Volt Bank: the neobank aiming to spark new life into Aussie banking
Although its banking products are still firmly under lock and key at the moment, Sydney-based neobank Volt promises to amp up the power soon and open its digital doors to the public.
What does Volt Bank specialise in?
Established two years ago in 2017, fintech start-up Volt Bank aims to do everything from term deposits to personal loans, but for now the neobank will start by offering savings accounts.
Volt Bank became the first neobank in Australia to receive a full Authorised-deposit-taking institution licence (ADI) from the Australian Prudential Regulation Authority (APRA), in January this year. This licence is key, as it guarantees that if you have savings up to $250,000 with Volt, your hard earned money will be protected by the Australian government’s financial claims scheme.
What is Volt Bank’s vision?
The Volt vision is quite simply to ‘help people to be better off.’
In a recent Q&A discussion, CEO Steve Weston said he was inspired by his time living and working in banking in the UK, to venture into the world of digital banking in Australia, with Co-Founder Luke Bunbury.
And of course, Volt Bank promises to be much more than just another bank, vying for customers across the country. The neobank aims to use the latest in digital technology, including that provided by Swiss banking software provider Temenos to shake up not only the world of banking, but also the world of digital banking.
Volt Bank offers savings accounts that customers can set-up in just 60 seconds, with advanced security measures such as biometric identification and OCR (optical character recognition).
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What makes Volt’s savings accounts special?
Volt Bank has just revealed its 2.15% savings account interest rate, as well as a few other enticing features. For instance, if you often find yourself having to dip in and out of your savings, you’ll be happy to hear that regardless of how much you put in or take out, you’ll still be able to earn interest. There are no minimum monthly deposits and as Volt Bank puts it there are ‘no penalties for using your own money.’
On top of all that, Volt Bank promises not to charge any monthly account keeping fees, not one at all. And besides all of these great fee-free incentives, this Aussie neobank will also give you little tips and tricks to help you grow your savings more, including nudges and positive encouragement to remind you to stash some cash.
What other banking products will Volt offer?
Word on the street is, Volt Bank intends to not only offer savings accounts, but also everyday transaction accounts, term deposits and even after some time personal loans, home loans and credit cards, after which it has plans to move into the small business banking sector.
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When can I join Volt?
At some point in the not-too-distant future you might be able to do all your banking with Volt. But for now you can easily join the waitlist, to be one of the first to try out Volt’s savings accounts. The neobank is due to launch in spring 2019, so it should be any day now.
Plus, if putting your name on the waitlist isn’t enough to float your neobank boat, you can even download the Volt Labs app and join the community helping to build the bank. This way you can offer up your own ideas and be the first to test-out new features and products.
Interested to discover more about the intricate world of neobanks? Why not check out our dedicated neobanks hub to find out about other digital banks and banking products.
Compare savings accounts
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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 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 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 4 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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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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- 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 Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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Growth Saver Account
5.05% p.a. (for $0 and over)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Grow your net balance by at least $200 (excluding interest) and make no more than one withdrawal in the month.
Grow your savings goals with no monthly account keeping fees to pay. To get the bonus interest simply grow your net balance by at least $200 a month (excluding interest) and make no more than one withdrawal during the month. No debit card, ATM, eftpos or personal cheque access with this account Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareGrowth Saver Account
Grow your savings goals with no monthly account keeping fees to pay. To get the bonus interest simply grow your net balance by at least $200 a month (excluding interest) and make no more than one withdrawal during the month. No debit card, ATM, eftpos or personal cheque access with this account Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- Maximum rate
- 5.05% p.a. (for $0 and over)
- standard interest rate
- 0.35% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your net balance by at least $200 (excluding interest) and make no more than one withdrawal in the month.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Growth Saver Account
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MoneyMAX Account
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.70% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the MoneyMAX Account
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^See information about the Mozo Experts Choice Savings Account Awards
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