86 400 Australia's First Digital Bank Explained

86 400 is Australia's first digital bank, launched in 2019.

The bank was created to provide a more efficient and cost-effective banking experience for its customers.

86 400 operates solely online and through its mobile app, eliminating the need for physical branches.

The bank's name, 86 400, is a reference to the 86 seconds it takes for a customer to open an account with the bank.

This is significantly faster than traditional banking methods, which often require customers to visit a branch in person.

By cutting out the middleman, 86 400 is able to offer lower fees and higher interest rates on its products.

Its mobile app allows customers to manage their accounts, make transactions, and access a range of financial tools and features.

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The 86 400 Spend Account is a great option for everyday transactions, and it comes with a debit card that lets you spend money in Australia and overseas.

You can connect your Spend Account to PayID, which allows you to receive money sent locally instantly.

The Spend Account is designed for everyday use, so you can rely on it for all your daily transactions.

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86 400 offers a range of account features that make everyday banking a breeze. The Spend Account is a great option for everyday transactions, allowing you to spend money in Australia and overseas.

You can also use the Spend Account to connect to PayID and receive money sent locally, instantly. This is super convenient and saves you time.

The Spend Account comes with a debit card, making it easy to make purchases and manage your finances on the go.

86 400 has three main offerings for everyday banking.

The bank's everyday banking options are designed to meet the needs of various customers.

86 400 has a savings account that's perfect for those who want to save money.

This account type is ideal for people who want to earn interest on their savings.

The bank also offers a transaction account that's suitable for everyday spending.

With this account, you can link your debit card, pay bills, and make online transactions.

86 400 also has a linked savings account that allows you to save money while still having access to your everyday spending money.

The Spend Account is perfect for everyday transactions, and it even comes with a debit card that lets you spend money in Australia and overseas.

With the Spend Account, you can connect it to PayID and receive money sent locally, instantly, making it super convenient for receiving payments from friends and family.

You can use the debit card that comes with the Spend Account to make purchases in Australia and overseas, giving you the freedom to shop wherever you want.

In 2022, 86 400 ceased to exist as a separate entity.

NAB took over 86 400 in May 2021, absorbing it into uBank.

uBank and 86 400 are now essentially the same thing, with the 86 400 name being dropped.

This change allowed uBank to upgrade its software and digital banking systems.

To open an account with 86 400, you'll need to download their app from the Apple app store or Google Play and follow the signup flow.

You must be 16 years of age or older to open an account with 86 400.

To be eligible for an account, you'll need to be an Australian citizen or Australian Permanent Resident with an Australian residential address.

You'll need an Australian phone number to apply for an account.

To verify your identity, you can use one of the following documents: an Australian drivers licence, birth certificate, passport, or Medicare card.

Here are the specific documents you'll need to open an account:

86 400 has some great features that make it a convenient option for managing your finances. One of the best things about 86 400 is that there are no setup or monthly fees.

This means you can start using the service without breaking the bank. No transaction fees from 86 400 when you use your card overseas is also a big plus. It's one less thing to worry about when traveling.

You can also open joint Save and Spend accounts with 86 400. This can be a great option if you're sharing expenses with a partner or family member.

If you need to get in touch with 86 400, you can call them on one of these phone numbers: 1300 086 400 within Australia or +61 2 9058 7486 overseas.

To reach them, you'll need to dial the correct number, depending on your location.

You can contact 86 400 by phone, using one of the numbers listed above.

The phone numbers are available for customers to reach the bank's customer service team.

If you're calling from overseas, be sure to use the international number: +61 2 9058 7486.

You can contact 86 400 using the phone numbers provided, and they will be happy to assist you.

The Australian Prudential Regulation Authority (APRA) has fully licensed 86 400 as an Authorised Deposit Taking Institution.

This means that your money is insured up to $250,000 by the Australian government guarantee.

You can rest assured that your accounts are protected by this guarantee.

Here are the phone numbers for 86 400: 1300 086 400 within Australia+61 2 9058 7486 overseas

86 400 offers a range of account options, including a Savings Account with no monthly fees and a low $1 monthly fee for their Transaction Account.

Their Transaction Account also comes with a debit Mastercard, making it easy to access your money on the go.

86 400's Savings Account has a competitive interest rate of up to 2.20% p.a.

86 400's exchange rate is a mystery to some customers, as their website doesn't mention what rates they use for foreign currency exchanges.

You can spend money overseas with 86 400's Spend Account, but the details of their exchange rates remain unclear.

The lack of transparency on exchange rates might leave some customers feeling uncertain about their international transactions.

Managing your business's finances can be overwhelming, especially when it comes to banking and bookkeeping. Many small business owners struggle to keep on top of invoicing and managing their cash flow.

Setting up a business account is a crucial step in sorting out your financial and banking aspects. This helps you keep track of your income and expenses.

Business banking can be a challenge, and it's essential to choose the right account that suits your needs. For example, the Zeller Transaction Account in Australia is a popular choice among small business owners.

As a business continues to grow, it's essential to have a clear understanding of the fees associated with your account. The Zeller Transaction Account has competitive fees that can help you save money.

One of the primary challenges many small business owners face is managing their bookkeeping and juggling business banking. With the right account, you can streamline your financial processes and focus on growing your business.

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Neobank 86 400 has launched an 'energy switch' tool, which is a great feature to have in your banking arsenal.

This tool helps you compare and switch to a better energy deal, potentially saving you money on your energy bills.

The tool can be accessed through the 86 400 website, where you can explore various financial products, such as home loans, car loans, personal loans, savings accounts, term deposits, credit cards, and SMSF loans.

By using the energy switch tool, you can make informed decisions about your energy provider and potentially reduce your energy costs.

The tool is just one of the many features and products offered by 86 400, a neobank that also provides statistics and news updates on the financial industry.

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86 400 was an Australian digital bank that launched in July 2019. It operated entirely via a mobile app, with no physical bank branches or web client.

The app was very intuitive and easy to use, simplifying clients' banking experiences. It also used AI to help manage and reduce bills, providing opportunities to save money on utilities, mortgages, and other loans.

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86 400 Bank is backed by one of the big four Australian banks, the NAB Group, and comes under their Australian Credit Licence.

This means that 86 400 Bank has a strong financial foundation, but it's still essential to read their terms and conditions to understand their policies and procedures.

As an Authorised Deposit Taking Institution, 86400 is fully licenced by the Australian Prudential Regulation Authority (APRA).

This licence guarantees that your money is safe and secure with 86400, just like with other reputable banks such as ING Bank Australia and Up Bank.

Your accounts with 86400 are also insured up to $250,000 by the Australian government guarantee, providing an added layer of protection for your hard-earned money.

Digital banks are becoming increasingly popular, and for good reason. They offer a convenient and often more intuitive way to manage your finances.

86400 was an Australian digital bank that launched in July 2019, operating entirely via a mobile app with no physical bank branches or web client.

The app was very easy to use, focusing on simplifying clients' banking experiences. It used AI to help manage and reduce bills, providing opportunities to save money on utilities, mortgages, and other loans.

The bank was eventually bought by NAB and merged with the Ubank brand.