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You can now open 3 savings accounts with digital bank 86 400

Posted: 3 February 2020 10:00 am
News

Man holding blue 86 400 debit card.

86 400 customers can now link up to 3 Save accounts to their Pay account and earn up to 2.25% p.a. on each.

86 400 has launched multiple savings accounts, so customers now have the option to open up to 3 individual Save accounts in the app. Customers can earn the competitive bonus interest rate of up to 2.25% p.a. on each account, provided the monthly deposit condition is met.

To be eligible for bonus interest you need to deposit $1,000 into any of your 86 400 Pay or Save accounts a month. You can take the money out throughout the month and still earn the bonus rate. This requirement was already in place.

What has changed is the amount of money customers can earn the bonus interest rate on. Previously, 86 400 only awarded bonus interest on one Save account for balances up to $100,000. Now, customers can earn bonus interest on balances up to $300,000 split across the three accounts. This means you can only have a maximum of $100,000 in each Save account earning the bonus interest.

Having multiple Save accounts doesn't only give you the chance to earn bonus interest on a larger balance, but it's also a handy way to split up your savings for different goals. For example, you could have one Save account dedicated to saving for an upcoming holiday and another way to save for a house deposit.

However, if the monthly $1,000 deposit condition isn't met, customers will earn the standard variable rate of just 0.40% p.a. instead of the bonus rate. 86 400 says that 90% of its customers are earning the bonus interest rate each month.

In comparison, fellow digital bank Xinja launched its savings product, Xinja Stash, to market in January with the same competitive interest rate of 2.25% p.a. However, unlike 86 400, there are no monthly deposit conditions to meet to get this maximum rate. Xinja also pays the 2.25% p.a. rate on balances up to $245,000.

Xinja said it already had more than $30 million in customer deposits in its Stash accounts just 7 days after launching the product. 86 400 hasn't revealed how many customers it has won over just yet, but did say it's in the tens of thousands.

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