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).
RELATED ARTICLE: Meet Infinity, Queensland’s first neobank set to shake up Aussie banking
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.
RELATED ARTICLE: 86 400 out of the blocks as first Australian neobank to offer home loans
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 - last updated 4 December 2023
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Mozo experts choice awards won:
- High Interest Savings - 2023
AMP Saver Account
5.20% 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. 2023 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. 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.20% 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 5.20% 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 5.20% 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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Mozo experts choice awards won:
- No Strings Savings - 2023
Savings Account
5.50% 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
- 5.50% 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
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Read our Mozo Review to learn more about the Reward Saver Account
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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.
CompareCompareReward Saver
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.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% 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 balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver
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AMP Cash Manager
No Current Offer
4.80% p.a.(for $10,000 to $250,000)
Yes up to $250,000
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
CompareCompareAMP Cash Manager
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.80% p.a.(for $10,000 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
^See information about the Mozo Experts Choice Savings Account Awards
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