Hey guys,
i'm currently with ubank for my online savings and i noticed 86400 is offering a bit higher interest rate.
i was just wondering if i could use the neobanks just with internet on my laptop etc and not get too invested in phone apps etc.as i only have a pretty basic phone.
Also is their customer service alright?
Cheers
Bank is app only. I Wouldn’t recommends using it as your primary bank.
App only. I prefer the apps of neo banks (such as Up, 86 400, Xinja) compared to traditional banks.
86 400 is offering 1.8% on their savings account. Xinja is offering 1.85% so check them out.
Westpac currently has a promotion offering 3% (but I don't like their app and they have a number of contingencies to meet the 3%).
Xinja aren't allowing any new accounts to be opened due to them not being able to sustain it long-term if they were to continue to take on new customers.
86400 is quite clean and easy to use however the only reason I have remained with Ubank Usaver/Ultra is purely because that can link to pocketbook whereas 86400 are not supported as of yet.
What can't xinja sustain long term? High volume app usage or accumulating new savings/paying interest?
Because xinja currently don't even have any lending services at the moment, so effectively have minimal to no sources of proper income. Meanwhile they are offering one of the highest HISA available on the market, which became much more popular as soon as interest rates fell.
Their official statement regarding this even said they couldn't sustain more customers on the same rate so they decided to just stop new signups altogether to allow current users to still access their higher rate
@Shekster: It's a bit more accurate Xinja has only suspended new stash accounts you can open up the bank account for the transaction product.
86400 Interest rate changed to 1.7% from 14 July
Yeah just noticed that. Not really worth the trouble for that
I honestly don't understand why people bother with 1.7% interest rates.
Do you have a better suggestion for savings account?
1 savings account is mortgage: owner occupy interest is non tax deductible. Even investor loans you are paying out $1 to save your marginal tax rate.
2 is like $5k - $10k in a savings account.
Yeah, not putting it in a savings account. Use it for something that makes more money.
Ooh! Like bitcoin!
I just need to wait for the next rally to make up my losses, and THEN I'll start becoming rich again!
Can you elaborate and give some examples of "something that makes more money"?
App only
It might not be practical but you could use an Android emulator like BlueStacks on Windows to access the app on your computer.
I considered the same a couple of months ago. I dug up an old Android tablet, but the Android version was too old for the App. I considered buying the cheapest Android tablet/phone just for 86400. However, then the rates dropped and today ING Savings Maximiser and ME Bank have slightly higher rates (1.8%). So I didn't bother.
Otherwise, as juzza87 mentioned, an emulator or VM is an option if you know how to set that up.
You'd have to consider if 86400 reimbersus ATM and international transactions before bothering, I gain more from this than from interest.
their cs is trash
I just moved from ubank to 86400 recently. Fast forward 2 weeks and they dropped their rates to 1.70 %. Ubank is 1.65%. Not worth the trouble honestly. Their app is not much better either. Only advantage is they have payid and transferring money is faster.
Thanks Jim, yeah I'm looking at Citibank now actually as my #2 account. Rates seem OK and some have said you can make new accounts every few months to keep the introductory interest rates
I'm doing the same, just opened a Citibank everyday account and will open an online savings account once the everyday account is working. For me, the intro rate of 2.05 is good plus no fees/requirements and unlimited withdrawals. Hopefully the loophole of just opening a new savings account in 4 months works.
They do have pretty terrible reviews online. But yeah I think I'll have a go too if that introductory rate can be kept and its simple to open accounts
Have been with ING since they first offered an everyday account, had a saving maximiser with them for years that was orphaned when I dumped the com bank, they have saved me heaps, they reimburse ATM and international transaction fees, the maximiser account is as good interest you can get and transfering between accounts is instantaneous, you won't get a better deal with a safer bank, 4th largest bank in the world that did not conduct the type of marginal business that caused the GFC.
oh ok cool.
Yeah i looked at them too. Just that i'd have to dump the commbank too to get the 1000+ deposit requirement.
Which i would do, but ive got the commsec share platform etc so makes it a bit harder to leave. i will consider it though if they keep being misers with their interest
As others are mentioning 1.7 and 1.8% rates, I did move savings recently and 4 month intro rates at Rabo 2.25% and hsbc (no withdrawals) 2.1% seemed competitive.
Gotta check this 3% Westpac deal though…
edit:
Westpac under 30 years of age, balances under 30k, doesn't suit me but there it is in case it suits anyone else.
In all honesty none of the “neobanks” are what they claim: they’re all quite behind on technology compared to traditional banks and it’s clearly just a marketing ploy for a half-baked concept. It’s one thing to not have branches (don’t need) but no web app is bizarre.
App only I think. Can't see any login portals online.