Savers warm to neobanks
Consumers have responded to the market leading rates on offer from the neobank sector, directing their savings to Judo Bank, 86 400, Xinja and others.The latest APRA statistics shows Judo Bank leading the field, with A$470 million of household deposits - up from $105 million in October. Roll in business deposits and Judo has surpassed $1 billion.Judo offers term deposits (not at-call accounts) with terms from three months to five years. Comparison site Mozo says it has the highest rates for six and nine months, and one, two, three, four and five years.86 400 had $120 million of deposits in January - up from $99 million in December.Xinja entered the APRA data series for the first time with deposit balances of $75 million in January.Volt Bank also made its first appearance. Opening for business not long before Christmas, Volt reported $8 million in deposits.Mozo says 86 400 and Up have the highest ongoing bonus saver rates - at 2.25 per cent, Xinja Stash has the highest base rates, also at 2.25 per cent.According to APRA, retail deposit grew by 5.7 per cent over the 12 months to January.Among the big banks, ANZ's retail deposits grew by 3.9 per cent over the period, Commonwealth Bank's by 0.1 per cent, NAB's by 1.8 per cent and Westpac's by 1 per cent.ADIs reporting strong growth in retail deposits include Macquarie Bank - up 30.7 per cent over 12 months, HSBC Bank Australia (up 19.5 per cent), AMP Bank (up 31.6 per cent) and Arab Bank (up 23.4 per cent).