In a note sent to customers today, the neobank today told customers that as at November 23, it is lowering the cap on the maximum interest rate from $150,000 to $50,000.

This means that for any deposits above $50,000 in Xinja's stash account, no interest will be earned. 

On the maximum interest rate of 1.50% p.a, that's roughly $1,500 in potential interest lost on a $150,000 deposit in a single year. 

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory and introductory interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        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 March 28, 2024. View disclaimer.

        Xinja also told customers it would not be cutting its Stash interest rate - making it one of the few banks to do so - but this interest rate is only available for existing customers.  

        There are no conditions to earn this 1.50% p.a interest rate, aside from being an existing customer, making it one of the highest ongoing savings account rates on the market. 

        Xinja last cut its interest rate last month in October, while other banks cut more recently following the Reserve Bank's November cash rate cut

        Banks to cut savings account interest rates so far this month include: 

        • Macquarie Bank: Cut from 1.35% p.a to 1.20% p.a; 
        • ME Bank: Cut from 1.35% p.a to 1.20% p.a; 
        • UBank: Cut from 1.46% p.a to 1.31% p.a; and
        • ING: Cut from 1.50% p.a to 1.35% p.a 

        The table below shows a snapshot of special savings account interest rates that are available. 

        Provider

        00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Life (< 30 years) (Monthly deposit)

          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 March 28, 2024. View disclaimer.

          Prior to the RBA's rate cut decision, each of the big four banks had also cut savings account interest rates, as did other popular neobanks Up and 86 400.

          86 400 also recently halved its maximum deposit limit to a maximum of $50,000 per account for three accounts, giving it a total deposit limit of $150,000. 

          This change from Xinja means it now has the joint lowest deposit limit among its fellow neobanks: