Why can't I get a Stash?
The RBA rate cut makes it more expensive for Xinja to hold deposits at the same rate before the launch of our lending program; there has been an unprecedented influx of funds; and now, we - as a new bank - need to manage the costs of those deposits. We decided the fairest way to do that was to look after our current customers and maintain the rate, and instead stop new Stash accounts being opened.
Are you closing stash accounts/discontinuing Stash?
Not at all. No Stash accounts already opened will be closed - they will continue as normal. And we will be offering new Stash accounts as soon as possible. This will be reviewed within the next few months and we'll let Xinja bank account customers know as soon as new Stash accounts are available again.
The best way to keep updated on when we reopen Stash is our roadmap!
Remember you can still open a transaction account and Xinja customers will be first to know when Stash re-opens.
What if I have a Stash account?
Then carry on as you are. You can put more money in or take money out - no change at all. And your rate remains the same.
Is there a risk to any of my money?
No. This doesn't impact bank account or stash account customers at all. As you may know, like any other bank, we're covered by the financial claims scheme, which means up to $250k of deposits are guaranteed by the Government.
Can I put more money into my Stash?
Yes - there are no restrictions for current stash account customers. Just make sure to keep under the $245,000 limit!