Thumbnail icon for Volt Bank

Volt Bank Savings Account

Interest rate
1.65% p.a.(for $0 to $245,000)
Maximum rate
No Current Offer

Mozo editorial review Volt Bank Savings Account

Last updated: 31 March 2020.

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What's hot
  • 1.65% ongoing interest rate (balances up to $245k)
  • Zero rate conditions or requirements
  • No account fees
  • Unique savings challenge feature
What's not
  • App-only account
Mozo snapshot

The Volt Bank Savings Account is an account with a difference - an account with a seriously competitive interest rate that doesn’t come with any of the the usual requirements. Savers will be able to boost their balance with a ‘no strings attached’ 1.65% ongoing interest rate (up to $245,000), plus there are zero account fees to eat into the interest you earn.

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Key features

Volt Bank has said sayonara to the days of making savers jump through hoops in order to activate a bonus interest rate each month. Instead, the Savings Account comes with a 1.65% ongoing rate which can be earned on balances of up to $245,000. It’s as simple as that.

The Volt Bank Savings Account doesn’t come with any account fees either and you’ll be able to move money in and out of the account with unlimited free transactions each month without affecting the rate you earn.

Need a bit of extra motivation to keep your savings ticking along? Volt has developed its very own savings challenge feature to motivate Savings Account customers. You’ll be able to set a savings target (e.g. saving $50 a week), then Volt will remind you to add money towards it on a regular basis and you’ll even be able to see your progress visually in the app.

Because Volt Bank is a neobank, the Savings Account is only available through the Volt app which can be accessed on smartphones using the iOS or Android platforms. As you’d expect from a mobile-only bank the signup process is streamlined and speedy, so it shouldn’t take more than ten minutes to activate your account.

And to put your mind at ease (because we know that neobanks like Volt are a new concept),  deposits made into a Volt Bank Savings Account are guaranteed up to $250,000 per person under the Federal Government's Deposit Guarantee Scheme. That’s exactly the same as every other Australian bank.

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Who is it good for

With a competitive 1.65% ongoing rate without any conditions attached, the Volt Bank Savings Account could be a great option for anyone looking to get a great rate of return on their savings - especially those who are happy to manage their savings via their smartphone.

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Any catches

Because the Volt Savings Account is an app-based account you won’t have all the features you may be used to with a more traditional bank, such as in-person branch access and over the counter deposits.

Details

Rates and fees information correct as at 10 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 1.65% p.a.
    Balances from $245,000: 0.00% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from mobile app.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • no

  • yes

  • no

  • no

  • Bank and saving account only accessible through iOS or Android app. Beta Access only.

  • none

  • none

Customer Reviews

This product is not currently reviewed.

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