Monday, 16 December 2019 11:00

Neobank Volt sets ‘no catches’ interest rate of 2.15% on savings Featured

By
Volt Bank co-founder & CEO Steve Weston Volt Bank co-founder & CEO Steve Weston

Branchless digital bank Volt Bank says it has started “onboarding” a selection of early-adopter customers from its 40,000 waitlist, while announcing a ‘no catches’ ongoing base interest rate of 2.15 per cent on savings, ahead of a public launch planned for early 2020.

The so-called neo bank, Australia’s first, says its ‘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 says its “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 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 Weston.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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