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 - last updated November 27, 2020
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
- MyState Bank
1.50% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
CompareDetailsMyState BankBonus Saver Account
1.50% p.a. (for $0 to $250,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
Go to siteCompare - Bankwest
0.90% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
BankwestHero Saver
0.90% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Go to siteCompare Hot DealOnly available between the ages of 14 - 24 years
Bank of Queensland3.00% p.a. (for $1 to $10,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Ongoing bonus rate applied and 5 eligible transactions are made by the linked accountif in the previous month $200 or more is credited to the linked Day2Day Plus account.
CompareDetailsBank of QueenslandFast Track Starter Account
14 to 24 years
3.00% p.a. (for $1 to $10,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Ongoing bonus rate applied and 5 eligible transactions are made by the linked accountif in the previous month $200 or more is credited to the linked Day2Day Plus account.
Go to siteCompare- Up
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
CompareDetailsUpSaver Account
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
Go to siteCompare - Bank of Queensland
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
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.
CompareDetailsBank of QueenslandFast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
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.
Go to siteCompare
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