Savings competition heats up as Neobank Xinja releases 2.25% no strings savings account, Stash
The battle for Australians’ savings has begun, with neobank Xinja, today releasing details of its high interest savings account. The Stash account has an interest rate of 2.25% for balances up to $245,000 with no minimum deposit or withdrawal conditions.
The account is linked to the Xinja bank account and can be set up in minutes via the Xinja mobile App.
Xinja joins other neobanks, 86400 and Up, which currently also have an interest rate of 2.25% on their savings accounts, though with conditions attached and much lower maximum account balances to receive the highest rate. Balances up to $50,000 receive 2.25% with the UP saver and $100,000 with the 86400 Save account.
Peter Marshall, Mozo’s banking expert said that this is exciting news for Australia’s savers as it means that competition for savings dollars is about to heat up.
“There has been a lot of talk over the past year about the new breed of digital neobanks set to shake up banking competition in Australia and it is really pleasing to see that the neobanks are delivering on that promise,” he said.
“Right now the average savings account rate in our database is a lowly 0.98%, so if you can earn 2.25% interest and without any strings attached that’s a massive difference to returns you can get, especially on a high balance.”
Compare savings accounts - rates updated daily
Life - 18-29 years old
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.00% p.a. (for $0 to $30,000)0.15% p.a.(for $0 and over)Yes up to $250,000Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Earn up to a generous 2.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
Life - 18-29 years old
Earn up to a generous 2.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 card purchases are made each month, but savings account balance hasnt increased, a 1.50% interest rate still applies.
Read our Mozo Review to learn more about the Life - 18-29 years old
Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.15% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate of 1.15%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).
Boost Saver with Go Account
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest 1.15% only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.10% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Boost Saver with Go Account
Lock Saver Feature
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.60% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate of 1.60%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).
Boost Saver with Go Account
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest 1.60% only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month and enable the Lock Saver feature. If you are between 18 and 25 you need to also deposit $1,000. 32 days notice for withdrawal and T&Cs apply.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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