86 400 customers can now have up to 10 savings accounts

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on April 04, 2022 Fact Checked
86 400 customers can now have up to 10 savings accounts

Digital lender 86 400 has unveiled changes to its savings account offering to allow customers up to 10 savings accounts.

86 400 previously allowed 'Save' customers up to three accounts.

The bank's savings account product currently earns a base rate of 0.10% p.a., however these accounts can reach a bonus variable rate of up to 1.20% p.a. per criteria being met.

To earn the bonus interest rate on 'Save' accounts, $200 is required to be deposited into 86 400 customer's 'Spend' or 'Save' accounts.

86 400 notes all interest is calculated daily and paid monthly.

The neobank has raised its maximum deposit allowable to receive bonus interest to $250,000 - up from $50,000.

This $250,000 can be situated in a single 'Save' account or spread across up to 10 'Save' accounts.

What's out there for savers? 

    86 400's 'Save' account lies in comparison with the likes of ING's popular 'Savings Maximiser' account, which attracts 1.35% p.a. total interest albeit with more hoops to jump through. 

    Compared to the $200 deposit required to qualify for bonus interest on 86 400 'Save' accounts, ING customers must deposit $1,000 per month and have five settled debit card transactions on their linked Everyday account.

    Recently, AMP boosted its savings account offering to match ING, offering a total ongoing rate 0.10% p.a. and a 1.25% p.a. bonus rate applicable on balances up to $250,000.

    Similar to 86 400, AMP's bonus rate applies when the customer deposits at least $250 the previous month.

    In the term deposit world, Judo Bank recently increased its five-year rate to 3.00% p.a.


    Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

    Lender

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Online Saver (Amounts < $499999)

      4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      High Interest Savings Account (< $250k)

        4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Online Saver ($1-$100k)

          0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver

            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            BU Savings Account

              Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of June 29, 2022. View disclaimer.


              Image by cottonbro via Pexels

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              Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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