Savvy savers flock to Xinja: where to find a killer rate for your stash

Tara McCabe

07 Feb 2020

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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.

Promoted

  • 2.25% p.a. interest rate with Xinja Stash

  • Xinja app available on the App Store and Google Play

  • Set up an account in seconds with no paperwork

Sydney-based neobank Xinja offers Aussies both an everyday account to cover daily transactions and a savings account to stash money away for a rainy day. The Xinja Stash account comes with an enticing no-strings-attached 2.25% p.a. interest rate on balances up to $245,000. With the Xinja app you can keep track of your daily spend, shift funds over to your savings account and make sure that you never miss a bill. The app is available to download on the App Store and Google Play.

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UBank USaver with Ultra Transaction Account
  • 2019 Mozo Experts Choice Savings Bank of the Year^

  • 2.10% ongoing interest rate

  • $0 account keeping fees

If you’re after an interest rate above 2% and you don’t want too much hassle to achieve it, you might want to check out UBank’s USaver Account. This digital savings account is designed to work hand-in-virtual-hand with the online bank’s Ultra Transaction Account, meaning all you have to do to achieve the maximum 2.10% is deposit at least $200 each month into either account. And if you’re someone who often forgets to flip money over to your savings account regularly, you can take advantage of UBank’s innovative sweep technology. With this technology you can set a maximum balance for your UBank Ultra Transaction Account and anything over that figure will be swept into your USaver. 

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CUA eSaver Reward
  • 2.00% ongoing interest rate

  • Take money out without losing your bonus interest

  • No account fees

CUA’s eSaver Reward account might be of interest to anyone who has been forced to dip into their savings stash and as a result has had to resign themselves to losing out on a sweet bonus interest rate for the entire month. If that sounds like you, then you’ll be happy to hear that you can take money out of your eSaver Reward account without losing the 1.95% bonus rate. You just have to make sure you deposit at least $1,000 into your linked CUA Everyday Account to  be rewarded the maximum 2.00% interest rate each month (1.95% bonus rate + 0.05% ongoing base rate).

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MyState Bank Bonus Saver Account
  • 2.00% ongoing interest rate

  • Take money out without losing the bonus interest rate

  • No monthly account keeping fees

With MyState Bank’s Bonus Saver Account you don’t have to worry about depositing huge amounts into your savings account each month to earn the full 2.00% ongoing interest rate. Plus if you need to take money out again, you can do so without losing the 1.70% bonus rate. To make sure you earn the full 2.00% each month (1.70% bonus rate + 0.30% base rate), you just have to remember to deposit at least $20 into your savings account and make five or more eligible Visa Debit card transactions with your linked MyState Bank Everyday Account.

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Bankwest Hero Saver
  • 1.85% ongoing interest rate

  • $0 account keeping fees

  • No linked transaction account required

If you already have an everyday account that you’re pretty happy with, then you’ll be pleased to hear that with Bankwest’s Hero Saver account you can cut straight to saving without the bother of opening yet another transaction account. You just have to make sure you deposit at least $200 into your account each month, to ensure you earn the maximum 1.85% ongoing interest rate. Of course, the downside is that if you fail to meet this criteria, your savings rate will drop to the pretty abysmal 0.01% base rate. But if you think $200 a month sounds doable then you could snag yourself a sweet interest rate well above the average.

Not particularly taken with any of these savings rates? Why not head to Mozo’s savings accounts comparison page to see what other options are out there.

*Statistics taken from the Mozo database, correct as of Wednesday 5th February, 2020. 

^ Conducted yearly, the Mozo Experts Choice Awards aim to highlight banking products, that        Mozo’s data experts, believe really do offer Aussie consumers great value. 

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