86 400 previously allowed 'Save' customers up to three accounts.
The bank's savings account product currently earns a base rate of 0.10% p.a., however these accounts can reach a bonus variable rate of up to 1.20% p.a. per criteria being met.
To earn the bonus interest rate on 'Save' accounts, $200 is required to be deposited into 86 400 customer's 'Spend' or 'Save' accounts.
86 400 notes all interest is calculated daily and paid monthly.
The neobank has raised its maximum deposit allowable to receive bonus interest to $250,000 - up from $50,000.
This $250,000 can be situated in a single 'Save' account or spread across up to 10 'Save' accounts.
What's out there for savers?
86 400's 'Save' account lies in comparison with the likes of ING's popular 'Savings Maximiser' account, which attracts 1.35% p.a. total interest albeit with more hoops to jump through.
Compared to the $200 deposit required to qualify for bonus interest on 86 400 'Save' accounts, ING customers must deposit $1,000 per month and have five settled debit card transactions on their linked Everyday account.
Recently, AMP boosted its savings account offering to match ING, offering a total ongoing rate 0.10% p.a. and a 1.25% p.a. bonus rate applicable on balances up to $250,000.
Similar to 86 400, AMP's bonus rate applies when the customer deposits at least $250 the previous month.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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Denise Raward
Harry O'Sullivan
Harrison Astbury