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 2 March 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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.

    Compare
    Details
  • Mozo Expert Choice Badge
    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.

    Compare
    Details
  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

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

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

    Compare
    Details
  • Mozo Expert Choice Badge
    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.

    Compare
    Details
  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.