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Xinja takes on Australia's Big Four with market-leading savings account

Xinja takes on Australia's Big Four with market-leading savings account

Australian neobank Xinja, one a clutch of digital-only challengers to Australia's Big Four banking behemoths, has introduced a no-strings-attached, market-beating savings account paying 2.25% on deposit.

Initially launched in February 2018 as an app and prepaid travel card, Xinja launched its first fee-free transaction accounts in September, after winning a full banking licence from the country's Prudential Regulation Authority.

The startup, which has raised $60 million in capital, is using the SAP Cloud for Banking platform as its technology backbone, promising rapid customer onboarding and real time risk and financial assessment.

Dubbed Stash, Stash, the new account comes with its own BSB and account number so that funds can be transferred directly from a Xinja transaction bank account, or any other bank account.

“There’s no introductory period, no minimum deposit and no mandatory monthly top-up,”  says Xinja Bank founder and chief executive, Eric Wilson. “Adding to your Stash, up to a $245,000 limit, means your money is working as hard as it can, but is still available straight away, unlike a term deposit.”

Wilson says Xinja Bank has a range of new banking experiences and products coming out  in the year ahead. “This is just the start.” 

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