86400 Bank Review

  • Free online sign-up
  • No transaction fees
  • Free domestic and international ATM withdrawals
  • Contactless payments
  • Link with other bank accounts
  • No minimum balance
  • Spending insights and bill prediction
  • Industry interest rates on savings
  • Home loans

Does managing your money cause you anxiety, frustration, and stress? You will appreciate the simplicity of the 86400 bank.

 The 86400 bank app utilizes artificial technology to help you manage your money in an easy-to-use platform. With no physical branches, traditional banking system, or even bank tellers, the bank is efficient and has low costs.

 By the end of this article, you’ll have discovered the ins and outs of the 86400 bank and how you can benefit.

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About 86400 Bank

86400 is an Australian-based bank app that allows you to bank from your smartphone. It was launched in September 2019 to become one of Australia’s first digital banks.

It started with two accounts — Pay and Save. In 2019, it was authorized by APRA as an Authorised Deposit-taking Institution (ADI). In May 2021, 86400 was acquired by the National Australia Bank (NAB). 

What’s in the Name?

The name 86400 is not one you’d expect, especially for a bank. The figure is the number of seconds present in a day.

It represents the ability of its customers to access their financial information and manage their money wherever they are at any second of the day.

Pros and Cons


  • Quick and straightforward sign-up process
  • No monthly account and international transaction fees
  • In-app reminders and automatic predictions of your subscriptions and bills
  • Contactless payments using Osko, Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, and Garmin Pay
  • Great interest rates on savings
  • No sign-up fees or account charges
  • No minimum balance
  • Simple and easy to use layout


  • ATM fees apply at non-Major ATMs
  • No branches
  • Home loans are not for bad credit holders or self-employed persons
  • 80% LVR to get a mortgage loan
  • Limited customer support
  • Age restrictions
  • Must be an Australian citizen or resident to hold an account


  • $50 for emergency Visa card replacement
  • No setup or monthly fees
  • No debit card dishonours
  • No replacement card fees ($7 for Express post)
  • Free cash purchases and ATM cash withdrawals

The 86400 app features

  • External data integration: You can connect your other accounts from 150+ financial institutions in Australia. The app will sync the data to provide you with comprehensive financial insights.
  • Automatic bills prediction: Based on your spending habits and transaction history, the app automatically predicts when the bills are due and how much you need. This feature helps make sure you don’t forget any upcoming bills.
  • Financial insights: When you link your other credit cards or bank accounts, the 86400 bank app can give you financial insights into your accounts. The feature has a savings tracker and a cash flow dashboard with the period you need insights on.
  • Mobile banks payments: 86400 offers the latest digital wallets and payment options to make banking as easy as possible. You can link it to Samsung Pay, Google Pay, Fitbit Pay, Garmin Pay, and Google Pay. You’ll be able to make payments with your smartphone or smartwatch without using your Visa card.
  • Instant transfers: 86400 offers real-time payments. The 86400 bank users and members of eligible Australian banks can take advantage of the almost instant payments through Osko.
  • Visa debit card: You get a Visa debit card after signing up for an 86400 account. The card is linked to your pay account, and you can use it to pay online, in-store, or withdraw at an ATM.

Some ATMs will charge you, but there are also 10,000+ ATMs in Australia that are free to use.

Who can apply for an 86400 account?

Anyone above the age of 16 years and an Australian resident can open an 86400 account. You’ll need identification in the form of a passport, driver’s license, or Medicare card, and your Tax File Number.

How to open an 86400 account?

Opening an 86400 account is very easy and quick. It only takes several minutes to have your account set up and ready.

  • Step 1: To sign up, complete the following:
  • Step 2: Download the 86400 mobile app
  • Step 3: Follow the prompts
  • Step 4: Enter your mobile number for the two-factor authentication
  • Step 5: If you have a bonus code, enter it
  • Step 6: Verify your ID using your passport, driver’s license, or Medicare card
  • Step 7: Enter the address where you want your card delivered
  • Step 8: Enter your Tax File Number (to prevent withholding tax)

And, just like that, your account will be set up. You will have to wait for a few days for your card to be delivered to your mailbox.

86400 accounts

  • Pay account

When you sign-up for an account, you will get a Pay account and a save account. Your pay account is your default daily transaction account and is where your card will be linked to.

A pay account has no fees. There won’t be any fees for conducting an international transaction, international ATM withdrawal, or general transaction.

The only time you will be charged is when you withdraw from a domestic ATM in a non-Major Bank. Additionally, any money transferred in your account will be debited to your Pay account.

  • Save account

This is your savings account and earns a 0.10% p.a base interest on any money you’ve saved. You also get a 1.20% p.a. bonus interest when you deposit $1,000+ per month. 

Unlike other savings accounts from other challenger banks, you can pay bills, send money, and even set direct debits from your save account.

Another cool feature is you can create up to three Save accounts. If you need an emergency fund, house deposit, or even vacation savings, you can have them in different Save accounts.

And the best part is if you meet the requirements, you’ll get a 1.20% p.a bonus on all your Save accounts.

  • Shared accounts

After signing up, you can open one shared pay account, and two shared save accounts with your ‘partner in finance’. They can be anybody you want and not just your actual partner.

Your ‘partner in finance’ must also have an individual account with 86400 for you to open a shared account with them. You are both required to verify the process separately. 

Home loans

86400 bank offers home loans with almost no paperwork, competitive rates, and fast approval. There are two types of home loans:

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  • Neat home loan: Offers variable rates from 2.19% p.a, no ongoing fees, and you can access your additional payments with a redraw.
  • Own home loan: This type has both fixed and variable rates available. Variable rates start from 2.39% p.a and fixed rates from 1.84% p.a for 1-year fixed.

