Explosive Savings Rate – #1 New Aussie Bank

Explosive Savings Rate

New #1 Aussie Bank for
Explosive Savings Rate

Table of Contents

Xinja Bank - The Newcomer has Made a Splash With a Great Savings Rate

So Xinja Bank has come into the Australian market on the back of the open banking changes sweeping across Europe. 

Here are 5 reasons why Xinja is awesome:

  1. They are offering an explosive savings rate of 2.5% Interest on Savings Accounts. This is the highest in Australia. Boom!
  2. The 2.5% savings rate has no conditions! That’s right, you read that correctly, no conditions, zero, zilch!
  3. Xinja are not a Big 4 Bank, and so they are making the Australian market more competitive.
  4. The interface and user experience are also very slick.
  5. Security is tight.
  6. They have a simple clear set of guiding values called the “10 Golden Rules”, they’re quite funny. Rule #1 is “No dickheads”, Rule #10 refers back to Rule #1. 
  7. They founded the bank off one simple powerful philosophy:

“That a bank can be mindful of a customer’s financial activity and behaviour and gently help and guide them. 

That technology can be used to alert customers to make adjustments and jog them into better behaviours that constantly improve their finances on an ongoing basis. 

Ultimately leaving the customer much better off.”

Here’s 1 reason why it’s slightly frustrating:

There are at least 25 screens to get to the finish line with a very long process of security steps to get set up. 

And it took a couple of goes before I could identify myself which was a little frustrating. 

But, it is nice to know they take your money and identity security seriously. It is also a welcome relief that everything can be done 100% digitally now.  

Its about time too. 

The days of taking documents into Branches or get identified in person are coming to an end. Yay!

So how does it work? How can I get started, I want my 2.5% explosive savings rate!!

The screen shots below, show parts of the set up in chronological order. 

Straight away you can see the design is pretty slick… an explosive savings rte of 

The Set up of the Xinja App on Android.

To get started you will need to search for and then install and activate X the Xinja App.

You can find it on Google Play or Apple iTunes.

Once you have activated the App and click on it you will be presented this first screen below.

Xinja Bank

Xinja’s Welcome Screen

Xinja Bank

Then Xinja asks for your email address. 

Xinja Bank

Then there is an email verification step (there is also a sent email acknowledgement screen before this)

Xinja Bank

Then there is another welcome confirmation / start screen


Then there is an age consent screen


Then you and Xinja are already getting to know each other on a first name basis.


Then there is some fingerprint authentication.


Then there is a pass code authentication. This is a two screen authentication process, second screen not included here.


Then, security question authentication. Again this is a two screen set-up. I haven’t included the second screen here.


Then, mobile phone identification. Again, a two screen process, only one shown here.

The the final step is the Identity Document Verification Steps. 

There are an additional 10-12 steps in the identify verification process. I have not included these screens here. 

Essentially you need to choose to identify yourself via one of the following documents:

  1. Australian Drivers License
  2. Medicare Card
  3. Passport

Once you have successfully identified yourself you will be…


Xinja Rocks! 

I’ve set up a Xinja Savings Account and this is why… 

  • Great Foundational Why / Philosophy
  • Stylish User Interface
  • Slick User Experience
  • Best in Aussie Market with an Explosive Savings Rate of 2.5%,  
  • No conditions!!!
  • At a bank not connected to one of my other accounts, which is perfect for my emergency fund. 

And that is why I will be transferring our Emergency Fund over to Xinja shortly and so should you. 

Related Post: Jump Start an Emergency Fund with 5 Super Hacks

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The EntreFIneur
The EntreFIneur

EntreFIneur is a passionate frugalist, FI enthusiast, experimenter, ideator and entrepreneur. He's also a family man and when he has time, an active fitness fiend and outdoor hobbyist.

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