Xinja Bank: Cut savings account interest rate to 1.8%

Xinja Bank: Cut savings account interest rate to 1.8%

• Xinja Bank which is 100% digital and built for mobile, will move the interest rate on its
  Stash savings account to 1.8%, effective May 11
• Launched Stash with a 2.25% interest rate on January 16 when Australia’s official cash
  rate was 0.75%
• RBA has cut rates twice: first on March 3 to 0.50% and then to 0.25% on March 19
• Stash remains a ‘no strings attached’ account no complex terms or conditions must be
  met to earn 1.8% interest
• Xinja’s Stash customers will earn 1.8% on every dollar in Stash, up to a maximum of
  $245,000
• The bank was built from scratch and launched just after the Australian government announced changes in May 2017