Neobank Volt begins onboarding 40,000-strong waitlist, announces market-leading ‘no catches’ interest rate
Australia’s first neobank to receive an unrestricted ADI licence, Volt Bank, has begun onboarding sections of its 40,000-strong waitlist and is announcing a ‘no catches’ ongoing base interest rate of 2.15 per cent on savings, ahead of a public launch planned for early 2020.
Volt’s ‘no catches’ interest rate is not subject to an introductory period, or conditions that lead to many consumers not actually receiving a higher rate, like minimum monthly deposits or a minimum number of card transactions.
Volt’s unique digital solution was designed to help consumers ‘save often’ and ‘spend wisely’ after CEO & Co-Founder, Steve Weston, noted a distinct absence of personal finance products that actually help to make Australian consumers better off.
“I began my banking career over 30 years ago, and from day one I fell in love with helping people solve their financial challenges,” said Mr. Weston.
“What I find troubling is banks saying they are putting customers at the heart of what they do but that isn’t reflected in actual practice. As an example, banks should say what percentage of their savings account customers get the higher advertised interest rates rather than the often very low base rates. The same applies to home loan interest rates. Why is it that new customers get a better deal than loyal customers?
“Banking needs to be done in a better way. Volt’s first product, our savings account, offers a highly competitive rate without any conditions. I challenge other banks to do the same.
“This rate strongly aligns with our mission of developing financially healthy and happy humans, who are masters of their own money. This means providing financial products that are free from any catches or unpleasant surprises, and which actually help consumers develop great financial habits.
“We are taking our time to build every product and feature in a prudent fashion, including by seeking feedback through our co-creation app, Volt Labs. When we launch to the public in 2020, Volt will be a viable, well-understood, and trusted option for everyday Australians,” concluded Mr. Weston.
Volt has started to progressively onboard a selection of early-adopter customers from its 40,000 waitlist, on an ongoing base rate of 2.15 per cent with absolutely zero conditions attached.
According to personal finance comparison site, Mozo, as an ongoing base rate with no conditions attached Volt’s 2.15 per cent interest rate is “head and shoulders above the pack” and sits “a full 0.50 per cent higher than the second highest savings account base rate offer in the Mozo database”.
Separate research by RFi Group says millennials are predicted to be the largest revenue earners for banks by 2025, and are 3 times more likely than other adults to use a fintech or neobank. Sixty eight per cent of all millennials and 76 per cent of 34-year-olds were also multi-banked in 2018, creating a large opportunity for neobanks with a genuinely better offer to capture enormous market share.
Join the waitlist and find more information at www.voltbank.com.au
