Xinja Bank attracts $30 million in inflows a week after launching savings accounts
Xinja Bank, Australia’s newest 100% digital neobank, has attracted more than $30 million, within days of launching its Stash savings account to Australians, with a ‘no strings attached’ interest rate of 2.25%.
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“We have built a 100% digital bank from scratch and within 7 days of launching our first ever savings account, we’ve had a ripper response: in excess of $30 million flowing into our Stash savings accounts,” said Xinja Bank founder and CEO Eric Wilson. “We are offering a market-leading rate without the usual restrictive conditions . And we are offering a new way to bank.”
Mr Wilson said feedback from customers showed how much support there is for a new model for banking.
“We’re committed to the long game of staying lean and reducing costs and overheads to do the best by our customers,” Mr Wilson said. “Having happy customers will go a long way to helping us break the high-cost, high profit model of Australian banking.”