Neobank offers multiple accounts for savers

In its latest product release since launching to the public last year, the fintech has launched multiple “Save” accounts, allowing customers to have up to three separate savings accounts.

The lender said the new functionality of accessing multiple Save accounts would enable customers to better control their money and structure their savings.

In order to receive the full bonus rate (2.25 per cent per annum), 86 400 customers must deposit at least $1,000 per month into either a linked Pay transaction account or a Save savings account.

Provided they meet this criteria, customers will reportedly receive the top interest rate for each account up to a maximum balance of $100,000 per account, achieving the top rate on a total balance of up to $300,000 across three savings accounts.

Additionally, 86 400 customers would pay no fees on their transaction or savings accounts and will not lose their bonus interest should they take money out of their savings account, the neobank said.

86 400 CEO Robert Bell said Australians are getting “raw detail” from the big four banks, noting that Australians are missing out on up to $240 per year in interest on the average savings balances with the big four banks.

“Rather than acting in the interest of customers, the big four continue to slug their customers with as many fees as possible and pay them low interest on their savings,” he said.

“We’ve always said that competition in this space is great news for Australia.”

Mr Bell continued: “Our new savings product gives Australians the opportunity to get more from their money with market-leading interest rates, and flexibility on how they arrange their savings.

“Plus we’ll actively help them to earn the bonus interest rate each month. This goes well beyond what the big four are doing,” he said.

“We’re committed to helping Australians take control of their money and will continue to roll out smart products and features which support that,” Mr Bell concluded.

[Related: FinTech Australia accuses majors of ‘anti-competitive’ behaviour]