86 400 Save Account

Mozo snapshot:

86 400’s Save Account is smart and simple, and offers some of the most impressive savings rates currently on the market. The standard rate sits at 0.40%, but if you deposit at least $1,000 in a month, you’ll be treated to an extra 1.85% p.a., which brings the maximum rate to 2.25% p.a.

Sound like a winner? Well you'd be right, because the Save Account picked up a 2020 Mozo Experts Choice Award in the best Regular Saver category. 

Key features:

The Save Account’s standard interest rate of 0.40% p.a. isn’t anything to get particularly excited about, but the maximum rate will definitely turn heads. You’ll be able to score an impressive 2.25% p.a. on balances up to $300,000 so long as you make a monthly deposit of at least $1,000 to either your Pay transaction account or Save Account. That rate puts the Save Account among the top earning savings accounts in our database. What's more, there are no fees, and you’ll be able to withdraw any amount of money without it affecting the maximum rate. 

86 400 also lets its users create up to three different Save Accounts, so you could have one for your emergency fund, your next overseas holiday and for your house deposit. Best of all, if you meet the requirements above, you'll receive the 2.25% ongoing bonus rate of all of your Save Accounts.

And for anyone who’s new to the world of neobanks and is in need of a little bit of reassurance before they sign up, 86 400 is licenced by APRA as an Authorised Deposit-taking Institution. As an ADI, deposits of up to $250,000 are covered in the off chance a bank goes under, so you can rest easy knowing your money is safe.

Who it's good for:

You’ll only be able to manage your Save Account through the iOS or Android app, so you’ll need to be comfortable doing your banking solely on your smartphone.