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.
Do we have a referral system for 86 400?