I'm currently with UBank, just signed up for Xinja since it's a slightly more attractive interest rate. Now I've heard about Volt, 86400, and Up. Aside from interest rates and bonus interest criteria, are there any important differences between them? I know that Up is a subsidiary of Bendigo Bank, whether this is important to me is less clear. Which do you use, if any?
None of them have a joint feature yet.
86 400 have got one in private beta at the moment.
Xinja's stash account gives you 2.25% interest on deposits up to $240K without any minimum deposits, intro periods, ongoing payments into the account, etc. So I reckon that's the best one at the moment.
Up has a good app, 86 400's UI isn't as great and last I checked it still hasn't caught up with the concept of PayID.
86400 you can add in other banks into it which is nice
86 400's UI isn't as great and last I checked it still hasn't caught up with the concept of PayID.
They support PayID for outgoing payments they just haven't yet added PayID incoming to your 86 400 account.
It's on their roadmap but it's not going to be soon. https://trello.com/b/hnWsDBZA/86-400-feature-roadmap
86400 credited me with $5 because of the delay in sending out the visa debit card. Cant complain.
Xinja is easiest in terms of getting bonus interest, but Up has the best app. 86400 and Xinja don't work on my Lineage OS phone.
Up looked attractive to me compared to other bonus criteria but I still think I would fall short some months. Looks like they have the best feature set at the moment though.
If you shop at woolies or coles, you could do split payments at the self checkouts so you get 5 transactions.
I'm actually using Up now for the features it offers over Xinja. I stupidly thought the transactions had to be physical but online works too.
Some guy on AusFinance subreddit made a spreadsheet comparing them if you can find it.
Does the spreadsheet also include daily transfer limits?
I was thinking of making one for the ozbargain community. Currently I'm using the whirlpool one, but that doesn't have the transfer limits.
Does the spreadsheet also include daily transfer limits?
I don't believe it did.
Currently I'm using the whirlpool one, but that doesn't have the transfer limits.
The Whirlpool one is probably mine if you're talking about one on neobanks, unless you're talking about the savings account spreadsheet don't have anything to do with that one but that's also a great resource.
I've been maintaining a spreadsheet on Neobanks for at least two years now.
Link?
Our digital banking community can be found here and the spreadsheets are on the website and in the chat room.
@Kyle-K: Thanks for the resource! Looks like Up is the most feature filled but I don't actually use (or can't see myself using) any of them so for now I'll try out Xinja until they change rates or something.
Some guy on AusFinance subreddit made a spreadsheet comparing them if you can find it.
I think I have the link somewhere. I'll dig it up shortly. Edit: Here's the thread.
Do any of them have a feature where you can tag spent funds with labels, or create different spending 'buckets'? I thought these new-wave banks would head-line with those sort of features. I was a little underwhelmed with Xinja — good sign-up process, fun app, elite interest rate… but no real other features.
UP lets you tag with labels and categorise spend. Not sure about the buckets.
Not entirely sure what you mean by spending buckets, but I Googled, and from what I understand it's more of a when you get paid, allocated x% to a bucket, before you get to spend any of it. Up has this feature for your pay/salary. I split my pay into about 3 different accounts at the moment and then the rest is mine to distribute as I please.
If that helps! :)
Don't see any reason to change from big four given I pay 0 fees.
Obviously the electronic nature of the transactions means users are tracked so that their data can be sold to cause further losses to them.
I'm guessing the usual lies are bandied about like "anonymised data" as per the norm these days. The usual route to de-anonymising is recording location using a different system such as wifi or bluetooth and then matching that to location data shared in the anonymous data.
For me it's just interest rates. I doubt the big banks are refraining from selling data anyway, so if my data is owned I might as well get the most out of it.
Imagine thinking the big 4 aren't selling your spending habits lol
Old article: https://thenewdaily.com.au/finance/finance-news/2018/04/06/b… but should give you an idea of how the big 4 most definitely are selling our data to make some extra $$$.
Wait, you argue against the two major parties but you argue for the 4 major banks….?
Diji and Diji1 🤨
I thought something was off when I didn't see any mention of Labor or Liberal. :p
Lol yeah it's kinda awkward having an almost identical name as someone else
As you can see from the poll, UP is the best Neobank out there 👍
I do most shopping online so I think I would miss out on bonus interest most months, sadly.
If it would be more than five transactions online and if it uses your card number you would be fine.
The Up Savers bonus rate is available to Up customers performing five or more successful card purchases per calendar month. Qualifying card purchases consist of successful purchases made using your Up debit card, Apple Pay™, Google Pay™ and other digital wallets. Unfortunately, this does not include ATM transactions.
Ohh I thought this meant physical card purchases for some reason.
Up wins on functionality and features but they've also been around the longest.
Xinja winds on the best interest rate on savings with no hurdles.
The only hurdles are that it has no features I guess haha.
When are bank statements issued?
For tax time….
86400 launched statements via the app this week.
You can download the PDFs in the app for UP
Xinja is the current choice for me, but only because I want a high interest savings account. I don't plan to use it for anything other than a place to park some money.
Here’s a little feed back on my experience.
Had learnt about digital banks about a month ago when I kept seeing these orange monzo cards
Seen an UP one yesterday and realised they were active in Australia
Signed up on all pretty much
UP: smooth to sign up and seems to work, haven’t added money yet
Xinja: graphically more pleasing but after I signed up I had logging in issues which wanted me to sign up again - anyway got in then realised I have to wait for a physical card to use - couldn’t work out how to add money while I wait with Apple Pay so decided to leave it
86400: seems alright app is more similar to banks , added money but it was delayed - activates my card and added money again - realised that the only way you can add is by bank transfer so now I have to wait a few days till it’s reflected in my account therefore not convieniant
I guess it’s all days
Annnddd
Xinja just blocked the opening of stash accounts.
As a new customer I’m a bit confused why I need to bank with them now
As they don’t provide any useful features :(
At least one of these neobanks is going to go bust in this financial environment.
I would agree
It will be interesting to see how people recover their money and the process involved
In Xinja's case I would be pulling my money out now rather than wait to see if they do fall over and having to make a claim via FCS :)
I reckon Xinja will go bust, they are bleeding money every month and the fact that they have stopped taking new customers is unheard of from a bank. I would definitely be wary especially in these tough economic times.
They have not stopped taking new customers. Anyone is free to open a new account with them. It’s just that existing or new customers without a Stash account will be unable to open one until further notice.
Shit, spot on bro lol
Xinja will close all bank accounts, refund customer savings and hand back its banking licence after a challenging year marked by COVID-19 and numerous setbacks.
Customers have been given seven days' notice before their accounts will be closed and the Australian Prudential Regulation Authority is closely monitoring the return of funds to customers, Xinja said.
Xinja's road map is good to see what is coming. None of them have a joint feature yet. I've got a few of the mentioned and a few others including one of the big 4, I pay 0 fees and each have somewhat of a purpose.