Xinja Bank reaches $100 million deposit milestone in less than 19 days

Source: Xinja Bank

Australian consumers have rushed to take advantage of Xinja Bank's new digital bank account and market-leading 2.25% savings rate, with the neobank receiving deposits of more than $100 million in less than three weeks.

“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,” said Xinja Bank CEO and Founder, Eric Wilson.

Mr Wilson said the $100 million-plus inflow into the “Stash” savings account showed that consumers are excited by the opportunity to embrace the digital banking revolution.

“Just as importantly, they are excited by the fact that we are offering a market-leading ongoing rate without the usual restrictive conditions. At a time when the big four are slashing their deposit rates, we are providing a very competitive return whilst turning the high-cost, high profit model of Australian banking on its head.”

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