Media Release:
Australia’s best savings account from the nation’s new neobank, Xinja

16 January 2019

  • Xinja Bank launches ‘Stash’ savings account, with 2.25% ongoing interest rate and no strings – making it Australia’s best savings account
  • Interest paid from $1 to a maximum of $245,000 
  • No introductory period, no minimum balance, no monthly deposit, no minimum number of transactions
  • Xinja launches ‘Ditch Dad Banking’ ad campaign 
  • Xinja Bank personal loans and home loans coming in 2020

Xinja Bank, Australia’s independent and 100% digital neobank, today launched Australia’s best savings account, paying 2.25% interest, the highest ongoing rate on offer with no strings attached.

“There’s no introductory period, no minimum deposit and no mandatory monthly top-up,” said Xinja Bank Founder and Chief Executive, Eric Wilson. “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.”

Mr Wilson said interest will be calculated daily and paid monthly so you get interest on the full value of every cent that’s in your account every day.

The Stash account is a savings account, with its own BSB and account number so that funds can be transferred directly from a Xinja transaction bank account, or any other bank account. 

The Xinja bank account can be used with Apple Pay and Google Pay, and can be opened in a couple of minutes using the Xinja mobile app. From there, opening a Stash takes seconds. Xinja is also great for travel, with no currency conversion fees, no ATM fees, instant balance updates (in both currencies), the ability to lock and unlock your card via the app and generally know where your money’s going.

The aim of Stash is to help customers put aside funds they want to save and reward them 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,” 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.

“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.” 

Xinja Bank was granted a full bank licence in September 2019, which means all deposits up to $250,000 are guaranteed by the Australian government. 

“We’ve built and launched an entirely new bank,” Mr Wilson said. “Australians need a bank that serves their interests. We’re not like Australia’s existing banks: we are a true neo with a different culture and a different offering. Our new marketing campaign – also launched today – is encouraging people to ‘ditch dad banking’, a cheeky nudge to get with the times. As one of our first customers said: ‘Everything we do as millennials is different to our parents, but banking is the same.’ We thought it was time for a change.” 

Mr Wilson said Xinja Bank has a range of new banking experiences and products coming out in the year ahead. “This is just the start.”

The Stash account is a variable rate product, not a ‘honeymoon’ or introductory offer rate that reverts to a lower rate. “There’s no tricks, or smoke and mirrors to the offer: put your money in, and get a great rate,” he said. “Adding to your Stash, up to a $245,000 limit, means your money is working as hard as it can, but is still available straight away, unlike a term deposit.”

Customers can have their salary deposited directly into the account; use EFT to move funds from another account, and instantly transfer money from a Xinja transaction account to their Stash account. Stash is all about savings, so won’t offer direct debits.

Xinja Bank has no bricks and mortar branches and no old-style costly and cumbersome IT systems. It does not accept cash, or cheques and is firmly working towards a mobile first cashless society. 

Xinja Bank Highlights

  • January 2020 Xinja Bank launches high interest rate Stash account offering 2.25% interest
  • September 2019 APRA grants Xinja a full bank licence, Xinja opens first bank accounts 
  • Xinja builds its bank using the best new technology, appointing bank futurist Brett King and former Tesla engineer Thomas Vikstrom to advise the Board
  • Xinja raises funds via two record-breaking equity crowdfunding offers, January 2018 and January 2019, and a further A$60 million from investors in Australia and around the world 

Eric Wilson is available for interview.

Click here to view Xinja’s new ad campaign, Ditch Dad Banking 
YouTube link for inclusion in media

For media queries, please call:

Michelle Innis   | P&L Corporate Communications

+61 2 9231 5411  +61 414 999 693

You can download Xinja’s full press release as a PDF here.


XINJA™ (Xinja Bank Limited ABN 99 618 937 054) has been granted a full banking licence by the Australian Prudential Regulation Authority (APRA) and is an authorised deposit-taking institution (ADI).

Xinja Bank Ltd ABN 99 618 937 054 / Australian Credit Licence (ACL) and Australian Financial Services Licence (AFSL) #501764 / Australian Financial Complaints Authority (AFCA) #40942

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