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
Future Saver Account - 14 to 35 years
Maximum rate
standard interest rate
Govt Deposit Guarantee
3.00% p.a. (for $0 to $50,001)0.05% p.a.(for $0 and over)Yes up to $250,000Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
Future Saver Account - 14 to 35 years
Enjoy bonus interest each month when you meet the criteria. No monthly fees. Open an account in minutes. Open up to 9 accounts. Transaction round-up for faster saving. Personalised insights and goal tracking. For customers aged 14-35 years.
- 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 Everyday Account and 5 eligible transactions are made by the linked account. Bonus interest criteria waived for account holders 14-17 years of age.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Future Saver Account - 14 to 35 years
AMP Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,000)0.10% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of at least $250 in the previous month.
AMP Saver Account
An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2022 in the Savings category.^
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 1.35% per annum applies if customers deposit $250 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 of 1.35% p.a. is earned on your account balance the month after you deposit $250 and is paid the following month. Available on balances up to $250,000. Maximum balance per customer name is $5,000,000.
Read our Mozo Review to learn more about the AMP Saver Account
High Interest Savings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.10% p.a. (for $0 to $250,001)1.00% 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
- Featured Product
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.60% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- 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 Bonus Saver Account
Smart Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.00% p.a. (for $0 to $250,001)0.05% p.a.(for $0 and over)Yes up to $250,000Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions.
Smart Saver Account
BOQ’s high interest savings account lets you enjoy bonus interest each month when you meet the criteria. No monthly fees. Link up to 9 eligible transaction accounts. Round up your transactions. For customers aged 36 years and over. Apply in minutes.
- 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 Everyday Account and 5 eligible transactions are made by the linked account.
- Access
- BPay, Branch access
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Smart Saver Account
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