The wait is finally over as the much-anticipated neobank 86 400 finally launches, after, well let’s just say more than 86,400 seconds of planning!
Digital bank 86 400’s proverbial doors are now open to the public, but don’t worry if you weren’t one of the savvy few to add your name to the waitlist, it shouldn’t take you more than two minutes to sign up! Once you’re all setup you can make payments with your Visa Debit card, mobile, watch or FitBit (with a linked Apple Pay, Google Pay, Samsung Pay, FitBit Pay or Garmin Pay account).
CEO Robert Bell said, “Today, we’ve launched a bank which uses smart technology to show customers what’s actually going on with their money, so they feel in control every second of every day. All eighty-six four hundred of them.”
The Sydney-based neobank offers two different accounts, the Pay Account and the Save Account. In line with the smartbank’s branding and focus on greater visibility and honesty with customers, what you see is what you get. The Pay Account is designed to be used for your everyday transactions, while the Save Account is for all the money you want to stow away.
86 400’s enticing maximum interest rate of 2.50% is also currently one of the top five maximum savings account rates in the Mozo database (at the time of writing). The maximum interest rate can be earned on balances up to $100,000 and has a base interest rate of 0.40% per annum. To bag the sweet bonus rate of 2.10% all you have to do is deposit $1,000 or more, once a month, into any of your 86 400 accounts.
The app-based bank promises some pretty nifty features, including the ability to connect to accounts from more than 150 financial institutions with a read-only view, giving you a better snapshot of your whole financial picture. Plus with the app’s automatic predictions feature you can stay on top of your regular payments to more than 200 companies, including your monthly subscription to Netflix!
You’ll even get a nudge from the app to remind you to deposit enough into your Save Account by the end of the month, so that you can achieve the maximum interest rate. You’ll also be happy with the knowledge that withdrawing money from your accounts won’t affect the interest you receive.
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Coming just one year after the launch of digital bank Up in Melbourne, the launch of 86 400 marks an exciting time for smart banking in Australia. This could even be the beginning of a banking revolution, as more and more neobanks enter the world of banking. And as they do, you can be sure that Mozo will keep you up to date with all the latest news.
Check out our guide to digital banking and neobanks to learn more about digital banking. Or if you want to keep updated on all the latest finance tech news head over to Mozo’s dedicated fintech space.