Savvy savers are flocking to Xinja, as its popular 'Stash' savings account has seen inflows of $200 million since launching on 15 January, and has more than 20,000 customers as at 14 February. 

"This is remarkable," Xinja Bank chief executive and founder Eric Wilson said.

"It shows that people badly want a different kind of bank."

Xinja's Stash savings account offers a 2.25% p.a. base interest rate.

Unlike other savings accounts, customers don't have to meet any minimum deposit conditions, make a certain number of transactions, or hold a minimum amount in the account to earn a bonus interest rate. 

The 2.25% p.a. interest rate applies to balances of up to $245,000 which is just shy of the government's deposit guarantee of $250,000.

After launching on January 15, savers had deposited $30 million in less than three weeks, quickly followed by $100 million. 

Mr Wilson said the latest figures show that customers are switched on and are willing to shop around for a better deal.

"In the past, the big banks would tell you that customers were inert and lazy about their banking. We've all seen those surveys that show a very large number of people held on to the same bank account they had as a kid," Mr Wilson said.

"But this really shows that Aussies will try something new, won't be taken for granted on low interest rates, or sold a shiny new brand owned by an old bank. They want change and real competition."

Xinja found its customers have an average of $10,000 in their Stash accounts, and about half of their deposits have come from Australia's four major banks: Westpac, Commonwealth Bank, NAB and ANZ. 

Mr Wilson said it's clear that Australians are ready for an independent neobank like Xinja. 

"Xinja was only conceived in May 2017 and we have built a bank from the ground up in a remarkably short amount of time," Mr Wilson said.

"We are passing on the savings directly to the customers.

“Unlike the major banks, we aren’t spending money on legacy technology systems, high numbers of staff in branches or naming stadiums after ourselves."

Another neobank that's seen strong growth is Up Bank, which earlier in the week announced that in the six months to 31 December 2019 it had acquired over 165,000 new customers. 

Up Bank also revealed it now has more than $172 million in savings and transaction account balances, a 414% increase on the previous half.