Why we paused new Stash accounts


You might already know that today we took the unprecedented step of pausing offering new Stash accounts so we could preserve the interest rate for existing Stash account customers. Eric, our CEO, explains why in this blog, and do tell us what you think about this decision below. https://xinja.com.au/news/2020/why-we-paused-new-stash-accounts/

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First people panic buy all the toilet paper, now they’ve moved onto Xinja Stash accounts!

In all seriousness, refreshing to see any organisation, let alone a bank, looking after existing customers. Hopefully it won’t be for too long though.

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As someone who has some shares, this is a slightly unexpected, but actually kinda smart move. Refreshing. Will be interesting to see how it plays out, though I suspect it will probably slow uptake of new accounts. For example…

As someone who was finally finally in the coming weeks / month or two, finally hopefully about to open his Xinja accounts, this kinda sucks and will probably delay that. It’s not you, it’s me. Ok, it’s a little bit you. All ok.

But overall… a thoughtful, slightly annoying, but not so terrible decision. It could be an interesting method moving ahead - rate change, pause in some way, action.


Also, there is probably a future marketing campaign in there somewhere - Refreshing. Say… standing under a waterfall. Where as a new nimble smaller bank, there are loads of things you can do and try and experiment and involve your customers with that that almost no other bank does or can do. Conservative (bank, government, rules), yet also progressive (“here’s all the things we can do, have done, tried…”).

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@brett refreshing is what we want! Could have just pulled a BAU (Banking As Usual :wink:) by default but sometimes you’ve gotta step back and decide what actually makes sense for us and our customers.

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@yogi you’re on fire - looking for a job in marketing? :_ninja_emojis_lilac_01:

@yogi it might slow down new accounts but don’t worry, we’re here for the long haul.

We want to do right by the customers we already have, not merely chase new customers to the exclusion of those we’ve already got onboard. We will be reviewing this in April so hang tight and seriously as @CaptainXinja says you’re on fire right now :boom:

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@yogi I should have copyrighted the word Refreshing :joy:

@brett - I’ve got a little Xinja merch I can send you.

Ha @brett + @yogi we’ll have to come to some kind of arrangement, do you think copyright be bought in lollipops, beer coasters and the nicest, brightest pink debit card? :thinking:

Besides pausing new account openings have you also capped currently open accounts at today’s balances?
On other wiif I have a stash account can I deposit additional funds or not?

Hi and welcome to the Xinja Community @irc5070!
There are no restrictions for current stash account customers so you can keep adding to your stash account up to the combined limit of $245k between your accounts :tada:

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It feels good to have a limited edition bank account :smiley:

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Will this mean the refer a friend campaign will be paused too?

@Xinjamoves ha that’s one way of looking at it!

Welcome to the community @juju! Not sure on this one - I’ll find out and get back to you.

This is an amazing move. Literally every big company I know puts new customers ahead of its existing loyal ones.

This sends a great message out there about Xinja (Marketing dept should make use of it when new Stash accounts open up again - because this isn’t just Marketing fluff… it’s the frikkin’ real deal).

I’ve been telling my friends and colleagues about Xinja’s move this morning, and they’re all in a mild state of disbelief. I’m waking around like a proud Ninja… Xinja :sunglasses:

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Glad this decision has you strutting your Xinja status loudly and proudly @XinjaBoi!

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Hi there

I’m not long a member of Xinja but I am super impressed by the current “restriction” and maintaining the integrity of the bank. I completely agree with the decision.
I’m assuming that existing Stash account holders will still be able to transfer funds in and out of their Stash accounts.

Cheers

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Makes sense - if you drop the int rate then you lose a primary edge outside of “we strive to achieve x”.

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Thanks @Conmore!
You absolutely can still transfer in and out of your Xinja accounts - up to our limit of $245k across both your transaction and stash account (ie your total deposit balance).