Volt Bank to cut savings account rate by 0.20%

By Tom Watson · · 2 min read
Fact Checked
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Neobank Volt has announced that it will be further reducing the interest rate available on its savings account by 20 basis points.

Coming into effect next Wednesday, the change means that Volt Savings Account customers will see their ongoing rate drop from 1.65% to 1.45% which is available on balances up to $245,000.

In a release to account holders, Volt Bank cited falling interest rates ‘across the board’ and the need to remain ‘sustainable and competitive’ as reasons for the latest reduction.

This will be the third cut the neobank has passed on since launching earlier this year, meaning its savings rate will have dropped from 2.15% to 1.45% over the period.

  • March 14: Rate cut from 2.15% to 1.90% 
  • March 31: Rate cut from 1.90% to 1.65% 
  • September 16: Rate cut from 1.65% to 1.45%

However, Volt is by no means the only bank to have cut its savings account rate in recent months. 

Since March the average ongoing savings rate in the Mozo database has dropped by 33 basis points to just 0.64%, with the majority of banks - including fellow digital banks 86 400, Up and Xinja - cutting rates multiple times.

 In fact, a recent analysis of savings products being tracked in the Mozo database revealed that between March 1 and August 31, over 600 cuts were made to savings account interest rates.

So, while Volt’s latest announcement is hardly likely to be greeted with joy by customers, its new rate will still be double the average ongoing rate and also among the highest ‘no strings attached’ rates around.

RELATED: Your savings in 2020: Death by a thousand rate cuts

Want to see how your own savings rates stacks up against the competition? Compare it to rates from a wide range of banks using our savings account comparison table, or check out some of the latest offers below.

Compare savings accounts

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Last updated 24 October 2024 Important disclosures
  • Savings Account

    5.50% p.a. (for $0 to $250,000)

    5.00% 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.

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  • Bonus Saver

    5.00% p.a. (for $0 and over)

    1.00% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

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  • PremiumSaver

    5.35% p.a. (for $0 to $250,001)

    1.45% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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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.^

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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.

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^See information about the Mozo Experts Choice Savings Account Awards

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