Term Deposits & Other Ideas

Hi Xinja!

I’m so excited to have joined and be apart of this community of primarily young Aussies who want to improve banking and take control of their finances once and for all!

I have a few ideas which I think would only further make me commit to switching over my banking entirely to Xinja in the future

  1. Term Deposits
    I think term deposits are a great starting point for those who are perhaps not confident in “investing” like myself. I’m trying to take control of my finances and I have done a couple of term deposits now with other bigger financial institutions. At the moment, only ONE other neo-bank offers term deposits, and because of the minimal overheads, they could offer really great interest rates. I’d love to see Xinja do the same!

  2. Notifications of Interest Rate Changes
    One of the things I love about Xinja is the transparency between bank and customer. It is something you can’t put a price on. I think an email or push notification of interest rate changes would be invaluable

  3. Loyalty/Refer A Friend Rewards
    I’d like to think that those members which have been here since the beta days could be rewarded somehow for having faith in Xinja from the start. I’m not entirely sure on what type of reward could be issued…perhaps if you had term-deposits, rollover bonuses could be good?

  4. Multiple Card Designs
    Although I personally LOVE the bright pink card, I’d love to see a couple of different card designs for those of us who have multiple people in the family who want to use the same bank. Whilst I don’t mind having a “vertical” card, I have heard that it can be difficult for those using Uber? This would need confirmation. I personally prefer the more traditional horizontal card though.

  5. Roundups For Stash
    I’ve seen lots of banks starting this option, which is a great option for those of us who perhaps aren’t so good with saving. I think it’s a real drawcard

  6. Goal Setting
    In addition to Xinja, I am also with a Big 4 bank. In order to sort my money for different savings goals, I have to open lots of additional online accounts which provide little interest. The whole process is very tedious. I’d love to see goal setting so that you can tick things off your mental list without having the hassle of opening a lot of new accounts.

  7. Future Withdrawal Notifications
    I have seen the neo-bank 86 400 show future withdrawals so that you can make sure you don’t leave yourself too little money - things like subscription services and recurring payments get notified so you make sure the account its overdrawn. I like that it can remind you of the specific dates that payments come out so you can plan ahead.

  8. Tracking Spending/Saving Habits
    I love the idea of being able to track how much I save and spend and i think powerful data visualisation is key to it being a success. Up Bank do this quite well at the moment.

Thanks for giving me a platform to give suggestions!

2 Likes

Hiya @bianca8126 and welcome to the Xinja Community :balloon:

First and foremost, I’d recommend checking the Xinja Roadmap and as @brett suggests, I’d search through some of the previous posts here as a lot of your ideas have been explored previously.

Okay, now onto your ideas!

  1. Term Deposits
    We have explored them but don’t have a plan for Term Deposits - is it locking in the interest rate or locking your funds away (from yourself) that makes them appealing?

  2. Notifications of Interest Rate Changes
    We haven’t had a rate change to communicate yet but this is a good idea - we do have push notifications :speech_balloon: (for other things) in our Roadmap so this could be an additional part of that.

  3. Loyalty/Refer A Friend Rewards
    It’s coming! And pretty soon too :shushing_face:

  4. Multiple Card Designs
    This is one we probably won’t be changing for a while, we LOVE the pink card and so do most of our customers. It’s bright, fun and a conversation starter - just like us! If you want to customise it though, the sticker pack could have some fun options.
    With Uber and other similar companies you’re able to scan the card - which doesn’t always work or just enter your details manually.

  5. Roundups For Stash
    This one is already available to those customers with a Stash account - check that your app is up to date, then click into your savings account by clicking View Stash, and at the top of your Stash will be a Round Up option, toggle it on or off, options to round up to closest $1 or $5 :money_with_wings:

  6. Goal Setting
    Multiple stashes are coming, along with setting up recurring payments so you could have a Stash for each goal and set up an amount to go towards it every payday :moneybag: :moneybag: :moneybag:

  7. Future Withdrawal Notifications
    Spend/save/withdrawal notifications are in the pipeline :surfing_man:

  8. Tracking Spending/Saving Habits
    We’d love to do something fun with this, not sure exactly when or what it would look like but totally agree - data visualisation is a seriously powerful tool, especially when it helps you see exactly how much you spent (or didn’t) on UberEats, online shopping, gaming etc.

Hope that answered most of your questions and have fun looking through that Roadmap and the Community.

Xinja Blair, over and out :ninja_emojis_pink_01:

Hi Blair!

Thanks - I did read back over many forum topics but I couldnt find a term deposit one, must have missed it. For me the appeal of a term deposit is locking in the interest rate.

I have already upvoted the things I want to see on the Roadmap :ninja_emojis_pink_01:

Thanks for your answers Blair!

Thanks great @bianca8126, yup you’re right - the last Term Deposit conversation was a while ago and they aren’t currently on the road map.

Glad to hear you found a lot of the other features you’re interested in and yep, upvoting (along with all the other channels of communication we track) is a super valuable way for us to prioritise features.