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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.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4.20% p.a. | 4.95% p.a. Intro rate for 4 months then 4.20% p.a. | $472 | 4 months | $250,000 | $99,999,999 | $0 | $0 | – |
| Disclosure | |||||||||
3.70% p.a. | 5.15% p.a. Intro rate for 4 months then 3.70% p.a. | $469 | 4 months | $0 | $249,999 | $0 | $1 | $0 |
| Promoted | Disclosure | ||||||||
0.00% p.a. Bonus rate of 4.85% Rate varies on savings amount. | 4.85% p.a. | $490 | – | $0 | $99,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
0.05% p.a. Bonus rate of 4.95% Rate varies on savings amount. | 5.00% p.a. | $505 | – | $0 | $99,999 | $1,000 | $0 | $0 |
| Promoted | Disclosure | ||||||||
0.20% p.a. Bonus rate of 0.00% Rate varies on savings amount. | 4.50% p.a. Intro rate for 4 months then 0.20% p.a. | $308 | 4 months | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
0.20% p.a. Bonus rate of 0.00% Rate varies on savings amount. | 4.50% p.a. Intro rate for 4 months then 0.20% p.a. | $308 | 4 months | $0 | $99,999,999 | $0 | $0 | $0 | |||||||||||
2.80% p.a. | 4.35% p.a. Intro rate for 4 months then 2.80% p.a. | $385 | 4 months | $0 | $99,999,999 | $0 | $1 | $0 | |||||||||||
0.00% p.a. Bonus rate of 3.85% Rate varies on savings amount. | 3.85% p.a. | $388 | – | $0 | $99,999,999 | $0 | $1 | $0 | |||||||||||
3.95% p.a. | 3.95% p.a. | $398 | – | $500,000 | $99,999,999 | – | $0 | $0 | |||||||||||
0.10% p.a. Bonus rate of 3.70% Rate varies on savings amount. | 3.80% p.a. | $383 | – | $250,000 | $499,999 | $100 | $1 | $0 | |||||||||||
0.01% p.a. Bonus rate of 4.74% Rate varies on savings amount. | 4.75% p.a. | $480 | – | $0 | $99,999 | $100 | $0 | $0 | |||||||||||
1.00% p.a. | 4.30% p.a. Intro rate for 3 months then 1.00% p.a. | $266 | 3 months | $0 | $99,999,999 | $0 | $0 | $0 |
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!
Harrison Astbury
Denise Raward
