In a note sent to customers, Xinja announced it would cut the total interest rate from 1.65% to 1.50% next Wednesday 14 October. 

Xinja does not have any bonus interest rate requirements, so the 1.50% p.a is still available for all existing customers, but not new ones at the moment

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

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    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 $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$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
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$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)

      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 May 21, 2024. View disclaimer.

        This maximum interest rate is available on amounts up to $150,000 - a maximum limit that has been decreased from $245,000.

        Rival neobank 86 400 also cut its maximum deposit limit in half less than a month ago. 

        Xinja last cut its interest rate to 1.65% p.a from 1.80% p.a in July. Prior to March 2020, the most recent RBA rate cut, it had an interest rate of 2.25% p.a.

        Xinja Bank CEO and Founder Eric Wilson said Xinja's rate remains competitive. 

        "We are cutting the rate in line with the market, as we have done before, and just as our competitors have in recent weeks. We held out as long as we could," Mr Wilson told Savings.com.au. 

        “It's still a competitive rate at 1.50%, particularly considering there are no strings - like minimum deposit or payment accounts, or holding a certain amount in the account.

        “It's the same rate for everyone."

        Xinja just the latest bank to cut interest rates

        Xinja isn't alone in cutting savings account interest rates lately. 

        In recent weeks:

        Major banks Westpac and Commonwealth Bank also made 15 and 5 basis point cuts to their savings account rates respectively, with these products now offering interest rates well below the 1.00% p.a. barrier. 

        [Read: Westpac to offer 3% savings rate to under-30s]

        This latest change could be another sign the Reserve Bank could be cutting the cash rate again next month, as Xinja's change is the same as the anticipated cut: 15 basis points. 

        Economists from NAB, Westpac and 14 of 24 Bloomberg-polled analysts all expect the RBA to cut the cash rate by 15 basis points in November.

        However, Mr Wilson said Xinja's upcoming cut has nothing to do with any potential future RBA changes.