This was posted 4 years 3 months 5 days ago, and might be an out-dated deal.

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Xinja Stash (Savings Account, 2.25% up to $245k, No Conditions)

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Xinja Stash (Savings Account, 2.25% up to $245k, No Conditions)
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non-core promise on 15/01/2020 - 09:11 xinja.com.au (887 clicks)
Last edited 15/01/2020 - 13:35 by 1 other user

https://www.apra.gov.au/register-of-authorised-deposit-takin…
https://www.apra.gov.au/sites/default/files/xinja_bank_adi_a…

https://help.xinja.com.au/hc/en-us/categories/360000115672-B…
https://xinja.com.au/bankaccount-terms-and-conditions/

Their app: iOS, Android.

2.25% up to $245 000. No conditions other than a transaction every 12 months.

Their FAQ mentions tiered interest, but there's nothing suggesting Stash has tiered interest.

No NPP, no BPay.

Apple and Google Pay supported. No mention of others.

Cash and cheques not supported (and probably never will).

They don't seem to have an internet banking portal, you can only manage via their mobile app.

$245 000 is the maximum balance across both accounts. Their Ts&Cs say "If a payment (such as the deposit of your salary) would push the total combined balance across your Xinja Accounts over $245,000, we will contact so that you can tell us where to transfer the excess balance."

They will close your account if there have been no transactions for 12 months. Closing the transaction account will also close the Stash savings account. See 2nd sub heading under "9. Closing your account" in Ts&Cs.

You can transfer money IN directly, but funds have to go out via their bundled transaction account.

Could be a reasonable alternative to people parking money in BoQ Fast Track accounts (their 5 transaction condition starts from the 1st of February). Otherwise, it is pretty bare bones for everyday use and only viable for people with a high tolerance to "early access syndrome". Under 25s also have Greater Bank's 2.35%.

They also have a public Trello board. Referral rewards are listed for Q1 2020 (if you care about that sort of thing), NPP and BPay for Q2.

Financial Bank Account Savings Account

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  • pronoun on 15/01/2020 - 09:20
    +4

    Upvote for the detail in the post. It is good to know what are the current top offers for savings accounts. Thanks OP. Will consider.

  • Tacooo on 15/01/2020 - 09:21
    -4

    How is this a deal? This is advertising.

    • Pcoder on 15/01/2020 - 09:28
      +11

      The deal is 2.25% interest and virtual no hoops (except 1 transaction a year) to clear. No bank offers anything close to this in interest and only a few other neo banks offer the same interest rate but with different criteria to get the bonus interest.

      The only downside is no osko yet which is very handy for quick transfers.

      • pifts on 15/01/2020 - 13:44

        No new user / referral promo yet

        • Pcoder on 15/01/2020 - 13:50

          Probably wait until it comes online

  • zzymurgy on 15/01/2020 - 09:27

    Xinja has bank-grade security systems in place and is covered under the Financial Claims Scheme (FCS) which protects money held in our bank accounts up to a total value of $250,000 per person

    That's why they have a limit of $245k per person. They can't guarantee that you'll see your money again.

    I dunno, if I had a spare $245k would I put it in a bank I've never heard of, who don't have NPP or BPAY or internet banking? All for 2.25% interest? Ubank offers 2.1% interest and they have all this plus the backing of NAB.

    • joshm998 on 15/01/2020 - 09:35
      +1

      Or there’s Up Bank too which has the 2.25% interest rate and all of this plus its backed by Bendigo Bank

      • dmac80 on 15/01/2020 - 09:42
        +3

        Last time I looked at Up Bank the requirements you had to meet for the 2.25% were far more transactions (and per month not 1 per year like this) - fine if you want to move all your banking to Up but if you just want a savings account and to keep your main banking elsewhere it's a real pain.

      • jwsc on 15/01/2020 - 10:28
        +2

        yeah but that's capped at $50k

    • abc on 15/01/2020 - 10:02
      +4

      No bank can provide a guarantee that they will not go bust hence the Fed Gov $250k guarantee.

      Westpac was on the verge of going bust during the last recession.

      • joshm998 on 15/01/2020 - 10:17
        +2

        The $250k guarantee was implemented due to Suncorp almost having a bank run.

    • j24bauer on 19/01/2020 - 22:31

      I agree, the FCS isn't going to help anyone if something dodgy happens to my money on at some random bank…

  • alenpln on 15/01/2020 - 09:44
    +2

    86400 have the same 2.25% and it does have BPAY, OSKO and outgoing PayID, but they still can't provide bank statements.

