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.

  • 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, birth certificate, passport or Medicare card handy (you’ll need at least one of these)
    • an Australian mobile number

About 86 400 accounts

  • What accounts will I get?

    You’ll get two 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.

    Your Save account will earn our full variable rate of 1.20% p.a. when you put $200+ each month into either account. That’s made up of a base rate of 0.10% p.a. and a bonus rate of 1.10% p.a.

    The bonus rate is only paid on balances up to $50,000 per account.

    You can open an additional two Save accounts via the app.

  • Do you offer joint accounts?

    Yes we do – we call them shared accounts! If you and your partner-in-finance are existing customers, you’ll be able to open a shared Pay or Save in seconds via the app.

  • What’s your current interest rate?

    Your Save accounts can earn our full variable rate of 1.20% p.a. when you put $200+ each month into any of your Pay or Save accounts.

    This is made up of:

    • Base interest rate of 0.10% p.a., paid regardless of if you meet the bonus interest criteria
    • Bonus interest rate of 1.10% p.a., paid when you put $200+ each month into any of your Pay or Save accounts.

    The bonus rate is only paid on balances up to $50,000 per account.

    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 $200+ 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 $200+ 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 $100 into your Pay account and $100 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.

About shared accounts

  • How do shared accounts work?

    Our shared accounts work the same as our Pay and Save accounts, except they’re shared with 1 other person.

    You’ll both be able to make payments and withdrawals, and you’ll both see the shared account in the app.

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.

  • What phone and operating system do I need to access my accounts?

    We focus on creating the best possible app experience for the most common smartphones used by Australians. We currently support iOS 12 and above and Android 7.0 and above. Unfortunately, some older or very uncommon phones may not work with our app.

    We’ll look at other ways to support your banking in the future.

  • What version of the app do I need to access my account?

    You should keep your app up to date by downloading the latest version from the App Store or Google Play.

    If your device supports it, we recommend turning on automatic app updates in your device settings so that you always get the latest feature and security enhancements. For important security updates, we may require you to update our app before you continue using it.

    As of week commencing 27th September 2021, 86 400 app versions below v4.2.0 are no longer supported.

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.
    We have added some superannuation and investment accounts and we’ll be adding more in the near future.

  • How often do balances get updated?

    We regularly update your connected account balances and transactions. You can also refresh your accounts by swiping down on the ‘Accounts’ screen. You can see when each account was last updated in our app.

  • How do I remove an account?

    It’s simple. Head to Accounts in the app and tap the 3 horizontal dots next to the bank name (if grouped by bank) or on the account details page (if grouped by account).

    You’ll then be able to remove accounts one by one. (Deleting all of the connected accounts for a given financial institution, will also delete that 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?

    Our team of Lending Specialists are happy to help find a home loan that’s right for you. Alternatively, we can connect you with an 86 400 accredited broker. If you’re ready to apply or you have any questions, contact us.