Frequently asked questions

If your question isn’t covered below, please contact us. And if you’d like to share any great ideas you’ve got, please use the feedback link in our app settings.

Who is 86 400?

  • What does 86 400 mean?

    Our name’s not what you’d expect from a bank, is it? Well we’re not what you’d expect from a bank either!

    There are 86,400 seconds in a day and our name represents that we’re helping Australians feel in control of their money, every second of every minute of every day. All eighty-six four hundred of them.

  • Is 86 400 a bank?

    Yes, we’re an entire bank built for your smartphone. We were granted our full banking licence on 18 July 2019, allowing us to operate as an authorised deposit-taking institution. This means all our deposits are guaranteed up to $250,000 per customer by the Australian Government’s Financial Claims Scheme.

  • Who owns 86 400?

    86 400 is an independent company backed by Cuscal, Australia’s leading independent payments provider. 86 400 is majority owned by Cuscal, along with an Australian superannuation fund, fund managers, high net worth individuals and family offices.

  • How does 86 400 make money?

    Our business model is based on delivering exceptional services to customers to raise deposits. We then lend money to home buyers, where we make an interest margin.

  • Can I trust 86 400 with my money?

    Absolutely! Our deposits are guaranteed up to $250,000 per customer under the Australian Government’s Financial Claims Scheme.

    We also use the latest technology, free from legacy systems, with the most advanced in-built protection and detection mechanisms, all run by a highly experienced team.

  • What industries does 86 400 invest in?

    We’re committed to operating a sustainable and socially responsible business. You’ll be pleased to hear that we don’t invest in or lend money to companies in the fossil fuels industry, for example.

Getting started

  • What do I need to join?

    To join us, you need to be:

    • 16 years old or over
    • an Australian citizen or permanent resident with an Australian residential address

    And have:

    • an Australian driver licence, passport or Medicare card handy (you’ll need at least one of these)
    • an Australian mobile number and a mobile phone that’s running Apple’s iOS 11.0 or later, or Google’s Android N (7.0) or later
  • I’m having trouble passing the ID check. What now?

    Please try again! Here are some tips to help you pass:

    1. Enter your name, address and birthday exactly as it appears on your ID.
    2. Tick the box on the Check this matches your ID screen as this lets us verify your identity using the personal details on your credit file at Equifax.
    3. If you’ve recently moved, make sure you’ve updated your address on your ID and the electoral roll.
    4. And if you still can’t pass, get your free Equifax credit report to check the information we’re trying to match against. If something’s not right, please get in touch with Equifax and ask them to update your details.

    If these tips don’t work, please contact us and we’ll try and help, but if you still can’t pass the ID check, we’re sorry but you won’t be able to bank with us as there’s no other way for us to verify your identity.

About 86 400 accounts

  • What accounts will I get?

    You’ll get 2 accounts: a Pay account and a Save account. Your Pay account lets you transfer money and make purchases using the linked Visa Debit card or your digital wallet.

    And your Save account will earn our full variable rate of 1.85% p.a. when you put $1,000+ each month into either account – paid on balances up to $100,000 per account (includes a bonus rate of 1.60% p.a. on top of the base rate of 0.25% p.a.).

    You can open an additional 2 Save accounts via the app

  • Do you offer joint accounts?

    We recently kicked off our shared account pilot to help us design and deliver a great shared accounts experience for our customers. So if both you and your partner-in-finance are existing customers and would like to be involved, please let us know at [email protected].

  • What’s your current interest rate?

    Your Save accounts can earn our full variable rate of 1.85% p.a. when you put $1,000+ each month into any of your Pay or Save accounts.

    This is made up of:

    • Base interest rate of 0.25% p.a. (paid regardless of if you meet the bonus interest criteria)
    • Bonus interest rate of 1.60% p.a. and can be earned on balances up to $100,000 per Save account (only paid when you put $1,000+ each month into any of your Pay or Save accounts)

    Interest is calculated daily and paid monthly.

  • How is interest calculated?

    Interest is calculated daily and paid monthly based on the balances of your Save accounts. To be eligible for the bonus rate, you must put $1,000+ each month into any of your Pay or Save accounts prior to 11:30pm (Sydney time) on the last day of the month.

