Xinja Stash: The Xinja savings account is here

Posted: 15 January 2020 11:34 am

A group of young people sitting around a cafe table laughing.

Xinja's new savings account has a market-leading variable interest rate of 2.25% p.a. with no strings attached.

Xinja is the latest Australian neobank to launch a savings product to the market, with details of its new Xinja Stash account finally revealed. Xinja Stash offers a super competitive, ongoing variable interest rate of 2.25% p.a. with no strings attached.

Customers will earn this 2.25% p.a. variable rate on balances up to $245,000, and they don't need to meet any monthly deposit conditions or maintain a minimum balance in the account.

Xinja Stash is a separate product to the Xinja Bank account. The Xinja bank account is an everyday transaction account designed for day-to-day spending with no account keeping fees, no ATM fees and no currency conversion fees. Customers can link the two accounts together to transfer money back and forth via the Xinja app.

How does the Xinja Stash savings account compare to other neobanks?

Fellow neobank Up, which launched to market back in October 2018, also offers 2.25% p.a. on its savings account. However, this interest rate is only available on balances up to $50,000, and customers must make at least five purchases a month with their Up everyday account to get this rate.

86 400 is another competing neobank which launched its first products to market, a transaction account and savings account, in September last year. Again, 86 400 also offers a maximum bonus rate of 2.25% p.a. which is available on balances up to $100,000. However, users need to deposit $1,000 a month into their linked 86 400 Pay account to get this rate.

Volt bank, which was the first neobank to receive its full banking licence back in January 2019, has only just started rolling out its savings account to select customers. Volt offers a variable 2.15% p.a. interest rate with zero conditions to meet.

To open a Xinja account, you can download the Xinja app from the App Store of Google Play and complete the in-app verification process. You'll get a Xinja bank account, then you can link the Stash account to it.

You can also take a look at our savings account comparison to see how the new Xinja Stash account compares to other leading accounts in the market.

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