86 400 Review

The 86 400 bank account has no account-keeping fees and offers smart spending insights and bill detection via the mobile app.

When you download an 86 400 account, you’ll get a linked Pay and Save account. The Pay account is like an everyday transaction account for day-to-day spending, and the Save account allows you to earn bonus interest on your money when you’re not using it.

Product Name86 400 Account
Card TypeVisa
Supported CurrenciesAUD
Supported DevicesiPhone
Android
Payment OptionsApple Pay
Google Pay
Fitbit Pay
Garmin Pay
Samsung Pay
Domestic ATM Fee$0
International ATM Fee$5
Standard Interest Rate (Savings Account)0.4%
Bonus Interest Rate (Savings Account)1.85%

Quick verdict

The good
  • Quick and easy sign-up process
  • Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay
  • Insights into your spending and saving habits
  • In-app bill detection and reminders
  • Competitive interest rate on savings
  • Easy to earn bonus interest on the savings account
The not so good
  • International transaction fees apply
  • ATM fees apply (fees can be avoided at 10,000 ATMs in Australia)

What to know about 86 400

86 400 is a digital bank that received its full Australian Deposit-Taking Institution (ADI) licence from the banking regulator in July 2019. 86 400 is a digital smart bank that operates entirely via a mobile app, so there’s no desktop platform and no bank branches.

What products does 86 400 offer?

86 400 currently offers a linked Pay and Save account only; however, it plans to launch a home loan soon. When you download the app, you’ll receive a Pay account and from there you can choose to open a Save account within the app and transfer some of your balance into the Save account.

86 400 Pay account

The Pay account is what you’ll get when you initially download the app and create an 86 400 account. It’s an everyday transaction account with no account-keeping fees. You can receive payments into your Pay account and make transactions from the account online or in stores using the linked Visa Debit Card. You can also use the account to make transactions when travelling overseas.

86 400 Save account

Once you’ve got your 86 400 app and Pay account set up, you can add a Save account within the app. You can transfer money from your Pay account into the Save account, and the money in your Save account will earn interest.

The Save account offers a maximum variable rate of 2.25% p.a. on balances up to $100,000. You’ll get this bonus rate each month you transfer at least $1,000 into your 86 400 Pay account. When you don’t meet the monthly deposit requirement, the balance in your Save account will earn the standard variable rate of 0.40% p.a.

Features on offer with 86 400

Easy, quick sign-up process
You can download the app and create an 86 400 account in minutes. You’ll just need to verify your identity using two forms of ID such as your driver’s licence and Medicare number.

Spending insights
The app will analyse your spending and provide you with insights around how you’re spending your money, and what your savings habits are. This will help give you a better understanding of your financial habits and how to improve.

Visa Debit card
You’ll get a free Visa Debit card with your 86 400 account that’s linked to your Pay account. You can use the card to shop online or in-store all around the world and withdraw cash from ATMs.

Note that you’ll be charged an ATM withdrawal fee set by the ATM operator; however, there are over 10,000 ATMs in Australia that are free to use including all Westpac, CBA, NAB and ANZ ATMs.

Contactless payment options
You can link your 86 400 account to Apple Pay, Google Pay, Samsung Pay, Garmin Pay and Fitbit Pay to make secure tap-and-go transactions using your phone without your debit card.

Bill detection
The app will scan your transaction history and alert you when you have an upcoming bill in the next 30 days.

Real-time payments
You can set up a PayID with your 86 400 account to send and receive money instantly, even between accounts from different banks.

Low fee account
There are no account-keeping fees and the app is completely free to download. There are no fees for transferring money to and from your linked Pay and Save account, and it’s free to transfer money to others via the app.

An international transaction fee of 1.5% of the transaction value applies when using the account to make purchases overseas or when shopping online from overseas merchants.

Is 86 400 safe?

86 400 has a full ADI-licence from the Australian Prudential Regulation Authority (APRA). This means the bank is regulated in the same way as other ADIs in Australia, including the Big Four banks. As such, your deposit up to $250,000 with 86 400 is guaranteed by the Australian government.

How to get an 86 400 account

If you want to create an 86 400 account, simply download the app from the App store or Google Play.

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2 Comments

  1. Default Gravatar
    Ian
    September 13, 2019

    86400 digital bank supported devices mentions only phones. Does this mean iPads and desktop computers (iMac specifically) are excluded?

    • AvatarStaff
      Jeni
      September 14, 2019

      Hi Ian,

      Thank you for getting in touch with Finder.

      86 400 Smart Bank app can be used on iPad or any android device but not on desktop or any other computer.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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