Named 'Stash', the new account offers an interest rate of 2.25% p.a. on balances up to $245,000 - making it the joint-highest non-introductory savings account interest rate on the market according to Savings.com.au's research. 

Unlike other non-introductory savings accounts on the market offering over 2.00% p.a., the account does not require customers jump through any hoops to earn this interest rate.  

For example, Up's Saver account offers 2.25% p.a. to customers that make at least five purchases each month with a linked account while 86 400's save account also offers 2.25% but this is conditional on the customer depositing at least $1,000 each month.  

The table below displays a snapshot of some of the highest non-introductory interest rates on the market. 

Rates
Features
Conditions
Other
Provider
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (<$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Boost Saver

    More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of August 21, 2024. View disclaimer.

    Important Information and Comparison Rate Warning

    "We want Aussies to make better choices so they can get ahead and make more out of their money," Xinja CEO and Founder Eric Wilson said. 

    “There’s no introductory period, no minimum deposit and no mandatory monthly top-up. We’re offering our customers the best ongoing rate in the market.

    "True to Xinja’s ethos, there’s no nasty fine print or confusing terms.”

    Other high-interest savings accounts on the market include BOQ's Fast Track Saver and UBank's USaver+Ultra at 2.15% p.a and 2.10% p.a respectively, but these also have conditions attached:

    • BOQ Fast Track Saver: Deposit $1,000+ each month to linked ‘Day2Day Plus’ transaction account
    • UBank USaver with Ultra: Deposit $200+ each month into USaver Ultra or linked USaver account from a non-Ubank account, hold a USaver Ultra transaction account

    Xinja's deposit limit of $245,000 for the 2.25% p.a. rate is also relatively generous compared to the other high interest accounts on the market: 

    • 86 400's maximum balance is $100,000
    • Up's maximum balance is $50,000
    • BOQ's maximum balance is $250,000
    • UBank's maximum balance is $200,000 

    Another Neobank that's yet to fully release to the public, Volt, will also have a maximum interest rate of 2.15% p.a to a balance of $245,000. 

    This account will also have no requirements to reach the full interest rate. 

    According to Mr Wilson, the purpose of Stash is to reward customers for good financial decisions. 

    “The same day we got our full banking licence, we offered customers a fee-free transaction account, and this is the next step for us, a savings account with a ripper rate,” Mr Wilson said.

    “We’ve been building a bank, from scratch, guided by our customers, that offers a very different banking experience for Australians.

    “We’re using the best new technology to make banking fun. We want Aussies to make better choices so they can get ahead and make more out of their money."

    Other key details of Xinja's Stash product include:

    • Instant setup via the mobile app 
    • Links to the Xinja Bank account with no account keeping fees and no ATM fees 
    • No currency conversion fees 
    • Interest calculated daily, paid monthly
    • Apple Pay & Google Pay capability 
    • Freeze and unfreeze your card via the app 
    • In-app support