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

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    Suncorp

    Suncorp

    Growth Saver Account

    1.75% p.a. (for $0 and over)

    0.15% p.a.(for $0 and over)

    Yesup to $250,000

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

  • Promoted

    MyState Bank

    MyState Bank

    Bonus Saver Account

    1.75% p.a. (for $0 to $250,000)

    0.15% p.a.(for $0 and over)

    Yesup to $250,000

    *Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

  • Promoted

    Greater Bank

    Greater Bank

    Life Saver

    2.00% p.a. (for $0 and over)

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

    Yesup to $250,000

    *Account balance must increase each month

  • Promoted

    Rabobank

    Rabobank

    High Interest Savings Account

    2.25% p.a. (for $0 to $250,001)

    0.80% p.a.(for $0 to $250,001)

    Yesup to $250,000

    *Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.

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