Product snapshot

Transaction accountYes
Savings accountYes
Home loansYes

About 86 400

86 400 might seem like a strange name, especially for a bank, but that figure actually comes from the number of seconds in a day. But what does that have to do with banking? Well as one of Australia’s pioneering neobanks, 86 400 is all about giving Aussie customers easy access to their money and real time information about their finances - every second of the day. 

That’s why the digital bank has developed a totally new, mobile-based platform that uses technology to provide better money insights, more personalised savings tools, minimal fees and products with some seriously appealing features. 

And they’ve assembled a stellar team to deliver on that promise. Announced publicly in June 2018, the Sydney-based neobank is headed by CEO Robert Bell (the former CEO of ANZ Japan and ANZ Fiji) and includes Anthony Thomson (Founder and Chairman of UK neobanks Atom Bank and Metro Bank) as a board member. 86 400 is also backed by Cuscal - one of Australia’s largest payment solutions providers. 

Best of all, eager Aussies won’t need to hold their breath any longer because, following their approval as a fully authorised Authorised Deposit-taking Institution (ADI) by financial regulator APRA in July 2019, 86 400 launched on September 10, 2019!

That means 86 400 are now offering their very own home loans, transaction accounts and savings accounts - all of which are accessible through the 86 400 mobile app. But more on these below.

86 400's products

As a digital bank, 86 400 have made a point of promising ‘smart banking’ for Australian users, and if the 86 400 home loans, transaction account and savings account are anything to go by, they’re off to a great start. So let’s take a closer look at the accounts 86 400 have already launched and some of the products that are likely to come down the track: 

86 400 Own Home Loans

Variable rateFrom 3.09% (3.36% comparison rate*)
Fixed 3 year rate From 2.88% (3.32% comparison rate*) 
Offset AccountYes
FeesYes

      

As the first neobank to launch home loans in Australia, 86 400 have set the bar high with some seriously competitive variable and fixed rates and useful features. Get up to date with all the details by having a read of our 86 400 Own Home Loan and Own Home Loan (Fixed) reviews.      

86 400 Pay Account

Account fee$0
Australian ATM feeMajor banks free
Foreign transaction fee1.50%
Overseas ATM fee$0

86 400 have thrown down the gauntlet as a bank that wants to keep fees to a minimum, and their Pay Account certainly delivers with no account or foreign ATM fees. Check out the full 86400 Pay Account review for even more details.

86 400 Save Account

Interest rate0.40% ($0 and over)
Maximum interest rate2.25% (for $0 to $100,000)
Account fee$0

There’s a lot to like about the Save Account, including the maximum interest rate which currently sits among the best in the Mozo database at 2.25% for savers that deposit at least $1,000 a month into either 86 400 account. Get familiar with all the features by reading our full 86400 Save Account review.



86 400's app features

Like their banking products, there’s a lot to get excited about with the 86 400 mobile app including a few new and innovative features you’d expect from a digital bank. Here are a few that we think stand out: 

coins

Instant transfers

86 400 has revealed that its Core Banking Platform has been set up to allow real-time payments. What that means is (near) instant transfers between 86 400 users and other eligible bank accounts over the NPP (New Payment Platform) using money transfer service Osko

alerts

Smart alerts

Always forget your upcoming bills? Well 86 400’s app is able to learn from your transaction history and automatically predict when any regular payments (from over 200 companies) are due. And 86 400 will even give you a nudge if you’re falling short of your monthly savings requirement so you don’t miss out on your interest. 

binoculars

External data integration

Forget about just providing smart banking from day one. 86 400 are determined to wind back the clock and provide customers with insights based on their old transaction history as well! To do this, users will be able to connect to their accounts from over 150 Australian financial institutions, and that data will be synced in the 86 400 app. 

mobile

The latest mobile payment options

86 400 wouldn’t be much of a digital bank if they didn’t provide the latest mobile payment options and digital wallets, and in this respect they haven’t let mobile lovers down. Depending on your smartphone, you’ll be able to set up your 86 400 debit card with Apple Pay, Google Pay,  Samsung Pay, Fitbit Pay or Garmin Pay, so you can pay as you go without your piece of plastic. 

Is banking with 86 400 right for you?

As a digital bank, 86 400 will appeal to a bunch of different people. First of all, it provides a mobile-only banking experience, so if you’re the kind of person who loves banking (or doing anything really) on their phone, then 86 400’s features, products and tools have been designed specifically with you in mind.  

Speaking of technology, because its platform is fully digital (i.e cheaper to run) 86 400, like other neobanks, are promising to keep their fees and rates seriously competitive. And they’ve already got off to a good start with their Pay and Save accounts.   

86 400 is still going to be a bank though. At least, in the sense that it is governed by the same rules and regulations as Australia’s major banks, online banks, mutual banks and credit unions. It will also have the same safeguards, so that means that if anything did go wrong with 86 400, deposits with the neobank of up to $250,000 (per person) would be guaranteed by the Australian Government.     

86 400 isn’t going to be the right option for everyone though. Because it’s only recently launched it doesn’t have the full suite of products that other banks have on offer (yet), and because it’s a neobank, customers won’t be able to do their banking with 86 400 through a branch or over the phone (calling that is). It’s worth noting that you will be able to call up 86 400 if you do have a problem with your card or your account though.

How do I sign up to 86 400?

Joining 86 400 is a piece of cake. First of all you’ll need to download the 86 400 mobile app and then sign up for an account through the app.  

You will need to provide a few details while signing up though, including an Australian drivers licence, your passport or your Medicare card. You’ll also need to be at least 16 years old and an Australian citizen or permanent resident in order to join.