Volt says the decision was commercial, and that all customers will have until 5 July (less than a week) to transfer funds to another nominated bank account.
The interest rates on its accounts have been set to zero, with interest accrued up until 29 June paid into Volt accounts from then, except for Save and Spend accounts which will be paid on 1 July.
Volt launched in 2017 and was granted an ADI (banking licence) in 2019, yet in 2022 was still yet to launch a live product.
Instead its savings account was in beta with prospective customers required to sign up to a waiting list.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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Denise Raward
Harry O'Sullivan
Emma Duffy
Hanan Dervisevic
