Neobanks turn nonsense banks

Monday, 12 October 2020

Deposit interest rates are tending to zero right across the banking industry, and a brazen, stay-in-business pricing decision from Xinja Bank will shock competitors as much as their customers.

“We will continue to pay interest only on amounts up to A$150,000 in your Stash account. Any amount above that will not earn interest from next Wednesday, regardless of when it was deposited,” Xinja informed clients yesterday.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.