Neobank Xinja launches 2.25% savings account

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on January 15, 2020
Neobank Xinja launches 2.25% savings account

Image source: Xinja

One of Australia's newest banks, Xinja, has officially launched its new high interest savings and transaction account product today.

Named 'Stash', the new account offers an interest rate of 2.25% p.a. on balances up to $245,000 - making it the joint-highest non-introductory savings account interest rate on the market according to's research. 

Unlike other non-introductory savings accounts on the market offering over 2.00% p.a., the account does not require customers jump through any hoops to earn this interest rate.  

For example, Up's Saver account offers 2.25% p.a. to customers that make at least five purchases each month with a linked account while 86 400's save account also offers 2.25% but this is conditional on the customer depositing at least $1,000 each month.  

The table below displays a snapshot of some of the highest non-introductory interest rates on the market. 


4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Account (Amounts < $24k)

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    High Interest Savings Account (< $250k)

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver ($1-$100k)

        0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Mighty Saver

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

          Online Savings Account (<$250k)

            4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Lifestyle Account (< $75k)

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

              Bonus Saver Account (Amounts < $100k)

                Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions. Rates correct as of May 18, 2022. View disclaimer.

                "We want Aussies to make better choices so they can get ahead and make more out of their money," Xinja CEO and Founder Eric Wilson said. 

                “There’s no introductory period, no minimum deposit and no mandatory monthly top-up. We’re offering our customers the best ongoing rate in the market.

                "True to Xinja’s ethos, there’s no nasty fine print or confusing terms.”

                Other high-interest savings accounts on the market include BOQ's Fast Track Saver and UBank's USaver+Ultra at 2.15% p.a and 2.10% p.a respectively, but these also have conditions attached:

                • BOQ Fast Track Saver: Deposit $1,000+ each month to linked ‘Day2Day Plus’ transaction account
                • UBank USaver with Ultra: Deposit $200+ each month into USaver Ultra or linked USaver account from a non-Ubank account, hold a USaver Ultra transaction account

                Xinja's deposit limit of $245,000 for the 2.25% p.a. rate is also relatively generous compared to the other high interest accounts on the market: 

                • 86 400's maximum balance is $100,000
                • Up's maximum balance is $50,000
                • BOQ's maximum balance is $250,000
                • UBank's maximum balance is $200,000 

                Another Neobank that's yet to fully release to the public, Volt, will also have a maximum interest rate of 2.15% p.a to a balance of $245,000. 

                This account will also have no requirements to reach the full interest rate. 

                According to Mr Wilson, the purpose of Stash is to reward customers for good financial decisions. 

                “The same day we got our full banking licence, we offered customers a fee-free transaction account, and this is the next step for us, a savings account with a ripper rate,” Mr Wilson said.

                “We’ve been building a bank, from scratch, guided by our customers, that offers a very different banking experience for Australians.

                “We’re using the best new technology to make banking fun. We want Aussies to make better choices so they can get ahead and make more out of their money."

                Other key details of Xinja's Stash product include:

                • Instant setup via the mobile app 
                • Links to the Xinja Bank account with no account keeping fees and no ATM fees 
                • No currency conversion fees 
                • Interest calculated daily, paid monthly
                • Apple Pay & Google Pay capability 
                • Freeze and unfreeze your card via the app 
                • In-app support 

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                William Jolly joined as a Financial Journalist in 2018, after spending two years at financial research firm Canstar. In William's articles, you're likely to find complex financial topics and products broken down into everyday language. He is deeply passionate about improving the financial literacy of Australians and providing them with resources on how to save money in their everyday lives.

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