  • How do I earn bonus interest?

    To earn our bonus interest rate on your Save accounts, put $1,000+ each month into any of your Pay or Save accounts. You can also take your money out at any time without affecting your bonus rate, because it’s your money after all.

    For example, if you put $500 into your Pay account and $500 into one of your Save accounts then you will earn bonus interest for that month on all of your individual Save accounts as well as on any shared Save accounts you hold with a partner-in-finance.

  • Does an offset account earn interest?

    Both your Pay and Save accounts can offset your variable rate Own home loan. If you swap your Save account to be an offset account mid-month, you will forfeit the bonus interest but still receive the base rate for that month. Your other option is to wait till the first day of the next month to swap your Save account to be an offset account.

Using my accounts

  • How can I put money in?

    As we’re a digital bank without any branches, you need to transfer money into your account from another Australian bank account (we don’t accept cash or cheques) or have your salary paid directly into your account. If your other bank supports Osko payments, the money should arrive in your 86 400 account straight away.

    And if you set up a PayID with us, you’ll be able to transfer money into your 86 400 accounts instantly using just your mobile number or email address.

  • Can I create a PayID for my 86 400 accounts?

    You sure can! Head to ‘Settings’ in the app to create your PayID by linking your registered mobile number or email address to any of your Pay or Save accounts.

    Once you’ve set up your PayID, instead of sharing your BSB and account number with your friends, simply let them know your PayID and you’ll receive the money instantly into your chosen account.

  • I can’t transfer money into my 86 400 accounts. What do I do?

    As we’ve got a new BSB, it’s possible that your other financial institution hasn’t updated their systems yet (yup, this happens when any Australian bank adds a new BSB).

    Please contact the financial institution directly and ask them to update their systems with our BSB, or contact us and we’ll do it for you.

  • How can I take money out?

    As well as transferring money between your accounts, you can:

    • pay someone using a BSB and account number or PayID. If their bank supports Osko payments, the money should arrive in their account straight away.
    • pay a bill with BPAY.
    • withdraw cash from an ATM (domestic and international).
    • pay with your Visa Debit card or digital wallet – Apple Pay, Google PayTM and Samsung Pay, as well as Fitbit Pay and Garmin Pay.
  • Which digital wallets can I use?

    If you want to pay with your mobile or smartwatch, you can add your Visa Debit card to Apple Pay, Google PayTM and Samsung Pay, as well as Fitbit Pay and Garmin Pay. Compatible devices only.

    There’s no need to wait for your card to arrive if you’re using an iPhone or Android device. You can set up Apple Pay or Google PayTM instantly from the ‘Cards’ screen in your app.

  • How can I access my accounts?

    Using our app! Right now we’re busy creating the best possible app experience for smartphones but we may look at supporting tablets and other devices in the future.

Connecting other accounts

  • Which financial institutions can I connect accounts from?

    At the moment you can connect accounts from over 100 banks and financial institutions in Australia – and we’ll keep adding to this list.

    If there’s a financial institution you’d like us to add, please contact us and we’ll look into it for you (they’ll need to have an online banking website and not require extra authentication such as an SMS or token to log in).

  • What kind of accounts can I connect?

    You can connect your other transaction and savings accounts, credit cards, home loans and personal loans. And as we grow, we’ll be adding other account types such as superannuation and investments.

  • How often do balances get updated?

    It depends on the type of account. For example, high usage accounts like transaction and credit card accounts get updated more often than home loans. You can see when an account was last updated in our app.

  • How do I remove an account?

    It’s simple. Head to Accounts and tap the 3 horizontal dots next to the bank name. You’ll then be able to remove accounts one by one, or all at once (which will also delete the financial institution’s login details).

About home loans

  • Who can apply?

    Let’s take a look. Before you get started, please make sure you:

    • have at least a 20% deposit or equity (our maximum LVR is 80%)
    • are buying or refinancing a residential property (we don’t lend for vacant land)
    • are an Australian citizen or permanent resident
    • have a good credit history
    • are a PAYG employee
  • How can I apply?

    Right now we only accept home loan applications through an 86 400 accredited broker. If you’re ready to apply or you have any questions, we’ll help you find a broker.