Part of the 'New Payments Platform', Pay ID allows near-instantaneous transfer of funds between two accounts with just a phone number or email address, which saves the need to know a BSB and account number.

Many banks started rolling out Pay ID when the technology was launched in early 2018, and while 86 400 only launched in mid-2019, Citi has lagged behind competitors.

Citi launched its Pay ID service on 25 May, and 86 400 did so on Monday.

A Citi spokesperson told Banking Day that its Pay ID functionality is 'much richer' than what's offered by Westpac and ANZ because it's been rolled out across the full range of banking platforms.

“Pay ID is available via internet banking and mobile digital channels,” they said.

“Citi customers with an eligible product can send and receive real time payments using Pay ID.”

The announcement makes 86 400 the second neobank to have Pay ID after UP Bank, while Xinja does not yet.

Other banks noticeably absent at the Pay ID party include Adelaide Bank, AMP, Heritage, HSBC, Macquarie, ME Bank, RaboBank, UBank, and Suncorp and St George (though these two have Osko enabled).

Pay ID can usually be activated within online banking and respective banks' apps, across both Android and iOS platforms.

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

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Target Saver

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        For customers aged 14-35 years
        For customers aged 14-35 years

        Future Saver Account ( < $50k)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest

          Goal Saver

          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

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

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            Important Information and Comparison Rate Warning

                            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 11, 2023. View disclaimer.





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