The new rate will be effective from Monday May 11 and will still have no conditions to be met to attain the rate, besides the deposit limit of $245,000. 

Xinja's generous rate of 2.25% p.a. was one of the most competitive savings account interest rates on the market.

The neobank stopped onboarding new customers in early March in an effort to keep the market leading rate but said it was no longer feasible to do so.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest

Save Account

  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Young Saver Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Save up

                          02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver (<$1 Million)

                            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Smart Saver Account (Under 25)

                              Important Information and Comparison Rate Warning

                              All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of June 19, 2024. View disclaimer.

                              In an email sent to customers Xinja said it was "probably the only bank in Australia" to have paid interest at 2.25% p.a. after two Reserve Bank cuts in March.

                              "We did that as we said, because in uncertain times, and given many of you had only recently opened the account, 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," Xinja said. 

                              "However, it is a variable rate, and we can’t ignore two RBA cuts indefinitely." 

                              Xinja said its new rate still smashed that of the big banks and is without usual conditional requirements imposed by others such as minimum payments in or out, or maintaining a particular amount in the account. 

                              The neobank said it hoped its previous rate had helped customers through the current uncertain economic times. 

                              "We hope the two months of extra interest has been helpful and maybe eased a few worries over these strange times.

                              "We look forward to bringing you some exciting new stuff from July once things get moving again."

                              Xinja received a whopping $433 million capital injection from a Dubai-based investment group in March, designed to support its growth over the next two years. 

                              The neobank had aspirations to begin lending in June, but the coronavirus pandemic, amongst other things, may have pushed those plans back. 

                              Xinja's new rate still remains a highly competitive savings account rate, but is no longer the market leader. 

                              According to Savings.com.au research, Bank of Queensland (BOQ) has the highest non-introductory savings account rate currently on the market at 2.00%.  

                              BOQ is followed by MyState Bank, and fellow neobanks 86 400 and Up Bank. 

                              Although a marginal 0.05% better rate than Xinja's stash account, the 86 400 Save Account requires customers to deposit $1,000 per month to earn the bonus rate. 

                              Up Bank requires customers to make five transactions from a linked Up account to earn the bonus rate.

                              Provider

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                              • Download the App to open your account
                              • No monthly fees on any of your Save accounts
                              • Deposit $200 per month to activate bonus interest

                              Save Account

                              • Download the App to open your account
                              • No monthly fees on any of your Save accounts
                              • Deposit $200 per month to activate bonus interest
                              010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                              • Deposit at least $1,000+ each month from an external source
                              • Make 5 or more eligible transactions
                              • Grow your savings balance each month

                              Savings Maximiser (<$100k)

                              • Deposit at least $1,000+ each month from an external source
                              • Make 5 or more eligible transactions
                              • Grow your savings balance each month
                              010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Boost Saver

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of June 19, 2024. View disclaimer.