Xinja launches savings product

Xinja Bank has launched its new “Stash” savings account, with 2.25 per cent ongoing interest rate payable on balances of up to $245,000.

The product does not include an introductory period, and payment of the 2.25 per cent savings rate is not contingent on the depositor holding a minimum balance, making a monthly deposit or completing a minimum number of monthly transactions.

 “We’re offering our customers the best ongoing rate in the market,” Xinja founder and CEO Eric Wilson claimed. “True to Xinja’s ethos, there’s no nasty fine print or confusing terms.”

Xinja added that the Stash account, which will calculate interest daily and pay it to savers monthly, comes with its own BSB and account number so that funds can be transferred between accounts.

The account can also be used with Apple Pay and Google Pay and can be accessed via a mobile app.

According to Mr Wilson, the Stash product was designed to reward consumers for making “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,” he continued.

“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.”

He added: “The fun factor is a core part of our user experience and our whole brand. We want to draw people in and create the sort of engagement that turns good financial behaviour into habits.

“We fundamentally believe that if you make managing your money engaging, people will get better at it.”

The Xinja CEO revealed that the new entrant plans to launch additional offerings in the coming year, which includes the rollout of home loan products.

Xinja is the latest neobank to launch new product offerings to the public, with Volt Bank and 86 400 rolling out savings and credit products in the second half of 2019.

[Related: Neobank launches to the public]