86400 bank review; the first smartbank

86400 bank review from an experienced and long term investor on the path to financial independence.

86400 Bank review

86400 was an Australian digital bank that launched in July 2019. It operated entirely via a mobile app, and there are no physical bank branches or web client. 86400 was very intuitive and easy to use, and focused on simplifying clients banking, as well as using AI to help manage and reduce your bills, providing opportunities for you to save money on things like utilities, mortgages and other loans. 86 400 was bought by NAB, and merged with the Ubank brand.

2022 update

On 19 May 2021 86 400 was taken over by NAB, meaning that 86 400 is operating under NABs Authorised Deposit taking Institution licence. After NAB took over 86 400, it removed the neobank branding and absorbed 86400 into uBank to upgrade its software and digital banking systems. Basically, uBank and 86400 are now the same thing – and they have dropped the 86 400 name, so technically 86 400 doesn’t exist anymore and its uBank instead!

I will leave the article below for information, but the updated uBank review can be found here.

The Good

  • No international transaction fees
  • No sign up or ongoing fees
  • No minimum balance
  • Spending insights and savings offers
  • Easy to sign up and use
  • Contactless payment, OSKO, Apple Pay, Google Pay, Fitbit Pay Samsung Pay and Garmin Pay
  • Backed by NAB

The Bad

  • Must satisfy age requirement conditions
  • Must be an Australian resident
  • No branch access
  • ATM fees may apply at ‘non big 4’ ATMs
  • Limited Customer support

Free $10 when you sign up using Bonus code LYMB85B

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86400 bank review

Introduction

I signed up to 86400 because I heard about it on Facebook and wanted to check it out as a competitor to ING Bank Australia and Up Bank. What I found was a surprisingly simple, easy to use and useful banking app. 86400 is a completely digital or ‘neo-bank’, which received its Australian deposit taking institution licence in 2019. It operates entirely on the cloud using a mobile banking application for clients, and an Australian based call centre and technical support.

86400 bank review

Signing up to 86400

Signing up to 86400 is very quick and easy, and I had my account within 5 minutes. To sign up to 86400, you need to complete the following steps;

  1. Download the mobile app
  2. Follow the prompts
  3. Enter your phone number to complete a 2 Factor Authentication
  4. Enter a bonus sign up code – you can use code: LYMB85B if you want to get $10 for free
  5. Verify your ID (I used my drivers licence but you can use a passport or Medicare card instead)
  6. Enter your Address (for your card to be delivered)
  7. Enter your Tax File number (so they don’t have to withhold interest from your savings account

86400 Bank accounts

Using 86400 is very straight forward. You are automatically set up with two accounts

  • Pay Account: This is your transaction or checking account which has no fees. Any transfers to your account by default land in your Pay account
  • Save Account: This is your savings account, and you are paid interest on any savings you transfer into the Save account. If you get at least AUD $1000 transferred into your Pay account, you will receive the maximum bonus interest rate on your Save account (up to $50,000). This interest rate changes all the time, so be sure to check your current rate in the app.

Features of 86400 Bank

  • Spending insights: The app automatically analyses your spending patterns to provide spending and saving insights which may help you improve your finances
  • Offers: 86400 will suggest offers which may help save you money, such as switching your electricity, mortgage or loan providers
  • Visa debit card: 86400 will send you a Visa debit card which can be used globally. Whilst you may be charged ATM fees by the operator, 86400 has arrangements with the big four banks (Commonwealth Bank, Westpac, NAB and ANZ) which give you free withdrawals at over 10,000 ATMs.
  • Contactless payment: your 86400 pay account can be linked to Apple Pay, Samsung Pay, Google Pay, Garmin Pay and Fitbit Pay and can be used to make secure contactless payments using your phone or smart watch without physically needing your Visa debit card.
  • Upcoming bill detection: The spending insights feature will automatically alert you to bills upcoming in the next month, giving you a headsup about how much you need in your account
  • Instant payment: Using PayID and OSKO to send and get money instantly.
  • Fee free: 86400 is fee free to use. The only fee they charge is for an emergency (express) Visa debit card replacement (standard post replacement is free) or for Emergency cash withdrawal. Confirm this by reading the Fee PDS.

Is 86400 bank safe?

86400 is fully licenced by the Australian Australian Prudential Regulation Authority (APRA) as an Authorised Deposit Taking Institution. This means that your money is just as safe in 86400 as it is in ING Bank Australia and Up Bank, and your accounts are insured up to $250,000 by the Australian government guarantee.

My thoughts on using 86400

In general, 86400 have a quick and painless sign up process. They offer all the latest payment options (fancy watches and phones) through Apple, Google etc, although those aren’t features I am ready to use because I am a millennial and still find tap and go payments on my card entertaining. I like the spending and saving insights, fee free international transactions, but I dont think the bill detection and reminder feature is really all that handy – I mean you should be all over this stuff anyway, right?

Furthermore, they offer a pretty paltry interest rate on your savings (I guess all banks do these days) and they only have fee free ATM withdrawals from certain ATMs (I much prefer ING Bank Australia‘s guarantee to always reimburse you for any ATM fees).

Lastly… 86400 use and sell your information. This is pretty standard and all banks do this, but you should just be aware that this is something they do. They will also make money by participating in affiliate arrangements when they offer you better rates on your electricity or home loans, they are selling you a product and this is a form of advertising.

Conclusion

86400 was an Australian digital bank that launched in July 2019. It operated entirely via a mobile app, and there are no physical bank branches or web client. 86400 was very intuitive and easy to use, and focused on simplifying clients banking, as well as using AI to help manage and reduce your bills, providing opportunities for you to save money on things like utilities, mortgages and other loans. 86 400 was bought by NAB, and merged with the Ubank brand.

Further reading – other Bank reviews

Check out my list of bank reviews here to see how the competition stacks up, and to find the right bank for your journey to Financial Independence

Financial Disclaimer

Financial Disclaimer: CaptainFI is NOT a financial advisor and does not hold an AFSL. This is not financial Advice!

I am not a financial adviser and I do not hold an Australian Financial Services Licence (AFSL). In this article, I am giving you factual, balanced information without judgment or bias, to the best of my ability. I am not giving you any general or personal financial advice about what you should do with your investments. Just because I do something with my money (or use a particular service or platform) doesn’t mean it is automatically appropriate for your personal circumstances. I do not recommend nor endorse any financial or investment product, and my usage or opinion of any product should not be interpreted as an endorsement, advertisement, or intent to influence.

I can only provide factual information based on my journey to Financial Independence, and that is provided for general informational and entertainment purposes only. I make no guarantee about the performance of any product, and although I strive to keep the information accurate and updated as it changes, I make no guarantee about the correctness of reviews or information posted.

Remember – you always need to do your own independent research and due diligence before making any transaction. This includes reading and analysing Product Disclosure Statements, Terms and Conditions, Service Arrangement and Fee Structures. It is always smart to compare products and discuss them, but ultimately you need to take responsibility for your use of any particular product and make sure it suits your personal circumstances. If you need help and would like to obtain personal financial advice about which investment options or platforms may be right for you, please talk to a licensed financial adviser or AFSL holder – you can take the first steps to find a financial advisor by reading this interview, or by visiting the ASIC financial adviser register and searching in your area. For more information please read my Privacy Policy, Terms of Use, and Financial Disclaimer.

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