Stash slash: Xinja cuts savings account rate to 1.65%
Xinja Bank has cut the interest rate on its Stash savings account once again, bringing the new maximum rate available on the account to 1.65%.
Coming into effect this morning, the 15 basis point reduction is the second cut Xinja has made to the account’s interest rate in recent months, which was as high as 2.25% back in May.
On a savings balance of $10,000, the cut would equate to a $16 reduction in interest over a year or $79 over three years, assuming no additional contributions are made.
The rate drop will only affect existing Xinja account holders though as the Stash account remains temporarily unavailable to new customers.
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