86 400 is an Australian smartbank that offers a suite of financial accounts, including Spend, Bills, and Save accounts, all managed through a user-friendly app. The platform provides high-interest savings of up to 5.50% p.a. on deposits, enabling users to effectively budget and track their expenses while avoiding monthly fees.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional banking often involves numerous fees, complex budgeting processes, and limited visibility into one's overall financial situation, making it difficult for users to effectively manage their money and achieve their savings goals. Many users struggle to track spending, plan for bills, and optimize savings due to these complexities.
Solution
Ubank (formerly 86 400) provides a suite of integrated financial accounts—Spend, Bills, and Save—accessible through a mobile app, designed to simplify money management and promote savings. The platform offers tools for budgeting, expense tracking, and goal setting, enabling users to gain a clearer understanding of their financial standing. Ubank also provides a high-interest savings account, encouraging users to grow their savings with a competitive interest rate. The Bills account facilitates bill management, while the Spend account allows for everyday transactions with no monthly or international transaction fees.
Target Audience
Ubank primarily targets individuals seeking a streamlined, mobile-first banking experience with tools for budgeting, saving, and managing their finances effectively.
Features
- Integrated Spend, Bills, and Save accounts for comprehensive financial management.
- High-interest savings account with bonus interest rate on combined savings up to $100,000, provided eligibility criteria are met.
- Bill Planner feature to track upcoming bills and allocate funds accordingly.
- Spending Footprint categorizes transactions for detailed expense analysis.
- Savings targets and automated transfers to facilitate goal-oriented saving.
- Mobile app with a user-friendly interface for managing accounts and tracking progress.
- Compatibility with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay for convenient transactions.
- Offset account functionality on Ubank home loans, potentially reducing interest payable.