Variable loans have a 100% interest offset, and both types have redraw options. Additionally, $2,000 Cashback is available for eligible loans.

Who can apply for home loans?

You are eligible to apply for a home loan if you meet these requirements:

  • You’re an Australian citizen or permanent resident
  • A PAYG employee
  • Good credit history
  • A minimum of 20% deposit  or equity (maximum LVR is 80%)
  • You are refinancing or buying a residential property

How to apply

Even though the bank is purely online, you’ll have to use a broker when applying for a home loan. You can contact the bank to assist you in finding a broker. 

You will provide your income and expenses electronically to your broker. You’ll also be required to verify your identity on your phone and sign documents electronically.

You can then submit the application through the broker, and if approved, the bank will send you a link where you can review and sign the loan documents. After that, you can wait for the bank to complete the process.

How to add funds to the 86400 account

86400 is a digital bank with no branches or bank tellers. Therefore, you can’t make cash or check deposits.

To fund your account, you can only transfer money from other Australian bank accounts into your 86400 bank account. If your other bank account supports Osko, you’ll get the cash almost instantly.

Linking an external account

You can connect your other bank accounts with at least 100 financial institutions in Australia. So far, you can choose to link your savings and other transaction accounts, home loans, credit cards, savings accounts, and personal loans.

In future, you’ll be able to link superannuation and investment accounts too.

To remove a linked account, go to ‘Accounts’ then tap on the horizontal lines next to your bank name. You can then remove the accounts one by one. Note that this also removes the bank’s login details.

How to withdraw funds from the 86400 account

There are various ways to take out your money. You can:

  • Transfer money between your accounts
  • Withdraw cash from both domestic and international ATMs
  • Pay with your digital wallet (Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, and Apple Pay) or Visa card
  • Pay bills with BPAY
  • Send money to someone using a BSB or PayID or account number

To create a PayID for your account, go to ‘Settings’ and link your registered email address or mobile number to your pay or save account.

 After setting up, you don’t have to give out your BSB number for someone to send you money. Just give them your PayID, and the money will come to your chosen account.

Travelling with 86400

Travelling with a debit card has never been easier. The 86400 card is easy to use — you can enjoy your time during domestic and international travels.

Your card is eligible anywhere Visa is accepted. That means you can pay with your Visa card and withdraw cash from ATMs wherever you are.

You’ll be happy to know there are no ATM cash withdrawal fees. Some ATMs may charge you, but there are 10,000+ ATMs you can withdraw from free of charge. International ATM cash withdrawals are also not charged.

If you don’t have your card, you can use the various mobile payment options to pay your bills. And the best part? The 86400 will provide you with all your spending insights and remind you of upcoming bills even when abroad.

Is my 86400 account safe?

86400 is an Authorized Deposit-taking Institution (ADI) licensed in 2019. 

The Financial Claims Scheme covers the bank under the Australian government with a deposit guarantee of $250,000 per customer. That means if anything happens to 86400, your money is safe up to $250,000.

Additionally, 86400 uses the latest technology with advanced in-built encryption and detection features, free from legacy systems. An experienced team also operates them to ensure your money is safe from fraud.

Who owns 8400?

Cuscal Payments Limited owned the 86400 digital bank. In January 2021, the National Bank of Australia (NAB) announced it was acquiring 86400 for an estimated $220 million.

86400’s business model involves providing its customers with exceptional services to raise deposits. They then lend money as a mortgage to home buyers, which earns interest.

Customer reviews

86400 has an 8.6-star rating out of 10 on Mozo. However, Up is placed a bit higher at 8.6-star. On Trustpilot, Revolut is rated 4.3 out of 5 stars. 



volt bank

Volt offers a variable interest rate of 0.9% p.a up to $245 000. However, 86400 is a bit far in terms of offerings. While 86400 has savings and spending accounts, Volt only has a saving account, but soon there will be spending options.



Revolut allows you to send, receive, and exchange 27+ currencies in a few seconds. Setting up the account is also easy. The app offers you features such as spending insights, budget, personal vaults, and the best part is, you can also buy crypto and commodities right from your app.


up banking

Like in 86400, you do everything on your Up app. Up users or (‘Upsiders’ as the bank refers to their customers) get a monthly summary screen with a report of their expenditure. There’s also a chat box where you can speak to a support agent.

Additionally, you can track your budget, get bill predictions, and integrate your Up account with Wise for international transfers.

Bottom Line

If you’re looking to try digital-only banks in Australia, 86400 bank is an ideal option. It offers tons of valuable features to help manage your money and get home loans. From financial insights to saving accounts and bill prediction, you can easily take control of your money.

And if you have other bank accounts, link them with your 86400 account so you can get your comprehensive financial insights on one platform.

The flexibility in repayments and low fees for home loans is an excellent feature. With next to no paperwork and verified pre-populated data, loan approval is fast and convenient.


  • What does 86400 mean?

Since there are 86400 seconds in a day, the name represents helping the customers manage and control their money every second of the day.

  • Is 86400 a bank?

86400 is a fully digital bank that’s governed by the same rules and regulations as other major banks, credit banks, mutual banks, and online banks in Australia.

  • Which phone operating system do I need to use, the bank app?

The 86400 bank app supports Android 7.0 and above and iOS 12 and above. If you have an older operating system or an uncommon phone, it might not be compatible with the app.

  • How do I deposit money into my account?

Since 86400 is a fully digital bank, it doesn’t support cheques and cash deposits. However, you can transfer your money from other accounts into your 86400 account or have your salary paid into the account.

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As a Current mobile banking app affiliate, I earn from qualifying purchases.
topmobilebanks logo

Current: The Future of Banking

As a Current mobile banking app affiliate, I earn from qualifying purchases.