In Everyday money on Tuesday 28th Apr, 2020

A simple way to make your money work harder for you

Apr 28, 2020
If you're not keen on low interest rates and high account fees, there's a new option for you.

These days, there’s not much you can’t do on your smartphone. Whether it’s booking a lift to the shops through a ride-share app like Uber, streaming your favourite TV show via Netflix or checking the weather, modern technology means we’re always connected.

So, it was only a matter of time before this level of connectivity reached more traditional institutions like the finance sector. Sure, online banking has been around for years, with leading banks offering mobile apps so you can pay your bills or transfer money with the touch of a button, but for all their conveniences, what they lack is a good deal for customers.

Low interest rates and high account fees do not a happy customer make.

The big four banks are renowned for ripping people off – that’s the very reason the Royal Commission into Banking, Superannuation and Financial Services Industry was launched last year.

But that is all changing. Enter: Smartbanks – a modern alternative for fed-up customers who want a better deal.

In uncertain times like these, one thing remains certain. Banking with a reliable, convenient institution is of the utmost importance. With social distancing now a regular part of life, and people being encouraged to stay home unless absolutely necessary, it’s becoming even more important to make sure that you can take your finances into your own hands.

Smartbanks like 86 400 allow you to do just that – take your finances into your own hands, from the convenience of your phone. With smartbanks, there is no need to go to a bank to transfer money or make a deposit. All you need to do is log in to your account via a user-friendly app.

As Australia’s first smartbank, 86 400 is leading the way, offering Australians the opportunity to take control of their money, every second of every day – all 86,400 of them! And while the app couldn’t be simpler to use – it only takes two minutes to open an account – if you do wish to speak to an operator, the call centre is based in Australia, so you have peace of mind that you’ll speak to a friendly operator every time.

It’s little wonder tens of thousands of Aussies have already made the switch to 86 400. With features like these, why wouldn’t they?

Simple sign-up process

As we mentioned, signing up takes no more than two minutes and won’t require advanced tech skills. Simply download the 86 400 app from the Apple App Store or Google Play store, and fill in your details. When you sign up, you’ll automatically get two accounts – a Pay account and a Save account.

The Pay account lets you transfer money and make purchases using the linked Visa Debit card you’ll be sent, or from your digital wallet. The Save account is where you can transfer all of your savings. The best part?  You’ll earn an interest rate of up to 1.85 per cent per annum when you deposit $1,000 or more into either account each month.

Need more accounts? No worries; you can open an additional two Save accounts in the app, and earn 1.85 per cent per annum interest on up to $100,000 per account (that’s up to $300,000 in total).

Say goodbye to low interest rates

Whether you’re saving for a house or looking to boost your retirement fund, it could feel like your balance never gets anywhere thanks to low interest rates. But that is a thing of the past with 86 400, who offer a variable rate of 1.85 per cent per annum.

Enjoy no-fee banking

It seems like finding a bank that doesn’t charge exorbitant monthly fees is impossible. Not to mention being charged excessive amounts at the ATM. Why should you be charged to access your own, hard-earned money? That’s just one of the ways smartbanks like 86 400 are turning the banking model on its head.

Data acquired by 86 400 shows that almost half of big four customers are being slugged an average of $87 per year in account-keeping fees, overdrawn fees and dishonor fees which adds up to $300 million in fees across Australia every year. You can forget about paying these unnecessary fees, and have more money to spend on the things you like. That’s the way banking should be.

Stay in control of your finances

The beauty of banking with 86 400 is that you’re able to connect all of your accounts – even accounts outside of 86 400 from over 100 other financial institutions in Australia – to give you a full view of your financial position.

86 400 CEO Robert Bell knows all too well the stress some people feel around managing their finances, and why it was so important to offer an alternative.

“Managing your money shouldn’t be so hard, but the simple fact is that staying on top of your finances has become too complex, leaving many Australians feeling anxious, stressed and frustrated,” he said. “We’ve launched a bank which uses smart technology to show customers what’s actually going on with their money, so they feel in control every second of every day.”

The research shows Australians are wasting $2.7 billion (or roughly $500 per person) in subscriptions they aren’t using and paying almost $1 billion in late fees (almost $50 per person) per year. 86 400 gives customers visibility of their upcoming bills and regular subscription payments (from any account you connect, not just from your 86 400 accounts) so you can feel on top of your money and know that you’re not unnecessarily paying fees or keeping unused subscriptions around.

But the savings don’t stop at banking. 86 400’s new Energy Switch service is another way they’re doing things differently. The free service allows you to compare and switch energy deals in just a few taps and requires no manual data entry. And to make things shockingly different, 86 400 don’t take commissions on any energy deals, so you can simply get the deal that’s right for you. The first-of-its-kind service from a bank puts customers back in control of their energy bills, and enables them to make meaningful savings with the service putting an average of $420 back into the pockets of Australians.

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.

Take control of your money with Australia’s first smartbank.

Sign up with 86 400 in under two minutes to access their award winning savings account. Connect all of your accounts to get a full view of your finances and enjoy the pleasure of fee-free banking with a great interest rate.

Learn more

Are you fed up with your bank? Would you consider switching to a smartbank?

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