Xinja Bank may be the new kid on the block when it comes to bank accounts and savings accounts, but it’s already becoming an unstoppable force. Just yesterday, the neobank swept competitors aside with a series of outstanding wins in the 2020 Mozo Experts Choice Awards for Bank Accounts and Savings.
Xinja snatched up a whopping 5 Mozo Experts Choice Awards for its Bank Account and Stash savings account, in categories including Exceptional Everyday Account, Regular Saver and No Strings Savings. It also came out on top among the newcomers as the sole winner of Best New Transaction Account and Best New Savings Account.
As part of the Mozo Experts Choice Awards, our expert judges spent hours upon hours doing research and analysis into over five hundred personal bank accounts, savings accounts and term deposits in order to find the best of the best in the Australian market.
According to Mozo’s Expert Judge, Peter Marshall, Xinja is a standout performer in the Mozo Experts Choice Awards despite being a young provider, because it has gone that extra mile to offer customers great value in their banking.
“Xinja has only recently launched, and it did so with a really impressive combination of a bank account and a savings account which both sit at the top of their respective categories in terms of giving the consumer some real benefit,” he said.
“If you’re really focused on price, and you’re comfortable using your mobile phone to do most of your interaction with the provider, then Xinja is a great option. Particularly for younger people, a company like Xinja could be the best thing since sliced bread.”
What’s so great about Xinja’s bank and savings accounts?
Marshall said a big advantage that Xinja’s products have over other banks is that they help customers avoid fees as much as possible.
“While there are plenty of bank accounts that don’t have a monthly fee or fees for things like ATM transactions and EFTPOS transactions, there are only a couple including Xinja that take it step further by also not charging for international transactions. So no matter where you are in the world, you can use your Xinja Bank Account without worrying about fees,” he said.
He added that Xinja’s Stash Account has also gone above and beyond to help Aussies make the most of their hard-earned money with a no-strings-attached interest rate.
“Xinja not only has one of the best ongoing savings rates around, but it’s also made that rate an unconditional right, so there are no hurdles to jump through. You don’t have to make sure that you’ve put a certain amount of money into the account every month or made a certain number of transactions every month to get their best rate.”
According to Xinja, more than 20,000 customers have opened a ‘Stash’ account since its launch mid last month and deposited a whopping $200 million in total.
“In the past, the big banks would tell you that customers are inert and lazy about their banking. We’ve seen those surveys that show a very large number of people held onto the same bank account they had as a kid,” Xinja Bank’s Chief Executive and Founder, Eric Wilson said.
“But this really shows that Aussies will try something new, won’t be taken for granted on low interest rates, or sold a shiny new brand by an old bank. They want change and real competition.”