Volt Bank to cut savings account rate by 0.20%
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 - rates updated daily
Boost Saver with Go Account
Maximum ratestandard interest rateGovt Deposit Guarantee1.50% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Boost Saver with Go Account
Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app. Bonus introductory interest rate of 1.50% available for accounts opened by 30 Nov 2021.
Read our Mozo Review to learn more about the Boost Saver with Go Account
Online Saver
Maximum ratestandard interest rateGovt Deposit Guarantee1.10% p.a. (for $0 to $500,000)0.35% p.a.(for $0 and over)Yes up to $250,000Bonus rate for the first 4 months from account opening
Online Saver
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account.
Read our Mozo Review to learn more about the Online Saver
Grow Saver
Maximum ratestandard interest rateGovt Deposit Guarantee0.65% p.a. (for $0 and over)0.10% p.a.(for $0 and over)Yes up to $250,000Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
Grow Saver
Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.
- account fee per month
- $0.00
- Maximum rate conditions
- Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Grow Saver
High Interest Savings Account
Maximum ratestandard interest rateGovt Deposit Guarantee1.35% p.a. (for $0 to $250,001)0.25% p.a.(for $0 to $250,001)Yes up to $250,000Bonus rate for the first 4 months from account opening
High Interest Savings Account
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
- 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
Fast Track Saver Account
Maximum ratestandard interest rateGovt Deposit Guarantee1.05% p.a. (for $1 to $250,000)0.05% p.a.(for $1 and over)Yes up to $250,000Ongoing 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.
Fast Track Saver Account
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Bonus interest rate criteria is effective from 1 February 2020.
Read our Mozo Review to learn more about the Fast Track Saver Account
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