Smartbank flips traditional banking on its head with new savings functionality

Australia’s first smartbank, 86 400 is flipping traditional banking on its head with the announcement of its new savings feature that will make the way Aussies pay and save a whole lot easier.

From today, customers of 86 400 can now make payments directly from their Save accounts — a real game-changing feature. Whether customers need to schedule rent, BPAY a phone bill, send money to a mate’s PayID, or direct debit their electricity bill, they can now do it all from their 86 400 Save account.

This means Aussies will no longer have to choose between having money available to make regular payments and locking it away to earn interest. Instead, they’ll be able to skip all those internal transfers between accounts, and continue earning 86 400’s market-leading interest rate (up to 1.60% p.a.) on their money, right up until the exact moment it’s needed.

Travis Tyler, Chief Product & Marketing Officer of 86 400 stated, “We’re always looking for new ways to help Australians take control of their money and as a new bank we’re not shy of rewriting an age-old banking rule or two – particularly if it makes our customers’ lives easier. From today, 86 400 customers no longer have to choose between having enough money available to make regular payments and locking it away to earn interest. Whether it’s to BPAY a phone bill, send money to a mate’s PayID, or direct debit an electricity bill — all of these payments can now happen directly from our Save account. This means our customers can keep earning interest on their money, right up until the second it leaves their account.”