Xinja finalises all deposit returns: Where is your cash now?

Person sitting by a window, looking at their phone to check their bank account.

In December last year, neobank Xinja renounced its Authorised Deposit-Taking Institution (ADI) licence and discontinued its banking and savings accounts.

Now, the Australian Prudential Regulation Authority (APRA) has officially noted the return of all deposits to Xinja’s former customers.

APRA announced on Tuesday that more than $252 million across 54,357 individual deposits had been returned to Xinja’s 37,884 customers.

How to access returned Xinja deposits

Customers were encouraged last year to withdraw their Xinja funds, as transaction and savings accounts closed on 23 December. 

Yesterday, Xinja voluntarily transferred the small remaining percentage of deposits (amounting to a total of $65,809) to new or existing NAB accounts.

Both institutions have contacted customers to inform them of the transfer. Former Xinja customers who haven’t received this message and believe they left cash in a now closed account should contact NAB.

It’s then up to those customers to choose whether they leave the deposits with NAB or transfer them to a different institution. 

If you’re looking to open a new savings account to make the most out of your stash, check out the high interest-earning options below.

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