special savings accounts.

      • atlinus on 05/02/2020 - 11:41

        The feature you mention should be in the previous post.

        86400 still have conditions to get the bonus interest.

        This post sounds like redundant from previous post as the feature added.

        Adding 3 more account makes it a better deal?

        You could end up in worst situation when you miss the 1k monthly deposit.

        Come on 86400, take out any condition if you really want to provide the best interest rate.

        • crazyboy on 05/02/2020 - 22:35

          Set up auto credit to that account from any of your other bank account.

        • CamM on 05/02/2020 - 22:51

          Adding 3 more account makes it a better deal?

          Yes, because instead of being able to earn 2.25% on a maximum of $100k (when depositing $1k per month), it’s now possible to obtain the same interest rate on up to 3x the balance without any additional conditions.

          Clearly it’s not a deal for everyone, but it will be for some.

  • ForeverInBlueJeans on 05/02/2020 - 08:20
    +2

    I opened up both 86400 and xinja.
    I used Xinja for OS as fee free and good conversion rates.
    But their app is awful. Looks like a rush job,

    86400 pretty clean and sleek. Nice instant Apple Pay feature and osko / payId feature.
    Upcoming bills was a nice touch. Picked 5 bills.
    It appears to use yodlee which other banks use to access credit cards etc.

    I do hope people raise screen scraping as an issue. The big 4 push back on open banking for a long long time (and now more delays) Means there is limited choice.

    I believe these are just behind up in terms of features but ahead of Xinja and volt

  • shaybisc on 05/02/2020 - 09:00
    +1

    What is to stop neobank honchos from sending all deposits to a secret account somewhere offshore and fleeing to Paraguay? They have no assets to speak of do they? I suppose the government must be satisfied because they give depositors the 250k guarantee and the government never makes big mistakes.

    • penadillo on 05/02/2020 - 11:00
      +1

      The Reserve Bank of Australia, i.e. the bank's bank.

  • Cyphar on 05/02/2020 - 09:07
    +1

    I opened an account a few months back but it just can't compete with ING for a standard transaction account. ING refund all ATM & transaction fees, both domestic & overseas. 86400 do not and have no plans to.

    That said, 86400 offers all the touch pay (Apple, Fitbit, Garmin, Samsung, et al) so are a great product for tech heads if the transaction fees aren't an issue to you.

  • Its4me on 07/02/2020 - 04:02
    +1

    I think the current BoQ rate of 0.35% + 2.15% bonus up to 250k still beats this, although I'm not too keen on the new requirement there to do 5 qualifying transactions per month to achieve the bonus.

    Who really made any money from my 5 x $0.01 part payments at the self service checkout in the supermarket yesterday? I certainly didn't enjoy it particularly - certainly not as much as paying $0.07 cash at the end.

    • Mad Max on 07/02/2020 - 11:05

      I think BoQ is 2.15% including bonus at the moment. Rate was reduced some time ago.
      Are you sure that 5 x $0.01 part payment transactions in quick sequence like that will qualify?

  • ilikedeals on 13/02/2020 - 17:52
    +1

    Love 86400, highly recommend (now even better with their 3 "Save" accounts with bonus interest across all three, total 300K)

  • atlinus on 13/02/2020 - 21:20

    Daily transfer limit? How many days to transfer?

    • dingdong3000 on 13/02/2020 - 21:23

      You can call them and ask however much you want to transfer as long you have that amount if it's anything over 20k.

  • Ayzc on 23/03/2020 - 21:09

    Received an email saying the rate is reduced to 2% from now on

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