Xinja Stash savings account hits $200 million deposits less than a month after launching

Senior woman mobile crop 2 content

Ninja-fast Xinja has officially hit the $200 million mark in customer deposits less than one month after launching its Stash savings account.

Within just seven days of the high-interest Stash savings account’s official opening on January 15 2020, Xinja received a remarkable $30 million in deposits. This figure jumped to $100 million within the first three weeks, then doubled to $200 million deposits by the end of the month.

RELATED ARTICLE: Xinja vs. Up: Which neobank is best?

Quickly becoming the next big thing in the neobank world, Xinja now has more than 20,000 customers under its wing already since becoming a fully-licensed Australian Deposit-Taking Institution (ADI) in September last year.

"We have been well and truly inundated. We are delighted to welcome on board each and every one of our 20,000 customers, who've made a leap to join the revolution and bank with a new, totally independent digital bank,” said Eric Wilson chief executive and founder of Xinja Bank.

Xinja Stash

  • Competitive 2.25% p.a. standard interest rate (on balances up to $245,000)

  • No ongoing account fees

  • Triple 2020 Mozo Experts Choice Award-winner

The details:

On the hunt for a killer new savings account to stash your cash in? Well, if you’re ready to dip your toes in the world of neobanks, then the Xinja Stash savings account could be the place to start! Hitting the ground running with a solid 2.25% p.a. standard interest rate on balances up to $245,000 (interest paid monthly), the Xinja Stash charges no ongoing account fees and offers unlimited free transactions right from the super convenient Xinja mobile app.

Plus, with no minimum monthly deposit requirements to worry about, you’ll have the flexibility to save at your own pace. On top of all this, it took out a total of three 2020 Mozo Experts Choice Awards in the Best Regular Saver, Best No Strings Savings and Best New Savings Account awards categories.

Ready to open an account with Xinja? Download the app and get started today.

Bye-bye big four:

According to Xinja data, more than half of the deposits came from the big four banks, which brings to question whether neobanks will ultimately go on to dominating traditional banks down the track.

 "We've all seen those surveys that show a very large number of people held on to the same bank account they had as a kid,” Wilson said.

"But this really shows that Aussies will try something new, won’t be taken for granted on low-interest rates, or sold a shiny new brand owned by an old bank. They want change and real competition."

RELATED ARTICLE: Neobank Report 2020: Digital banking in a new decade

Without the added expense of a physical branch, neobanks usually have lower operating costs than their big bank competitors - which often means more wiggle room around interest rates and overall product value.

“Unlike the major banks, we aren’t spending money on legacy technology systems, high numbers of staff in branches or naming stadiums after ourselves,” Wilson said.

"What you see with us is what you get: a great bank and a super great rate."

Let’s face it, neobanks are the new black. So, if you’re currently banking with the big four and are ready to hit the road (Jack!), then jump on over to our neobanks hub where you can read up on all the latest neo-news and compare neobank until your heart’s content.