Frequently asked questions

If your question isn’t covered below, please contact us.

  • How do I get the $10 ‘First purchase bonus’?

    Open an account and get $10 after your first purchase.

    Limited to the first 10,000 new customers who open an account after 20 October 2019 and make a purchase before 15 December 2019.

    To get the ‘First purchase bonus’ follow the steps below:

    Download the 86 400 app [add app store buttons] and open an account in just 2 mins.

    Fund your account by transferring money from any other Australian bank account. You can find the BSB and account number in our app.

    Treat yo’ self (a.k.a. make a purchase) using Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay or your 86 400 Visa Debit card before 15 December 2019.

    Ta da! $10 is yours and will be credited to your Pay account within a couple of business days.

    Q: Is there a cost for downloading the app?

    A: Downloading the app is free. And better still, there are no monthly fees for your accounts so opening an account is all upside.

    Q: Are there any conditions on what I can purchase?

    A: Nope. It’s your money, buy what you like using either your 86 400 Visa Debit card or your digital wallet on your favourite device.

    Q: I think I’ve met the criteria, what comes next?

    A If you’re one of the first 10,000 customers to meet the criteria, expect to see $10 credited to your Pay account within a couple of business days.

    A: If you have any questions, please drop us a line on 1300 086 400 between 8am and 8pm Monday to Friday.


    See our First purchase bonus T&Cs

  • What does the name 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. We have recently announced a process to bring on new investors in late 2019/early 2020.

  • 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 do I need to join?

    To join us, you need to be:

    • 16 years old or over
    • an Australian citizen or permanent resident

    And have:

    • an Australian driver licence, passport or Medicare card handy
    • a mobile phone that’s running Apple’s iOS 11.0 or later, or Google’s Android N (7.0) or later
  • 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.

    Home loans are coming soon. We don’t offer joint accounts or business accounts just yet, but watch this space!

  • What’s your current interest rate?

    Your Save account will earn our full variable rate of 2.25% p.a. when you put $1,000+ each month into either account – paid on balances up to $100,000 (includes a bonus rate of 1.85% p.a. on top of the base rate of 0.40% p.a.).

  • How is interest calculated?

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

  • 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.

  • What accounts can offset my Own home loan?

    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.