Will Xinja be available for SMSF?
Hiya @monika no plans at this point, but that could change in future
Thank you Blair. I hope you’ll consider it.
So, here’s 3 things:
I made it to 71 and will give up work soon.
I run my own superannuation fund and am changing some of its investments into less risky ones as, like most folks my age, I have to be more risk averse, if my funds are to last me the rest of my life WITHOUT as my commUNITY having to support me with an Aged Pension. I’m lucky to be able to do that as many people my age unfortunately can’t, although they’d like to.
Being less risk averse will see me holding some of my super in cash accounts. But as Xinja knows variable rates in other institutions are ‘rubbish’, e.g. Comm Bk variable cash rate is 0.1%. For some reason, unknown to me, our government won’t allow me to put my super fund amounts into XInja or other neos, but are happy for me to put it into the Comm Bk. Hmm, let me see. Xinja at 2.5% -v- 0.1% at Comm Bank!!! So why is the government continuing to protect big banks?
- I want to put my money into Xinja, earn a fair return, not call on the public purse to support me in future, AND, most importantly, allow Xinja, or any other Neo, to use my savings to support its entry into the home loan market. I want my money to be used to assist my children and their generation to be able to enter the housing market with a bank that is fair and reasonable.
Question: Why isn’t Xinja ACTIVELY considering such a move? There are 100’s of 000’s of older Australians who would readily invest a proportion of their lifetime savings, sufficient to fund their retirement AND, at the same time, give the benefit of deposits in NeoBanks to younger generations to get into the housing market with a loan from a commUNITY focused bank, such as Neo’s. Is there no business opportunity here?
Hiya @Now_is_the_time and welcome to our lil Xinja Community!
There’s absolutely a business opportunity here and while it is something that has come up before, it’s just not the time or our focus right now.
This could of course change down the track (basically any feature is a maybe, one day possibility) but we’ve got a whole stack of other things we are prioritising right now.
Thanks for your reply xija_blair. Appreciate the feedback.
Will wait for Xija to share its plans with the market.
In the meantime will search around for an account that not just benefits me (secondary focus today), but has a benefit for our commUNITY (highest priority) as well.
I also wish that Xinja will offer high paying interest rate for SMSFs. One day… hopefully not too far away.