    • jwsc on 15/01/2020 - 10:29
      +2

      also capped at $100k
      so this is the best one for anyone who is saving for a deposit.
      I previously had mine split between 86400 and up

      • dingdong3000 on 05/02/2020 - 01:26
        +1

        capped at 300k now if you make 2 additional savings account

    • Ryk on 15/01/2020 - 13:31
      +1

      86400 have 1.5% currency conversion fee for international transactions.

      Xinja have Instant Top Up via a debit card, like Revolut. this is cool.

      • alenpln on 16/01/2020 - 11:04

        For currency it's better to use TransferWise or Revolut

    • Kah on 03/02/2020 - 19:41

      You can ring them to get a bank statement. That's what I did

      • alenpln on 04/02/2020 - 01:31

        They cannot provide statements, at least a few weeks ago they only were offering spreadsheet with list of transactions and it is not the same

  • bk1973 on 15/01/2020 - 11:07

    The "tiered interest" thing in their T&Cs and FAQs is rather concerning. I try to follow their links to get a "current interest rate", but it leads nowhere. The only place that shows 2.25% is that initial Stash page that is linked by the OP.

    One thing to consider is that when the Reserve Bank cuts interest rates again on 4th February (almost a certainty), we could see savings rates change as the corresponding cuts that banks make to savings may not be inline with that.

    • Marketingxinjamoney @ Xinja on 15/01/2020 - 11:48
      +3

      Hey bk1973 🙂 The tiered interest table in the T&Cs is an example only. The interest rate is 2.25% on balances up to $245,000.

      You can see this interest rate on our Products page but we're just rejigging it so it's more obvious. We've also updated our FAQ links to point to this information.

      Thanks for picking up these issues! Really helps 🙏

      Fran (Xinja Community Manager)

      • bk1973 on 15/01/2020 - 13:49
        +2

        Appreciated. The no conditions part is good. I don't mind a deposit requirement, but a transactions requirement is annoying. I just opened a BoQ account and was planning to start putting money into it, but an above thread mentioned the transaction requirement starting in February. The money intended for BoQ will now be going to Xinja.

        • Cliche Guevara on 15/01/2020 - 14:52
          +8

          Wow, a bank that has active staff reading OzB, has issues with information in its T&Cs but readily updates said information after a post on OzB. I'm convinced…

        • jwsc on 16/01/2020 - 11:08

          I use Beemit to meet any transaction requirements for the accounts that need it.
          As long as it isn't a paypass requirement it seems to work.
          There's also Finch, but Beemit is faster imo

      • bluesky on 15/01/2020 - 15:27
        +2

        Hi Fran, good to have a rep here to answer questions and offer our feedback, etc.

        They don't seem to have an internet banking portal, you can only manage via their mobile app.

        Does Xinja envisage or have plans to provide a browser-based internet banking portal at some stage?

        Even the most basic one as a backup would be a good idea. Relying solely on the mobile app can be a weak link since a phone can play up, be lost, etc.

        I have already had an experience with a neobank with mobile app access only. The app became unavailable for whatever reason, and although it was not too hard to get that fixed, it was still a distraction/inconvenience. I have backup bank accounts but can imagine the situation where someone has the majority of their funds in one account and find themselves in a dilemma - not able to make payments, etc.

        Understandably, you will want to focus on core features first, but lower down in the features list, I hope you can take this suggestion on board.

        Cheers and welcome to OzBargain!

        • Marketingxinjamoney @ Xinja on 15/01/2020 - 16:01

          Hey bluesky 👋 Happy to meet the wider Xinja community :)

          We're mobile only right now.

          You're right in that we're catering to a certain market (digital-only and mobile-first) but we feel this is the way forward. We really appreciate your feedback and thoughts!

          If you're interested, join the conversation at our community forum (find it via our website). We chat about feedback/ideas/money talk. 😊

          Fran (Xinja Community Manager)

          • sub102 on 12/02/2020 - 04:03
            +1

            @xinjamoney: Bank without a desktop interface is a deal breaker

      • jwl81124 on 16/01/2020 - 18:37

        May I ask how much is the daily transfer money out limit?

        • Marketingxinjamoney @ Xinja on 17/01/2020 - 17:06
          +1

          Hello 👋 The daily transfer out limit is $20,000. You'll find more info in our Terms and Conditions 😊

          Fran (Xinja Community Manager)

          • Superdaws on 25/01/2020 - 11:55

            @xinjamoney: Sry found my answer.

          • bcdefg on 29/01/2020 - 09:59
            +1

            @xinjamoney: I did a search on Terms and Conditions but did not find the limit you referred to. Any option to transfer over 20k? Just tried to phone your bank waited over 30 minutes and still waiting…

            • nodirect on 29/01/2020 - 14:37

              @bcdefg: Did you find out whether they can do optional limit increases? Or is it permanently fixed at 20k a day (so would take a week to transfer out $100k).

