Business
Xinja caps interest to first $50,000 on deposit accounts – The Australian Financial Review
Struggling neobank Xinja has taken the unorthodox move of capping the interest paid to customers with deposit accounts in an attempt to stop burning cash.
Xinja has cut rates for holders of its ‘stash’ account holders three times since closing the offering to new customers in March with a 45 basis point cut in May, a 15 basis point cut in July and another 15 basis point cut in October taking the interest earned to 1.5 per cent.
At the same time as announcing its October cut the neobank said it was taking the unorthodox move of capping the interest paid on its accounts at $150,000 down from $245,000. The Australian government guarantees the deposits…
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