The latest Australian Prudential Regulation Authority (APRA) figures saw Judo Bank leading the way, with $470 million worth of household deposits in January, up from $345 million in December. 

Judo is primarily focused on small to medium enterprise (SME) lending, and after including business deposits, Judo now has more than $1 billion on its books. 

The neobank currently offers some of the most competitive term-deposit rates on the market, with terms from three months to five years. 

86 400 also saw an increase in deposits, with $120 million of deposits in January, up from $99 million in December. 

Xinja and Volt Bank made their first appearances in the APRA statistics, with $75 million and $8 million of deposits respectively. 

According to Savings.com.au research, 86 400 and Xinja currently offer the joint most competitive savings account rates on the market, at 2.25% p.a.

86 400 has a base rate of 0.40% p.a. with customers needing to deposit at least $1,000 a month into their Save Account to access the 1.85% p.a. bonus rate. 

Xinja is one of very few players that has an unconditional rate, with balances up to $245,000 earning the market leading rate. 

Volt Bank is another neobank offering an unconditional rate, again on balances up to $245,000. 

Volt was only launched as a beta-version in December to its 40,000 strong waitlist and is expected to make a public launch in early 2020. 

The APRA statistics may be further proof that neobanks are here to stay, upsetting the big four's monopoly on banking in Australia. 

Household deposits ($m) Oct '19 Nov '19 Dec '19 Jan '20
Judo Bank 105 214 345 470
86 400 47 74 99 120
Xinja 1 75
Volt Bank 8

Source: APRA

Big four post soft retail deposit growth 

The APRA statistics also revealed that retail deposits grew by 5.7% over the year to January. 

Across the big four banks, ANZ's retail deposits grew by 3.9%, NAB's by 1.8%, Westpac by 1.0% and Commonwealth Bank's by 0.1%. 

Other institutions reporting strong growth over the 12 months to January included Macquarie Bank (up 30.7%), AMP Bank (up 31.6%), Arab Bank (up 23.4%) and HSBC Bank Australia (up 19.5%).