Savings competition heats up as Neobank Xinja releases 2.25% no strings savings account, Stash

Kelly Emmerton

15 Jan 2020

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The battle for Australians’ savings has begun, with neobank Xinja, today releasing details of its high interest savings account. The Stash account has an interest rate of 2.25% for balances up to $245,000 with no minimum deposit or withdrawal conditions. 

The account is linked to the Xinja bank account and can be set up in minutes via the Xinja mobile App. 

Xinja joins other neobanks, 86400 and Up, which currently also have an interest rate of 2.25% on their savings accounts, though with conditions attached and much lower maximum account balances to receive the highest rate. Balances up to $50,000 receive 2.25% with the UP saver and $100,000 with the 86400 Save account.  

Peter Marshall, Mozo’s banking expert said that this is exciting news for Australia’s savers as it means that competition for savings dollars is about to heat up. 

“There has been a lot of talk over the past year about the new breed of digital neobanks set to shake up banking competition in Australia and it is really pleasing to see that the neobanks are delivering on that promise,” he said.

“Right now the average savings account rate in our database is a lowly 0.98%, so if you can earn 2.25% interest and without any strings attached that’s a massive difference to returns you can get, especially on a high balance.”  

Compare savings accounts - rates updated daily

  • Promoted

    AMP

    AMP

    Saver Account

    2.36% p.a. (for $0 to $250,000)

    1.40% p.a.(for $0 to $5,000,000)

    $0.00

    *Bonus rate for the first 4 months from account opening on the first $250,000 deposited. For new Saver customers only.

  • Promoted

    Suncorp

    Suncorp

    Growth Saver Account

    1.90% p.a. (for $0 and over)

    0.20% p.a.(for $0 and over)

    $0.00

    *Grow your balance by $200 or more and make no more than one withdrawal in the month.

  • Promoted

    UBank

    UBank

    USaver with Ultra Transaction Account

    2.10% p.a. (for $0 to $200,000)

    1.04% p.a.(for $0 to $5,000,000)

    $0.00

    *Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the previous month from an external source and the combined balance is less than $200,000.

  • Promoted

    86 400

    86 400

    Save Account

    2.25% p.a. (for $0 to $100,000)

    0.40% p.a.(for $0 and over)

    $0.00

    *Deposit at least $1,000 to either Pay or Save account from an external source each month.

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