Neobank Xinja’s new Stash account off to “ripper” start with $30 million inflows
Launched just last week, Aussie neobank Xinja has reported that it’s new savings account Xinja Stash has not only left the nest, but is already flying high with positive customer feedback and $30 million worth of inflows.
Of course interest will attract interest, which in this case is a seriously competitive interest rate of 2.25% available with Xinja Stash and a lot of public interest.
And it’s not just a high interest rate, it’s currently the highest ongoing savings rate available in the Mozo database*. With all this in mind, it’s no wonder Aussies have been flocking through the neobank’s virtual doors in the last seven days.
As Xinja CEO, Eric Wilson said, “We have built a 100% digital bank from scratch and within 7 days of launching our first ever savings account, we’ve had a ripper response: in excess of $30 million flowing into our Stash savings accounts.”
Perhaps one of the most attractive features for savers is that this savings account comes with no strings attached. Regardless of how much you deposit into it each month or how much you take out, you’ll still earn that much coveted 2.25% interest rate on your hard earned savings, on balances up to $245,000.
This no-hoops-required savings account is the latest product to be released by the Sydney-based neobank. In September last year Xinja was granted its full ADI licence (Authorised Deposit-taking Institution) and wasted no time in opening an everyday transaction account, the Xinja Bank Account.
Of course, reducing fees is at the heart of the neobank ethos. As neobanks are 100% digital, physical overhead costs are dramatically lower, meaning these up-and-coming app-based banks can afford to not charge customers certain fees.
As Wilson put it, “We’re committed to the long game of staying lean and reducing costs and overheads to do the best by our customers.”
What’s next for Xinja?
Xinja hopes to launch personal loans and home loans next, but has taken quite a strong position against credit cards, with Wilson adding, “Because the only way to make money off credit cards is when your customers stuff up.”
“We can do better than that by our customers. We will deliver new, and better banking products.”
And if you’re one of those customers that Xinja wants to do better by and you have a lot of strong opinions to air, you might be interested to hear that you can actually give Xinja feedback via the Xinja Community Forum page.
Curious to find out more about the ever-emerging world of fintech? Why not head to our dedicated fintech hub to read more on new apps or check out our neobanks page for a list of neobanks available in Australia. We’re updating it all the time, so be sure to keep coming back!
*Xinja Stash has the highest ongoing, no-strings-attached savings rate in the Mozo database, as of 23rd January 2020.
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