It’s time to meet 86 400 - the Australian smartbank making finance simple
86 400. It’s a big number, but what, if anything, does it have to do with banking?
No it’s not the international dialing code for Mongolia, nor is it (unfortunately) the opening balance 86 400 will give you when you open a new bank account with them.
“There are 86,400 seconds in a day and our name represents that we’re helping Australians feel in control of their money, every second of every minute of every day. All eighty-six four hundred of them.”
That’s the story behind the name according to 86 400, but as their name suggests, they’re hardly a normal bank. In fact, 86 400 is a self-described smartbank - what we’d call a neobank or digital bank here at Mozo.
So what makes 86 400 so smart?
Well for one thing 86 400 has been purpose-built for smartphones (get it?), plus they’ve also developed a bundle of ‘smart’ tools and features to help make the financial lives of their users a little bit simpler.
Think things like spending and bill predictions, savings reminders and the ability to connect external accounts from over 150 other Australian financial institutions all within the 86 400 app.
Aside from their smart features, 86 400 has also launched a number of products worth a mention including a bank account (with digital wallet compatibility), a savings account (with a seriously competitive maximum rate) and even home loans (the first Aussie neobank to do so).
That’s a pretty impressive output for a bank that was founded in 2017, received their full banking licence in July 2019 and only officially launched in September 2019.
“While a neobanks’ main selling point is the promise of a great app experience, if 86 400 want to continue to grow their slice of the market they are going to have to maintain really competitive products like a great savings account and home loan rate,” said Mozo Banking Expert, Peter Marshall.
“Currently their ongoing savings account rate is right at the top of the Mozo database and we’d expect them to maintain that sort of positioning in the future.”
So be honest, we’ve piqued your interest just a tad haven’t we? If that’s the case, keep on reading because we’ve wrapped up some short answers to the big questions frequently asked about 86 400.
86 400 frequently asked questions (FAQs)
Is 86 400 a real bank?
They certainly are. 86 400 are an authorised deposit-taking institution (ADI) regulated by APRA just like every other bank in Australia including major banks like CommBank and Westpac. This also means that any money you deposit in an 86 400 bank account or savings account (up to $250,000 per person) is protected under the Australian Government’s deposit guarantee scheme.
What kind of products does 86 400 have?
Currently 86 400 have a Pay account and Save Account as well as the Own Home Loan and Own Home Loan (Fixed) available for both owner occupiers and investors. Check out the linked reviews for even more information about each product.
Does 86 400 have branches?
No. As an app-based bank 86 400 are only available via smartphone. There are a couple of ways you can contact 86 400 if you need to though, including by sending them a message on their website or by giving them a call.
Does 86 400 have Apple Pay, Google Pay or Samsung Pay?
Yes, 86 400 allows you to link your 86 400 debit card to all of the major digital wallet options so you can pay with your phone via Apple Pay, Google Pay and Samsung Pay or via a smart watch with Garmin Pay or Fitbit Pay.
Can I use 86 400 overseas?
You sure can. You’ll be able to pack the 86 400 visa debit card for your next overseas trip, plus it comes with handy travel features such as $0 international ATM fees (ATM providers may charge one though) as well as a competitive 1.50% foreign exchange commission.
What happens if I lose my phone?
Given your 86 400 bank account and savings account will only be accessible via the 86 400 app, it’s perfectly reasonable to want to know what would happen if you lose or break your phone.
You’ll still be able to use your 86 400 debit card (unless you choose to lock or cancel it), but when it comes to actually accessing your account you’ll need to download the app again on another phone (like a friend or family members).
How do I sign up to 86 400?
To sign up to 86 400 you’ll first need to download the 86 400 app via the App Store or Play Store depending on your phone. 86 400 says that signing up can be done is as little as two minutes, though you will need to be an Australian citizen or permanent resident and at least 16 years to do so. You’ll also need some sort of ID like a drivers licence, passport or Medicare card.
Ready to learn more about 86 400? Get acquainted with our full 86 400 review, or see how it compares with some of Australia’s other new digital players over at the Mozo neobanks comparison hub.
Savings accounts 2019 - last updated 26 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Saver Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read our Mozo Review to learn more about the Savings+Bonus
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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