Neobank Volt has released its savings account rate and it could be a ‘game changer’
After months of anticipation, Australian neobank Volt Bank has released the first substantive piece of information about one of its soon-to-be-released banking products: a savings account interest rate.
According to the Volt Bank website, the digital bank will offer a maximum ongoing interest rate of 2.15% for savings account balances up to $245,000.
The kicker? There are zero strings attached.
In Volt’s own words there are no, “...hoops, hurdles, tricks or conditions designed to stop you getting that rate.”
“Banking needs to be done in a better way. Intro savings rates need to go; so do the catches that stop too many customers getting the higher headline rate. Why can't interest rates be transparent....and competitive? They can! Bring on the Volt,” said Steve Weston, Co-founder and CEO of Volt.
RELATED: Volt Bank: the neobank aiming to spark new life into Aussie banking
So how does Volt’s newly announced rate stack up? Well according to Mozo Banking Expert, Peter Marshall, it’s certainly one to watch.
“Volt’s rate really is fantastic and it just blows everyone else out of the water. In fact, it’s better than some of the conditional rates that are now being offered by previous market darlings such as UBank,” he said.
“It’s a real game changer and if they hold that kind of positioning with their rate I don’t think they’ll have any trouble at all attracting a heap of business.”
As an ongoing base rate with no conditions attached Volt’s 2.15% interest rate is head and shoulders about the pack - sitting a full 0.50% higher than the second highest savings account base rate offer in the Mozo database.
It’s also a staggering 1.48% above the current average base rate in the Mozo database which, at the time of writing, is just 0.67%.
And as Marshall alluded to, it’s even up there with the most competitive ongoing bonus savings account rates around.
Volt’s 2.15% rate would place it alongside the Bank of Queensland Fast Track Saver Account as the equal third highest ongoing rate in the Mozo database and only slightly below the 2.25% rates currently offered by fellow neobanks Up and 86 400.
The difference here is that Volt has stated that its rate will come with zero conditions, whereas the likes of Up, 86 400 and BOQ all require savers to meet minimum requirements, such as a monthly deposit or number of card transactions, in order to grab the maximum rate.
Is Volt about to open its doors?
Unfortunately for savers looking for a new place to park their cash, Volt hasn’t actually made their savings account open to the public - at least, not quite yet.
The digital bank is still in the process of beta testing, though interested parties are able to sign up to be part of the beta testing via the Volt website.
However, the release of the savings account rate and other new information may be a sign that Volt is almost ready to open its doors.
“It would make sense that, now that they’ve released this headline-grabbing rate, that they’d want to follow that up reasonably soon with other products,” said Marshall.
“The information they’ve just released talks about addressing the spending side of the equation and they seem to have a card design ready to go, so I’d say that it won’t be too long before we see a savings account and bank account available to the public.”
RELATED: Neobanks 86 400 and Up top charts amid savings rates crash
Until then, brush up on your knowledge by checking out our comprehensive Volt Bank review, or take a look at some of the other hot savings accounts offers in the table below.
Compare savings accounts - last updated 18 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Saver Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Savings+Bonus
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^See information about the Mozo Experts Choice Savings Account Awards
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