Xinja Bank chops rates for savers

Tuesday 12 May 2020 10:52 CET | News

Australia-based Xinja Bank has announced moving the interest rate on its Stash savings account to 1.8%. 

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.

More: Link

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Keywords: Xinja Bank, Australia, banks, savings account, Stash, neobank, interest rate, Reserve Bank of Australia, RBA
Categories: Banking & Fintech
Countries: Australia
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