The Xinja 'Bank Account' shouldn't be central to everything

Hi All,

I’ve raised the point a few times on here regarding how people use bank accounts and how that behaviour should direct the approach Xinja takes to their product offering.

My issue is that Xinja has always been fixated on their ‘Bank Account’ product and seem to think that every single other product they develop needs to revolve around this one account. This is simply not what people want. Its not how people bank. (and yes I realise there will be the vocal few who disagree). You’ve been told numerous times but don’t seem to listen.

Some throw away lines from this years annual report:

Regarding Dabble -
“integration with the bank account”
“Autoinvest feature straight out of their bank account”

General comment -
“key hygiene features for the Bank Account”

I’m sorry, but the Bank Account is not central to everything. Customers need their bank to be flexible and to allow them to bank in the way that works for them.
This being the case, if I choose to use Dabble, the last thing I’d want is for an autoinvest to come out of the Bank Account - I want it to come out of Savings or elsewhere.

The key hygiene features also need to apply to all accounts, not just the Bank Account. People need to direct debit from savings, or Bpay from savings or anything else. The last thing anyone wants or needs is to have money flying out of their spending money… bad bad money management to do that.

In my experience, bank customers generally need the following:

  • An Everyday transaction account - A zero fee account with a linked Debit card, free access to ATM’s, unlimited EFTPOS transactions (and basic functionality such as Direct Debit, Osko, PayID and BPay). The point of this account is to use it for day to day spending and as part of good money management it should only hold the money you’ve budgeted to spend for that week, fortnight etc.

The Xinja Bank Account is this Everyday transaction account.

  • Savings Accounts - An interest earning account that also offers basic functionality such as Direct Debit, Osko, PayID and BPay. Customers generally should be able to open multiple savings accounts for different purposes and each one should have its own account number.

Xinja Stash is this Savings Account - but we need multiple and they need the basic features.

Please Please Please start to listen to what your customers want and stop thinking everything needs to revolve around this one simple transaction account. It’s simply not how people bank and is not consistent with any other bank in Australia, including the other neobanks.



Kudos for taking the time and effort to write this up.

Hopefully we will see some developments with US trading and personal loans soon and then other stuff to follow.

By the way and I suspect it’s not the intention of how you mean it, but I think your comment of “It’s simply not how people bank and is not consistent with any other bank in Australia” is actually reasonably likely close to what the company is going for. They’d probably be thinking, “well ok, that’s fine with us”.

Don’t be suprised to see it in a future marketing campaign. You know, one of those reverse psychology marketing type things, where you highlight that you kinda annoy some people because you aren’t like everyone else.


Yep… spot on :clap: :clap::clap:

We can always count on you to try for a positive spin on anything @yogi

But no, that isn’t a positive. It’s exactly the thing that will keep people with their existing bank. Is that really what Xinja should be aspiring to? I think not.


lol, yes I knew clearly what you meant.

I follow your broad sentiment and you make some very reasonable points. I do think people will increasingly people will hold multiple bank accounts for any number of reasons. I’m not currently doing any banking of note with this company.

We will all see in due course, how this all unfolds.

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@brett as sensible as all that sounds it is very uncommon. You will however find all that right now, live and working at fellow neo 86400. Only down side is the saving rate is much lower than 1.5% but you can have three seperate savings accounts.


Also, from what we’ve seen so far, I do think, perhaps strongly, that as we go forward the bank account will be the central hub of everything.

I think in the future, we’ll be logging into our Xinja account and we’ll be seeing a main… I dunno how to describe it… a switchboard sort of page, where you see an overview of different sorts of transactions (loans, savings) and options and so on.

Essentially the default homepage will be anchored by a central transaction account with all its’ little optional offshots.

Or something along those lines.

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I agree.

The objective should not be incremental improvement on traditional banking.

Unfortunately delivering anything seems to be a major challenge for Xinja.

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I still can’t believe that they have a ‘neo bank consulting team’ given where they are at.

It would actually be quite funny if I wasn’t a shareholder who actually believed in the opportunity.


I actually don’t think Xinja know what they are, where they are going, or what they are for. I mean, what was the point of offering 2.65% (or whatever it was) on $245k, then drop it to 1.5% on $150k, then drop it to $50k. Was that not foreseen? Maybe it was deliberate? Whatever, I’ve completely divested from Xinja, because I just don’t get what they are for, neither do I like the constant tinkering.


If you click the JOIN US icon on Xinja website it is still showing 1.65% and that stash accounts will be open mid-year. To be fair it does not say which year.

So if you have a stash account I’d be asking for your 1.65%. Screen shot it now folks as I suspect they will fix it now it has been raised.


Looks that’s fixed now. Good spot @John2.

Don’t expect a thanks though. All you’ll get is crickets.

It’s worry though isn’t it. Can’t manage to keep a website updated, but are trusted to manage people’s money…


I’m sure the thanks is coming shortly…once APRA approve it, COVID passes and WI dump $$$ in immediately.

Ps it still says Stash opening mid year and it’s December next week. I personally don’t think they should be advertising stash at all as it’s been closed longer than it was open. Nor should they be promoting features that help you save as the only one they have is round up that does not work if you don’t have a stash account.


Thanks @John2 thanks so much for letting us know. Yes we’ve fixed up that page. As you will see, it states very clearly next to the reference to Stash that we are not offering new Stash accounts at the moment.