    • DavidMcAfee on 15/01/2020 - 17:05

      The ASX RBA rate indicator (market expectations) suggests around 50-50 chance of an RBA cut in February. https://www.asx.com.au/prices/targetratetracker.htm I personally think they might hold off until March.

  • Andard on 15/01/2020 - 11:40
    +3

    Xinja is a cool name.

    • Marketingxinjamoney @ Xinja on 15/01/2020 - 16:01

      Thanks! We're like you're money ninja 😉

      • Oofy Doofy on 16/01/2020 - 16:08
        +5

        Your*

        • Marketingxinjamoney @ Xinja on 17/01/2020 - 17:08

          Correct 🤣 Thanks for picking up my mistake.

          Fran (Xinja Community Manager)

  • OzFrugie on 19/01/2020 - 12:42

    is this the best rate for savings account atm?

    • toniyellow on 19/01/2020 - 12:57
      +5

      Ties for first with two other neobanks

      https://goo.gl/FufTQP

      This one has the least hoops to jump to qualify for the interest rate - 1 transaction per year.

  • jason andrade on 20/01/2020 - 15:05
    +1

    For leaving money with minimum fuss I'd +1 toniyellow plus andother +1 for that spreadsheet.. awesome.

  • bohn on 22/01/2020 - 16:28

    Citibank Online Saver is 2.30% for 3months but you can just create another one and transfer the balance and then close the old online saver.

    • digitale on 22/01/2020 - 20:17

      How reliable is that though? Seems Citibank can pull this anytime and not give you the month's bonus interest, which for $250k would equate to around $300 lost interest

      • bohn on 22/01/2020 - 20:58

        It's been ongoing for a long time.

        • digitale on 22/01/2020 - 23:48

          Yes but it's more of a bug that Citibank hasn't or doesn't care to fix.
          On Citibank's website it clearly states that "This offer is only applicable on the first Citibank Online Saver that you open".
          So every month - for me at least, I'd be worried that Citibank won't give me the bonus interest 🤨

        • Yola on 23/01/2020 - 10:30

          I have been doing it for 2 years, so it has been worth the risk. And it's for 4 months.

  • [Deactivated] on 22/01/2020 - 18:45

    The app doesn't work I my phone. It suggests reinstalling from the play store, which I did then I get the same message.

    • digitale on 22/01/2020 - 20:13

      Same here

    • toobzy on 23/01/2020 - 19:42

      Is your phone rooted/jailbroken?

  • hayfeverman on 01/02/2020 - 10:56

    Can I get a clarification on the T&Cs:

    Interest is calculated daily (on the balance of your Stash at 12:00am (midnight) and credited to your Stash monthly in arrears on the first day of the following month. Xinja will calculate the daily interest rate by dividing the annual interest rate by 365 (even in a leap year). If you make a transfer to your Stash on the last day of the month, the first time interest will be credited to your Stash will be on the first day of the next month (for example, if you make a deposit to your Stash on Sunday, 31 October, you will receive your first interest payment on that deposit on Monday, 1st December).

    Is that 12:00am at the start of the day or 12:00am at the end of the day?

    I deposited money on the 30th of January (app says ~11am) and I was only paid 1 day worth of interest rather than 2 days worth this morning. This is non-standard compared to other banks.

    Currently withholding most of my balance until I figure this out as it could effectively result in a transaction cost for me to transfer balances to Xinja (I lose a day of interest to improve my interest by 1/14th).

    • digitale on 01/02/2020 - 23:08

      From the interest I received, I gathered they calculated interest to the day it is paid.

      Yes this is non-standard, basically that one day's interest is deferred till you close the account.

  • booze101 on 05/02/2020 - 15:46

    I have been looking into Xinja. Whilst they offer great interest rates, using it overseas can incur Atm fees. It says on their website that whilst they won’t charge transaction fees or atm withdrawal fees but if the atm has its own fees, they won’t refund it. From what I understand, ING will offer a refund of ATM fees if you meet the requirements

    • Yola on 05/02/2020 - 17:32
      +1

      Yes ING reimburses any ATM fees incurred as long as you deposit $1000 and do 5 cleared transactions in the month prior to travelling.

  • yht on 06/02/2020 - 09:48

    It says that my device is not compatible ti install the app?

  • Kah on 05/03/2020 - 15:27
    +1

    https://xinja.com.au/news/2020/why-we-paused-new-stash-accou…
    No more new stash accounts, until they get some funds injections.

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