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

By Kelly Emmerton · · 2 min read
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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.”  

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Last updated 25 December 2024 Important disclosures
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    Yes up to $250,000

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    Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.

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    Yes up to $250,000

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    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Yes up to $250,000

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    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

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  • MoneyMAX Account

    No Current Offer

    4.70% p.a.(for $1 and over)

    Yes up to $250,000

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

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^See information about the Mozo Experts Choice Savings Account Awards

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