Neobank 86 400 debuts shared accounts

86 400 has become the first neobank to roll out joint bank and savings accounts in Australia, launching its ‘smart shared accounts’ this week.

Customers will now be able to manage their finances jointly via a Pay Account or Save Account, and according to 86 400 the sign-up process can take just 30 seconds as existing users are simply able to send an invitation to share finances with each other in-app.

“Shared finances are one of the trickiest parts of taking control of your money, but we’re making it quicker, easier and a lot less painful,” said chief product and marketing officer, Travis Tyler.

“Typically to open a shared account, you either need to travel to your branch multiple times or to the post office, provide duplicates of the already-provided identification and spend more time than you want to speaking to your bank. We’ve completely changed the process and enabled customers to do it from wherever they are, within 30 seconds.”

Users will be able to start using their shared accounts immediately through the 86 400 app, including setting up and paying with Apple Pay, Google Pay or Samsung Pay.

The joint 86 400 debit card will also come in purple as opposed to the normal teal - both physically and in digital wallets. According to the bank, this was as a result of feedback received during its testing phase, with users expressing a desire to draw a clear line between their individual and joint finances.

“Our customers also told us it’s important to keep some money separate – whether it’s for your daily coffee, or making sure you don’t spoil your Christmas surprise,” said Tyler.

Shared accounts cap off busy year

It wouldn’t be a stretch to describe 2020 as a mixed bag for Australia’s digital banks, especially given the level of hype and expectations. The pandemic and falling interest rates certainly haven’t made things easy, with postponed product launches becoming a trademark of 2020.

86 400 appears to have been one the exceptions though, churning out a number of new features and products throughout the year.

In addition to joint accounts, the neobank recently extended its home loan suite with the launch of its Neat Home Loan product for owner occupiers and investors.

Featuring discounted rates for lower loan-to-value ratio tiers, the Neat Home Loan’s variable rate of 2.34% (2.36% comparison rate*) for owner occupiers with an LVR between 70%-80% currently ranks among the lowest in our database.

Aside from that, 86 400 has also launched a number of new features throughout the year including an energy switch service, multiple savers and the ability to make payments directly from a Save Account.

RELATED: Neobanks 86 400 and Xinja announce further savings rate cuts

Thinking about sharing finances with your partner? Before you get started, take a look at these 5 must-read tips on joint accounts, or head on over to our neobank and money apps comparison hub for even more news, guides and reviews.