Digitalisation is a phenomenon that has permeated throughout most parts of modern life, incorporating everything from the transition from video rental to streaming services and the move from paper tickets to virtual transport cards. While not particularly new, the same has taken place in the banking sphere with the digitisation of processes and platforms like online and app-based banking for Australian consumers.
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Launched just last week, Aussie neobank Xinja has reported that it’s new savings account Xinja Stash has not only left the nest, but is already flying high with positive customer feedback and $30 million worth of inflows.
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It’s not every day that a brand new bank opens its doors in Australia, let alone an entirely independent bank built from scratch.
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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.
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What a difference a century makes. Back in the actual roaring 20s, scraping together your last pennies wasn’t just a metaphor to show how broke you were, because Australia literally used pounds, shillings and pence.
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As Volt Bank begins the task of onboarding its 40,000-strong waitlist, CEO Steve Weston is banking on breaking tradition and lessons from abroad to spark the neobank into life.
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After months of anticipation, Australian neobank Volt Bank has released the first substantive piece of information about one of its soon-to-be-released banking products: a savings account interest rate.
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86 400. It’s a big number, but what, if anything, does it have to do with banking?
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Although its banking products are still firmly under lock and key at the moment, Sydney-based neobank Volt promises to amp up the power soon and open its digital doors to the public.
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Yet another neobank is set to launch in Australia in 2020 and this one promises to shake things up with alternative product offerings for future customers.
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