Neobank 86 400 cuts savings account rate to 1.85%
86 400 has become the latest neobank to throw its savings account onto the chopping block, following the Reserve Bank’s emergency rate cut last month.
Effective today, the neobank will cut rates on its Save Account by 15 basis points, bringing the maximum rate down to 1.85%.
In order to receive that maximum rate, savers must deposit more than $1,000 into either the Pay or Save Account (balances up to $100,000 per Save Account).
This is the second time the neobank has reduced its savings account rate, as almost one month ago, 86 400 cut its rate by 25 basis points from 2.25% to 2.00%.
86 400’s new rate now matches fellow neobank, Up, which also trimmed 15 basis points off its Saver Account last week.
RELATED: Savings account snapshot: All the recent rate changes you’ll want to know about
Back in March, big banks ANZ and NAB also slashed rates on their savings accounts by 35 and 25 basis points, respectively.
“All banks big and small have felt the squeeze following the two RBA rate cuts in March and unfortunately neobanks are no exception,” said Mozo Banking Expert, Peter Marshall.
“We’re in a low interest rate environment at the moment and I expect it to remain this way for some time.”
But despite the news, it’s worth noting that 86 400 still has one of the highest ongoing savings account rates on the market.
The remaining members of the 2.00% club
According to the Mozo database, there are now only two providers offering conditional ongoing rates of 2.00%: MyState Bank and Bank of Queensland.
With the MyState Bank Bonus Saver Account, savers are required to deposit at least $20 into the account and make five debit card transactions, while the Bank of Queensland Fast Track Saver Account asks savers to deposit $1,000 into their transaction account and make five debit card transactions each month*.
So if you’d like to find out how these accounts compare to others in the market, head on over to our savings account comparison tool or get started with the offers below!
*Bank of Queensland has temporarily paused the debit card condition on its Fast Track Saver Account due to COVID-19 until 31 August 2020
Compare savings accounts - last updated 26 April 2024
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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
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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.
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- standard interest rate
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- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
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- 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.
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Savings Account
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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.
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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
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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.
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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.
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- 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
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Mozo experts choice awards won:
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AMP Saver Account
5.40% p.a. (for $0 to $250,000)
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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.
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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
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- 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.
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Savings+Bonus
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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.
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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.
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- account fee per month
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