FAQs

Frequently asked questions

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

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. We have recently announced a process to bring on new investors in early 2020. Stay tuned for updates!

  • 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.

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
  • 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 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.

    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

  • 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 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.).

    We don’t offer extra accounts, joint accounts, additional cardholders 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 (made up of a base rate of 0.40% p.a. and a bonus rate of 1.85% p.a. which is paid on Save account balances up to $100,000). Interest is calculated daily and paid monthly.

    Better still, you can take your money out at any time without affecting your bonus rate, because it’s your money after all.

    Happy saving!

  • 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.

  • 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). If your other bank supports Osko payments, the money should arrive in your 86 400 account straight away.

    But that’s just for starters. You’ll soon be able to set up a PayID with us too.

  • 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 – over 10,000 Australian bank ATMs are free to use.
    • pay with your Visa Debit card or digital wallet – Apple Pay, Google PayTM and Samsung Pay, as well as Fitbit Pay and Garmin Pay.

    And this is just the beginning! We’re close to adding other ways to pay, an address book and more.

  • 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 – you can set up Apple Pay instantly.

    For Android devices, you can hook up your digital wallet the second your card arrives, but we’re working on instant setup of Google Pay and Samsung Pay so stay tuned.

  • 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 150 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 a 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.