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Xinja launches savings accounts | The West Australian

Crowdfunded digital bank Xinja has launched a high-interest savings account as challenger banks aim to shake up Australia’s financial sector.

Xinja will offer 2.25 per cent interest on its savings account, which it says is the best savings account rate with no strings attached as far as conditions or minimum deposits are concerned.

The rate tops that offered by fellow challenger bank Volt Bank, which turned heads when it launched a no- strings-attached savings account with a 2.15 per cent interest rate in December.

“We’ve tried to make it the best we can, the best in Australia,” Xinja chief executive Eric Wilson told AAP.

Xinja started working through its 28,000-strong waitlist after receiving its full banking licence in September, and opened to the general public in December, Mr Wilson said.

So far it has enjoyed strong growth without any advertising, he said.

Xinja is launching an advertising campaign beginning Thursday, urging Australians to “ditch dad banking”.

But while Xinja works with Apple Pay and Google Pay, it still doesn’t have all the features of traditional banks such as BPay and instant payments using Australia’s New Payments Platform.

Mr Wilson said those features would arrive within a few months.

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