Xinja Bank deposits race to $200m

Xinja Bank customer’s deposits have reached a whopping $200 million into new neobank Xinja in less than one month (to February 14, 2020).

Xinja Bank, probably Australia’s fastest growing bank, now has more than 20,000 customers. Inflows reflect demand for a new kind of bank and in a post-Banking Royal Commission world, customers will seek out the best bank and great rates

Stash, Xinja’s savings account has a 2.25% interest rate, paid from the first dollar to $245,000: no strings attached.

“This is remarkable,” said Xinja Bank chief executive and founder Eric Wilson. “It shows that people badly want a different kind of bank.

“We have been well and truly inundated. We are delighted to welcome on board each and every one of our 20,000 customers, who’ve made a leap to join the revolution and bank with a new, totally independent digital bank. These customers now enjoy a great rate and a fantastic new way of banking.”

Xinja Bank opened the Stash savings account on January 15. Within three weeks, $100 million had flowed into the Stash account; by the end of a month more than $200m had been deposited.

There are few conditions on the savings account: there’s no rule that says you have to deposit a set amount each month, or hold a minimum amount in the account.

There’s also no requirement to log a set number of transactions each month from the Xinja Bank transaction account before you qualify for the 2.25% savings account interest rate.