Volt Bank is an Australian digital or “neo” bank that was founded in 2017. The bank was the first to make the most of the Australian Prudential Regulation Authority (APRA) ‘s restricted ADI license, which was first established to encourage new competition into the existing banking landscape. It is a pioneer in the Australian financial services and is continuing to make advances. Later in January 2019, Volt Bank was granted a full ADI license, meaning it is an authorized deposit-taking institution. This also means that the Australian government guarantees deposits of up to $250,000.
Volt is currently in beta-testing at the time of writing, meaning there are now no products or apps to make an account with. However, if you are interested in what Volt will be offering, you can sign up to Volt Labs and play a part in shaping the future product. You can also sign up to the waiting list and become one of the first people to try Volt when it officially comes out.
Despite not currently having any banking products to review or much information on their website about the future product, Volt has cleverly dropped enough hints to keep us interested. It is widely believed that Volt will offer two straightforward accounts on top of that standard transaction account, “save” and “borrow.” The savings account is likely to be their first product launch, and the account is set to feature an ongoing interest rate of 2.15%, with no minimum requirement. Volt is set to launch any day now in 2020, and we are excited to see what other features they have up their sleeve.
This will become clear once Volt has launched to the general Australian public. However, it is likely to follow other digital banks’ style and convenience that allows users to add funds via direct deposit and quick top-ups.
Until there is an app to review, any features we talk about are mainly the product of speculation. Some of the features that have been seen in the Volt Labs app include new payment options, categorization, and money management tools. It would be surprising if Volt did not offer Apple Pay and Google Pay, allowing their users to make quick and convenient payments over the counter. Categorization is a tool that breaks down spending into categories such as bills, transport, food, etc., allowing users to become more aware of where their money goes. It is also possible that Volt will use push notifications to keep users up to date on their budgeting progress, in-depth spending insights, and round-up tools that allow users to save without even trying.
So far, the only account type that Volt has teased is their savings account and its ‘no catches’ 2.12% interest rate. This sounds like Volt is planning on offering an incredibly competitive service. We are intrigued to see what the transactional and ‘borrow’ accounts will bring, too, as it sounds like there will be some availability of loans.
Volt has not yet released any details on the perks of their future accounts, but it has become a common trend for neobanks to offer attractive advantages to travelers. If Volt plans to follow its competitors’ footsteps at all, it may offer no fees on ATM withdrawals and no fees on a currency conversion, which are both desirable to keen travelers.
Overall, Volt keeps its cards pretty close to its chest while they work on preparing their product for release, but what we have seen and heard so far makes it look like a promising new banking option. The highlight is, of course, the 2.15% interest on their savings account, which has piqued enough interest and intrigue to make us sign up to the waiting list. Rumour has it that Volt is set to release any day now, and we are looking forward to seeing what they bring to the table.