Xinja discontinues its transaction and savings account: What it means for your cash

Xinja has today announced it will be returning its Authority Deposit-Taking Institution (ADI) licence and will be discontinuing its Bank and Stash account. 

According to the neobank, the decision to ‘close’ and leave the banking industry is so that it can focus on its other areas of interest, like its US share trading product, Dabble.

What do I need to do?

If you are a Xinja customer, you might be wondering what this now means for your savings. 

Rest assured, Xinja is not only allowing customers ample time to retrieve and transfer their funds into another bank account, but they are also covered by the government guarantee (Financial Claims Scheme). 

In terms of your bank account, you will need to immediately cancel any direct debits, like your phone bill or gym membership. 

From 23 December 2020, you will also no longer be able to add cash into your Xinja bank account through manual transfer or via instant top up. 

Your Stash account will also need to be cleared of any savings, as Xinja will be automatically closing both transaction and savings accounts on 23 December, 2020. 

Xinja has recommended customers to remove all funds from their bank account by 6 January, 2020 as debit cards or other payment methods will no longer be available on 15 January, 2021.

What about the interest on my Stash account?

First up, your Stash account is no longer accruing interest. Any interest that was accrued up until and including 14 December 2020 was or will be paid out on the 15 or 16 December, 2020. 

Customers with any other questions or concerns will need to get in contact with Xinja via the in app live chat, phone or email. 

If you’d still like to keep your banking within the neobank realm, you can compare other offers on the market by heading over to our neobank comparison tool.