The neobank has begun the onboarding process of its 40,000-strong waitlist for its initial savings account product launch.
Volt Bank, which was awarded its unrestricted ADI licence by APRA in January 2019 and is currently in beta testing, has now begun the process of onboarding some of the 40,000 people on the waitlist for its first product rollout, a “no catches” savings account.
The Volt savings product is due for public launch after the onboarding process is completed in early 2020.
According to the bank, the savings account will not be subject to an introductory rate period or require a minimum monthly deposit or minimum amount of card transactions in order for customers to receive the highest applicable savings rate. It is expected to have an ongoing base rate of 2.15 per cent.
Volt CEO and co-founder Steve Weston stated that his intention for the company is to help customers “save often” and “spend wisely”.
“I began my banking career over 30 years ago, and from day one I fell in love with helping people solve their financial challenges,” Mr Weston said.
“What I find troubling is banks saying [that] they are putting customers at the heart of what they do but that isn’t reflected in actual practice.”
He continued: “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.”
Mr Weston acknowledged the 12-month lag between Volt achieving an unrestricted ADI licence and officially launching its banking products to the public.
“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,” he said.
Hannah Dowling is a journalist for The Adviser and Mortgage Business.
Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency.
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