Less than three weeks since the launch of its savings account Xinja Stash, neobank Xinja has welcomed 15,000 new customers through its digital doors, half of which it says have come from the big four.
As CEO Eric Wilson said, “More than half of the deposits have come from Australia’s big four banks, a very strong signal that consumers are keen to embrace digital banking, get a great rate on their money and are no longer beholden to the banking oligopoly that was shown in such a bad light during the Hayne Royal Commission”.
In fact, with a no-strings-attached interest rate of 2.25%, Xinja’s Stash account is not only more than seven times the average base savings rate offered by the big four, it’s also currently the highest base savings rate available in the Mozo database*. With this in mind, it’s no wonder big four customers’ heads have been turned by the new candy coloured neobank.
And Xinja isn’t the only digital bank sitting at the top of the tables, with fellow neobanks 86 400 and Up currently sharing the number one spot for the highest ongoing savings rate available in the Mozo database*.
Both the 86 400 Save Account and the Up Saver Account offer an ongoing interest rate of 2.25%, which can be earned by depositing at least $1,000 each month into any of your 86 400 accounts or by making five or more successful card purchases with your Up Everyday Account throughout the month.
On top of that, online/app-based banks in the Mozo database currently offer an average ongoing rate of 1.73% which is more than twice the average 0.82% ongoing rate available with the big four*. So, if you are keen to find a savings account with a killer interest rate , then why not take a look at the following savings accounts offered with Aussie online and challenger banks.