What a shame,
I just transferred all my savings to Stash from other “neo” bank because they were offering the best rate.
What’s now the difference between you and the others?
Why should use you as a bank?
Also, WHY not a word on your blog or the “news” session of this community?
This scream BS and zero transparency.
What a shame,
Rate reduced again? 1.65%???
Looks like I will be moving funds again as this rate is not competitive in the market. 1.8% ING savings maximiser. Pretty disappointed as I wanted to support an Australian bank. Expect further rate drops but my money sitting with Xinja doesn’t do me any favours. Catch ya!!
Well, it’s still a lot better than, say, NAB and it’s a simple account - no conditions. Put your money in and get the interest. That’s why I still use it.
I also think a week’s notice is okay too.
Everyone needs to calm down…
Xinja have always said they will need to adjust rates in line with market movements like everyone else.
I think the rate reduction is unfortunate and frustrating, but it was always going to be a pretty likely thing. If you are continually chasing around the absolute highest rate, you shouldn’t be disappointed and complain when it happens - just move your money and on you go.
Here’s a prediction - there is a good chance it will probably happen again here and the same with every other bank. I have not checked comparison rates lately, but I imagine 1.65% is still in the top tier of offerings.
I have an account with one of the large banks and they have a number of saving products of which the highest rate is 0.85% and that is with conditions.
I currently don’t have a Stash account, but if anyone is not wanting theirs, I’ll happily take it from you.
Dreaming if you think ING will stay at 1.8%
I transferred all my savings over to my Stash as well but mainly because I got tired of jumping through hoops and expending time and energy bank hopping for very little benefit.
Relatively speaking, the rate’s still competitive (let’s be fair, no rates are actually good at the moment), considering there are no other requirements.
Whilst I would normally consider blogging about a reduction after emailing everyone to be pointless (saying the same thing twice?), I can’t help but wonder if it was a Stash rate increase would there be an official post about it?
Did you not receive an email about the interest rate lowering?
Pretty sure it was sent to all accounts holders.
An email providing notice is the ultimate in transparency, I believe.
All banks will be lowering interest rates in line with the interest rate drop set by RBA.
How about focus on being grateful you have any savings at all… it’s 2020 and some people have lost jobs, livelihoods.
Supporting an Australian start up bank, that is creating Australian jobs, a bank that does not support fossil fuel investment and leans toward ethical practices is totally worth it, to me.
Hey @Fantacular & welcome to the forum!
Hi @JET and welcome to the forum!
And just like that Xinja is the best place ( relatively) to park money again. ING just decreased rates to 1.65 but with conditions so Xinja is the place to be. Just wish they had Osko so transfer could be quicker
It’s currently 1.7% on 86400
As I’ve stated before in this forum, and speaking personally, rates fluctuate and considering there are no conditions on having a Stash account I’m more than happy to stay put.
I received an email highlighting the change and wasn’t surprised. Hopefully as things improve rates may increase but in comparison to the Big4 one of which I’ve been with for over 34 years - Xinja wins hands down. And I’m sure they’ll add the functions as time goes on like BPay etc.
Not any more @Dany 1.6% from next week for 86400
It’s a wonder the Aussie dollar is surging given the sh*t situation our economy is in. Something’s not right.
I mean, who are we surging relative too? The USA is in a considerably worse position than we are. Ditto the UK. Plus governments tend to help out the big players in the economy, so maybe that helps the Aussie dollar. I’ll be honest, I have no idea what I’m talking about but I almost sounded like I did for a second there, right?
I don’t know much about all this stuff either… but to my simple mind, it seems the US is simply just in a worse position compared to itself earlier this year. And so is Australia. But I don’t see how the Australian economy is better off than the US. Not yet anyway.
And yes I was talking about AUD relative to USD.