This question is aimed at Xinja staff or anyone with inside information of their upcoming plans. After Coronavirus is out of the way and the economy starts to get back to normal, does Xinja have any plans to bring the interest rate back to 2.25% per annum or beyond? Thanks in advance.
Hi @SirTodd and welcome The interest rate - for any bank offering a savings account - is related to the base rate set by the RBA, so we can’t predict precisely what will happen. Generally, interest rates follow the RBA relatively, although they are obviously higher. At Xinja, we’ll make them as high as we can on Stash. Our costs as a digital bank are lower, which means generally we’ll offer a very competitive rate, as we are doing/have done. So we hope to be paying more interest but it’s largely market driven!
Hi CaptainXinja, Thanks for the quick reply. That makes sense. Lets hope the economy gets back to what it used to be so we can start seeing Xinja’s interest rate of how it used to be when they first came to the market.
With you on that @SirTodd