Xinja  launched Stash with a 2.25% interest rate on January 16 when Australia's official cash  rate was 0.75%. Since then, the RBA has cut rates twice: first on March 3 to 0.50% and then  to 0.25% on March 19, but Xinja has not dropped its rate until now.       

"We held the rate at 2.25% despite successive rate cuts from the Reserve Bank, and we are  probably the only bank to have done that," said Xinja chief executive and founder Eric  Wilson. "We thought it was the right thing to do to protect our current customers rather  than chasing new ones, and we achieved it through hitting a pause on opening any new  Stash accounts.       

"However, it is a variable rate, and we can’t ignore two Reserve Bank rate cuts indefinitely.  That said, our rate remains very competitive, and without conditions that banks typically  apply to higher interest rate accounts," Mr Wilson said.​       

Stash remains a 'no strings attached' account: no complex terms or conditions must be  met to earn 1.8% interest; there's no minimum balance required, no minimum spend, and  customers don't have to access their account a set number of times to ensure they qualify  for the rate.        

Xinja's Stash customers will earn 1.8% on every dollar in Stash, up to a maximum of  $245,000. The money is at-call. Interest is calculated daily and paid monthly.       

Xinja Bank gained its full banking licence in September 2019. The bank was built from  scratch and launched just after the Australian government announced changes in May  2017 to the banking sector to encourage greater competition.        

Xinja has a series of new products planned for the rest of the year, including personal loans  in August.       

Like all Australian banks, the Australian government guarantees Xinja deposits up  to $250,000 per account holder.       

Xinja Bank has over 47,000 accounts and more than $500 million in deposits.