Fallen neobank Xinja returns customer deposits
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Fallen fintech Xinja has become the first Australian bank to return all customer deposits, finalising the closure of its savings accounts more than a month after it made the shock announcement to exit banking.
The Australian Prudential Regulation Authority announced on Tuesday Xinja had returned $252 million in deposits to 37,884 customers and the remaining $65,908 would be transferred to the National Australia Bank for collection.
Xinja has become first Australian bank to return all customer deposits.
Credit:Dominic Lorrimer
“If an SMSF is going to become a better option in a year or two, starting an SMSF at a time that appears a little too early might well be cheaper in the long run if these costs can be avoided. Conversely, someone in the superannuation grey zone who is approaching retirement is more likely to find that sticking with an APRA-regulated fund is best for them.”
The second consideration was the available investment opportunities as there were some investments that were not available in Australian Prudential Regulation Authority (APRA) regulated funds. An SMSF might make sense for those will less than $500,000 who planned to take advantage of some of these opportunities.