What is 86 400? 86 400 is a neobank – a completely online bank that is based on mobile phone app technology. 86 400 is named for the number of seconds in 24 hours. 86 400 has no branches and the only way to open an account is to download the 86 400 app on the App Store or Google Play. 86 400 has just opened for business – with a $10 cash back promotion – starting 20 October 2019. InfoChoice has downloaded the 86 400 app, opened an account and tested the neobank’s promises against reality. This is the first review of neobank 86 400 and the 86 400 Pay and Save accounts. You can compare these accounts yourself with other everyday transaction banking accounts and savings accounts at InfoChoice. Review of 86 400 Pay and Save accounts From the 20 October 2019 until the 15 December 2019, 86 400 is offering to deposit $10 into the Pay accounts of new customers. The offer only applies to the first 10,000 people who sign up, put some money of their own into their new 86 400 account and use Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay or the Visa Debit card that comes a few days later in the snail mail to make a purchase or other transaction before the 15 December 2019. InfoChoice has downloaded the app, entered our driver license number and opened an account. Then we enabled fingerprint ID (on iPhone 7) and put our new digital 86 400 card in Apple Wallet. We’ve transferred $10 of our own money from another bank to 86 400, so now we’re ready to go shopping. The whole process took us 10 minutes maximum. I have to look up my Tax File Number and add it later, but for now I’m ready to go with a whole new bank. And 86 400 is already prompting me to make my first transaction in order to ensure I’m one of the initial 10,000 account holders to use 86 400 and get $10 cash back. The 86 400 app has plenty of prompts based on analysis of your accounts, plans, savings and spending records. 86 400 Pay account The 86 400 Pay account is an everyday transaction account that supports Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay and has a Visa Debit card. The Pay account helps you track your income and expenses with graphs and charts. The app prompts you about events or savings plans to help you save. But the best thing about 86 400? You can list all your bank accounts in the app so you get a complete picture of your money. You provide your internet banking details to 86 400 and they suddenly are prompting you and analysing all your finances. The 86 400 Save account. The 86 400 Save account is offering a current maximum bonus rate of 2.25 per cent p.a. when you deposit $1,000 or more per month into any linked 86 400 accounts. The Save account base rate is 0.40 per cent p.a. and the bonus rate is currently 1.85 per cent p.a. bonus. So I can put $1,000 per month into he linked Pay account for my own spending and get a bonus rate of 2.25 per cent pa on my savings, even if I don’t make any deposits during the month. Even if I make a withdrawal, I still get the bonus rate, as long as I keep $1,000 flowing through the linked transaction account. That is lot more attractive to me than the strict rules on my existing savings account. Right now, I get 0.10 per cent most months and just 0.9 per cent if I deposit $200 and make no withdrawals. The 86 400 Pay and Save accounts and the app have very few fees and the Save bonus rate is among the market leaders. 86 400 Save account compared with other accounts The best thing about this 86 400 Save account is the easy rules for getting the bonus rate. You can even get the bonus rate if you take money out of the account. No big bank is that currently that generous on incentive saver accounts. Current bank savings account rates are as low as inflation or lower. “Savers need to be active in managing their cash investments if they don’t want their money to lose value over time,” said Vadim Taube, CEO of InfoChoice. “You need to ensure that you are getting the maximum bonus rate by understanding the rules of the account.” Mr Taube said there are other online accounts nearly as much as 86 400 in maximum bonus rates. “ME Online Saver is paying up to 2.20% pa, UBank is paying up to 2.10% pa and Suncorp is paying up to 2.15 per cent pa.” Six top ongoing incentive savings account maximum bonus rates on InfoChoice (29/10/2019). You can compare and save on savings accounts and term deposits at InfoChoice. The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.