Australian digital-only bank that promised a 3% savings rate goes BUST – here’s what happens to your money
Australian digital-only bank Xinja has announced it will discontinue its savings and transaction accounts.
Xinja blamed the coronavirus pandemic and an ‘increasingly difficult’ capital-raising environment for the decision.
‘Following a review of the market in Australia, Xinja has decided to withdraw the bank account and Stash (savings) account and cease being a bank,’ they announced on Wednesday.
‘This was an incredibly hard decision.’
Xinja hopes to refocus the business in other areas such as their US share trading product, Dabble.
More to come