Neobank Volt has released its savings account rate and it could be a ‘game changer’

Tom Watson

09 Dec 2019

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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

Rates updated daily. Advertiser disclosure.

  • Promoted

    MyState Bank

    MyState Bank

    Bonus Saver Account

    1.50% p.a. (for $0 to $250,000)

    0.15% p.a.(for $0 and over)

    Yes up to $250,000

    *Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

  • Promoted

    Bankwest

    Bankwest

    Hero Saver

    0.90% p.a. (for $0 to $250,001)

    0.01% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    *Minimum deposit of $200 and no withdrawals in the month.

  • Promoted

    Up

    Up

    Saver Account

    1.10% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    *Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).

  • Promoted

    Bank of Queensland

    Bank of Queensland

    Fast Track Saver Account

    1.20% p.a. (for $1 to $250,000)

    0.20% p.a.(for $1 and over)

    Yes up to $250,000

    *Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

  • Promoted

    Citi

    Citi

    Online Saver

    0.85% p.a. (for $0 to $500,000)

    0.35% p.a.(for $0 and over)

    Yes up to $250,000

    *Bonus rate for the first 4 months from account opening