Started out good.... benefits slowly eroded.
When I joined 86400 - they boasted they had the highest bonus Interest rate in the market.
However, over 6-12 months they slowly reduced their interest rates outside of the RBA's rate changes. Now they are no longer offering a competitive interest rate.
Now they have advised from Nov 1 2020, balances of up to $50k will only get the bonus interest. Add to the fact you can only access your accounts via a mobile app (no desktop/web portal) - there really is no competitive advantage with these guys. I would recommend looking for alternative banks if you are looking for a good return on your savings with better options in accessing your accounts.
Has potential but..
Was pleased by the potential of this bank but seriously disappointed by the random, weird payment issues. Customer service tends to treat you like an idiot when you ring up.
A long way to go..... problems galore
A lot of issues with this so called new digital bank, says they are available 86400 seconds of each day. God forbid if you have an issue, you will need to fend for yourself and perhaps give up your job or business for a few days trying to seek help and resolution. They don't seem to understand the importance of banking for people. Poorly qualified IT team. Took over 24 hours to find an issue with my banking. Very casual approach. I just hope this was a one off issue for me. In my 50 years of banking, I have had good and bad banking, but this on...e, so called digital bank took the cake. They don't have anyone who understand the value of exceeding customer expectations, leave alone satisfaction. Don't think they have heard the word "Loyalty". If I have another similar issue with this bank, it is the end of the road. I will fly away to Paradise Bank. Cannot afford another hiccup. Not worth the time and effort talking to helpless bunch of people. As you can see, I am not one to drop reviews at the drop of a hat. It has to be something absolutely shambolic or exceedingly great. My last review here was 6 years ago.
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