86 400 savings accounts

Looking for a place to store your money and earn interest? You could consider 86 400’s savings account, which offers a competitive interest rate and a range of features.


What is 86 400?

86 400 officially became a bank in July 2019 after being approved for a full Authorised Deposit-taking Institution (ADI) license. This makes it one of Australia’s newest banks, and one of a growing number of ‘neobanks’ now operating in the country. Named after the number of seconds in one day and self-dubbed “a genuine alternative to Australia’s Big Four banks”, 86 400 is an entirely online bank, and operates through an app which is available to download via the App Store or Google Play Store.

What savings accounts does 86 400 offer?

86 400 has just the one savings account on offer at the time of writing (February 2020) - the Save Account, which is 100% online through 86 400’s mobile app.

Save Account features/conditions:
  • You must deposit $1,000 per month into either the Save or Pay (below) accounts to earn the maximum interest rate
  • No monthly or account keeping fees
  • Apple Pay, Google PaySamsung Pay and Smartwatch (Fitbit and Garmin) Pay compatibility
  • Fast download and easy online application

As a registered ADI, all funds up to $250,000 are guaranteed by the Federal Government.

Does 86 400 also offer a transaction account?

Yes, 86 400 offers a transaction account called Pay, which allows you to withdraw from and transfer to your Save account. It also lets you spend on your daily transactions using an 86 400 debit card, either in-store or online. Pay has no minimum opening deposit or balance requirements and comes with the following features:

  • Spend tracking and insights
  • Push notifications and reminders
  • Bill detection for upcoming payments
  • Instant, real-time payments
  • Apple Pay, Google Pay, Samsung Pay and Smartwatch (Fitbit and Garmin) Pay compatibility

Does 86 400 offer other banking products?

Yes, 86 400 also offers home loans facilitated through mortgage brokers. 86 400 claims approval for these fully digital home loans can be up to six times faster than with the big four banks, and there are loans available for investors, refinancers, and owner-occupiers.

You can compare home loanscar loans and term deposits with Savings.com.au, and you should do so to check if there’s a better deal out there.

86 400 also has an ‘energy switching’ tool, designed to allow customers to identify and switch to a better electricity deal. Customers simply have to email their latest bill to 86 400 who will find them a cheaper option.

Does 86 400 charge any fees?

86 400 is almost fee-free, with only a few exceptions. It currently charges no:

  • Monthly account keeping fees
  • Transfer fees
  • Domestic card payment fees
  • ATM withdrawal fees (excluding network fees charged by the ATM itself)
  • Dishonour fees
  • Replacement card fees ($7 for express postage)

The only fees 86 400 charges is a 1.5% international currency conversion fee and a $50 emergency card replacement fee.

Check the terms and conditions for a more detailed view of the fees and charges.

Maximum balance limits

86 400 restricts its top interest rate to balances up to $100,000 per Save account. However, customers can earn this interest rate on up to $300,000 of their money by creating three different Save accounts with up to $100,000 in each.

86 400 also has a maximum balance limit of $5 million per customer, including funds in both the Pay and Save accounts.

How to apply for an 86 400 savings account

To open an 86 400 account, you can hit the ‘more details button’ on Savings.com.au’s savings account comparison tables which will direct you to 86 400’s website where you can hit ‘join now’. This should take you to your chosen app store where you can download the app and go from there. You’ll need to verify your identity with a driver’s license and either a passport or Medicare card.

This process should only take a few minutes in total. Make sure you read 86 400’s terms and conditions before applying.

Compare other high-interest savings accounts

86 400’s high-interest savings account isn’t the only one on the market you can choose from. There are a range of other accounts available in Australia with competitive interest rates and attractive features.

You can compare some of them in the table below: