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

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.

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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.

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."

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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.