Following Xinja's exit, NAB's planned purchase of 86 400, and Volt still not having a publicly live product, requirements for new bank launches have tightened.
Neobank Xinja has completed its return of all customer deposits, ahead of returning its banking license in a few weeks' time.
Embattled neobank Xinja has decided to pull the plug on its bank account products, meaning it will no longer offer savings and transaction accounts.
Xinja will soon cut the maximum interest-earning balance limit on its savings account by two-thirds.
Neobank Xinja is the latest bank to announce an interest rate cut, slashing its 'Stash' interest rate by 15 basis points next week.
Neobank 86 400 has made a significant change to its savings account, cutting in half the maximum deposit limit.
Xinja Bank is expanding its product suite, launching a US share trading service called "Dabble" for existing customers.
Analysis released today revealed neobanks have had their media mentions drop by three quarters in the COVID-19 period.
Popular bank RAMS has cut its once highly-competitive savings account rate by a significant amount.
Xinja will drop its Stash savings account rate from 2.25% p.a. to 1.80% p.a.