Wednesday, 05 February 2020 13:02

Xinja Bank says deposits hit $100 million in three weeks Featured

Xinja CEO Eric Wilson Xinja CEO Eric Wilson

Neobank Xinja says it has $100 million in deposits and 15,000 customers in less than three weeks, with customers taking advantage of its new ‘Stash’ digital bank account and 2.25% savings rate.

Xinja CEO and founder, Eric Wilson said on Wednesday that more than half of the deposits have come from Australia’s big four banks, “a very strong signal that consumers are keen to embrace digital banking, get a great rate on their money and are no longer beholden to the banking oligopoly that was shown in such a bad light during the Hayne Royal Commission”.

Wilson said the $100 million-plus inflow into the “Stash” savings account showed that consumers are “excited by the opportunity to embrace the digital banking revolution”.

“Just as importantly, they are excited by the fact that we are offering a market-leading ongoing rate without the usual restrictive conditions,” Wilson said.

“At a time when the big four are slashing their deposit rates, we are providing a very competitive return whilst turning the high-cost, high profit model of Australian banking on its head.

“Xinja now has over 15,000 customers holding over 23,000 accounts. Collaboration with our new customer base has shown that some of the most popular feature requests for the future include joint accounts, NPP (PayID) and homeloans.

“We’re designing our product roadmap with our customers and I’m delighted to see that this is something our Xinjas are embracing, showing patience around and taking full advantage of.”

Wilson said it was telling that “at least one major bank chief has confessed to opening neobank accounts recently as the big four are under pressure to show the Australian public what benefits they offer, having been confronted with trust and reputational issues that still linger one year after the Royal Commission”.

“Clearly the big four are rattled,” Wilson said.

“Xinja Bank was granted a full banking licence in September 2019, opening transaction accounts for early customers the same day. Xinja already had an app, and prepaid card in the marketplace, with customers and investors on board and providing feedback throughout the journey.

“The Stash account was launched on January 15 this year – less than three weeks ago. This is a savings account with an ongoing interest rate of 2.25% from the first dollar invested up to a maximum of $245,000.

“There are no strings attached to the Stash savings rate – with no introductory period, no mandatory monthly top-up amount, no minimum deposit.

“It was great when the first interest payment was paid on Friday night to customers who joined us in January. The vibe in the office was awesome, a real moment of pride. Customers are being rewarded for the sorts of behaviours we should be encouraging. It’s what makes our Xinjas come to work every day. It’s what makes us proudly both for purpose and for profit.”

As reported by iTWire early last year, Xinja completed a capital raising seeking investors to “help shake up Australia’s banking system”.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).



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