So what’s a Neobank?
Neobanks are simply banks which are completely digital. Although the word bank is generally associated with long queues, poor customer service and countless fees, neobanks promise to be different. They don’t even have physical branches!
What they do provide is all the banking services you need from the convenience of a smartphone app. They vow to deliver app-based banking that is easy to use and beautifully designed, with the ability to quickly track your spending whilst also delivering an excellent customer experience.
Is 86 400 Safe?
At first, you may be apprehensive about the idea of a fully digital bank. Although, it is important to note that neobanks are regulated by the same authorities as traditional banks – the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investment Commission (ASIC). Plus, just like traditional banks, deposits of up to $250,000 per person are protected by the Financial Claims Scheme (FCS).
86 400 is an independent company backed by Cuscal, a leading Australian payments provider. The company is predominantly owned by Cuscal, along with an Australian superannuation fund, fund managers, high net worth individuals and family offices.
86 400 Account Features
The 86 400 bank account and debit card comes with all the features you would expect from a traditional bank plus more!
Support for Apple, Samsung, Google, Fitbit and Garmin
86 400 Is Great For Travel
While traditional banks will charge in excess of 3%, 86 400 boasts zero currency conversion fees and zero international ATM withdrawal fees (although the ATM provider may charge a fee). 86 400 uses Visa’s daily exchange rates without applying any markup.
1.60% p.a. Interest Rate
To be eligible for the 86 400 bank account and debit card, you will need to meet the following requirements:
Hold either an Australian driver licence, passport or Medicare card