ubank takes over the reins of neobank 86,400, reveals a new look and products
ubank, an Australian direct bank owned by National Australia Bank (NAB), has unveiled a new perspective today following the absorption of neobank 86,400.
The merger came after the UB announced its intention to acquire 86,400 in January 2021 for $ 220 million, with regulatory approvals received almost a year ago to date.
The new logo of ubank can carry a note of nostalgia for those who know the simplicity of 86,400 sans-serif. But identity is not the only part of the 86,400 that the ubank has embraced.
According to a 2021 NAB press release, they planned to use the 86,400 acquisition to “accelerate the growth of their digital bank, ubank, by combining uBank’s established customer base and name with the technology and innovation capacity of 86,400.”
ubank will take over 86,400 products, including bank accounts, term deposits, savings accounts and housing loans.
For those with existing non-banking products such as USave and USpend and UHomeLoans accounts, the ubank online banking portal and the ubank app will continue to be available and will function in a similar manner as per their website.
ubank will continue to operate as a digital bank, which means it will have no physical branches or ATMs. Instead, they focus on providing customers with “the entire bank on a mobile phone.”
This avoids some of the obstacles that usually accompany bank mergers – such as branch closings or problems with the availability of ATMs – which should be good news for customers of both financial institutions.
Along with the rebranding, a new application also appeared – an updated version of the original 86 400 application with a new color scheme and the name of ubank.
ubank advertises in the app, two-minute registration time for your Spend and Save accounts, access to payment features on multiple smart devices (such as Fitbit Pay and Apple Pay), shared accounts with a partner, banking statistics, account connectivity with other financial institutions, among others functions in the app.
WARNING: This comparison factor is only valid for the example or examples shown. Different amounts and conditions will result in different comparative factors. Costs such as re-collection or early repayment fees and savings such as fee waivers are not included in the comparative rate but may affect the cost of the loan. The benchmark displayed is for a loan secured with $ 150,000 monthly principal and interest payments over 25 years.
The initial monthly payment data is an estimate only, based on the advertised rate, loan amount and the period entered. The rates, fees and commissions, and thus the total cost of the loan, may vary depending on the loan amount, loan term, and credit history. Actual repayments will depend on individual circumstances and changes in interest rates.
^ See information on the Mozo Experts Choice Home Loan Awards
Mozo provides general information about the product. We do not take into account your personal goals, financial situation or needs, and we do not recommend any specific product to you. You should make your own decision after reading the PDS or offering documentation or seeking independent advice.
While we pride ourselves on serving a wide variety of products, we do not cover all the products on the market. If you choose to apply for a product through our website, you will be dealing directly with the supplier of that product and not Mozo.