Xinja Bank chops rates for savers

The neobank launched Stash with a 2.25% interest rate on January 16, 2020 when Australia’s official cash rate was 0.75%. Since then, the Reserve Bank of Australia (RBA) has cut rates twice – first on March 3, 2020 to 0.50% and then to 0.25% on March 19, 2020.

Stash remains a ‘no strings attached’ account with no complex terms or conditions to be met in order to earn 1.8%; there’s no minimum balance required, no minimum spend, and customers don’t have to access their account a set number of times to ensure they qualify for the rate.

Xinja’s Stash customers will earn 1.8% on every dollar in Stash, up to a maximum of USD 245.000. Interest is calculated daily and paid monthly.