Smartbank 86 400 launches nationwide

Smartbank 86 400 launches nationwide

Neobank 86 400 has its sights set on the traditional banking institutions in Australia and from today Australians interested in making the switch can open an account.

The bank launches with two accounts called Pay and Save, both of which can only be accessed via 86 400's app.

Those interested in the app do not even have to switch their bank accounts to 86 400; users can connect and view their existing bank accounts, plus their credit cards and home loans, all within the app.

CEO of 86 400 Robert Bell (pictured) says he hopes the app will help Australians regain control of their spending and finances.

"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," says Bell.

"Today, 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. All eighty-six four hundred of them."

The full launch of 86 400 comes just two months after the company received its full banking licence from the Australian Prudential Regulation Authority (APRA).

The APRA licence is a full banking licence, meaning 86 400 can take unlimited customer deposits and that it has met the same regulatory requirements as the Big Four banks.

Named after the number of seconds in a day, 86 400 is looking to entice customers from the big four banks, promising a better and cheaper service.

86 400's team is helmed by former ANZ Japan CEO Robert Bell and UK banking pioneer Anthony Thomson as chairman.

In addition to the company's Pay and Save accounts, 86 400 hopes to soon introduce its home loan product on the app which will take the same competitive approach as its other products.

Just yesterday fellow neobank Xinja received a full banking licence from APRA, allowing it to begin accepting Australian customers.

86 400 and Xinja are not the only groups attempting to dethrone the Big Four by targeting a millennial customer base. Challenger bank Archa has its sights set on becoming a serious alternative, while Volt Bank is electrified and backed by Collection House and Spitfire.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

New report reveals 68 per cent of businesses are vulnerable to a cybersecurity attack

Partner Content
36 per cent of employees fear their organisation is at risk of financial losse...
SAI Global
Advertisement

Related Stories

Smartgroup shares plunge as suitor lowers takeover offer

Smartgroup shares plunge as suitor lowers takeover offer

Shares in Smartgroup (ASX: SIQ) have fallen back to where they were...

APA gets look in at AusNet for $9.96 billion takeover offer

APA gets look in at AusNet for $9.96 billion takeover offer

AusNet Services (ASX: AST) has today granted due diligence access t...

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

The Gold Coast’s Pacific Fair shopping centre, fresh from pla...

Atlassian boss pledges $1.5 billion for green investments amidst frustration over net zero chatter

Atlassian boss pledges $1.5 billion for green investments amidst frustration over net zero chatter

Atlassian co-founder Mike Cannon-Brookes may be taking the high roa...