Neobank Xinja says it has gathered $100 million in deposits in less than three weeks, surpassing its internal targets, as digital startup banks step up their attack on the big four.

With Xinja and rival neobanks 86 400 and Up all offering a market-leading interest rate of 2.25 per cent on savings accounts, Xinja's chief executive Eric Wilson said it had experienced a "massive response" since launching the product last month. “We expected to do about $120 million in deposits in a year, we’ve done $100 million in 19 days," he said.

Xinja CEO Eric Wilson.

It comes as neobank 86 400, which launched last September, on Tuesday said it had raised $120 million in deposits, while Volt Bank, which is still testing its products and yet to conduct a public launch, said it had raised $10 million in deposits.

Business-focused Judo Bank, the first start-up bank to be granted a banking licence, has raised more than $1 billion in deposits in nine months, including a $345 million in household deposits in December.