Very average, time to move away
Quite disappointing as Volt really hasn't kept up with the other neobanks. Very limited features and I don't think there have been many updates since I joined. I can't believe I need to enter payee details manually everytime as there is no way to save payees? Also no PayID and statements only every six months, otherwise you need to request a statement. Even then the statements don't show basic details like interest received in the past financial year (so, very unhelpful for tax purposes).
Withdrawal is a breeze
I found withdrawing fund from Volt is a breeze. I can do it with the apps in 2 minutes. People accusing Volt of lack of transparency on withdrawal limit is, in my view, unfair. Most banks have withdrawal limit. Ubank at $20k, Macquarie and CBA $20k unless they are BPay, St George $5k unless you change limit. None of these banks broadcasts their withdrawal limits. I can appreciate we may want all our money back quickly, however, there is nothing untoward having a withdrawal limit.
Same, same....easy to put in big drama to withdraw
I sent an email requesting an increase in daily transfer to clean out my account, (after being notified of a big reduction in interest rate in 2 days time) ,before they opened on day 1 and then 3 phone calls with promises of a return call so no resolution..day 2 more phone calls and finally just a email saying transfer done....
$20k max daily withdrawal...beware !!
Not much use when they give you 2 days notice of reduction from 1.9% to 1.65 %
Sorry Volt but a very steep learning curve for me...
Can’t withdraw your funds!
I have been trying to withdraw funds from my account for two days but keeps coming up with ‘Generic error’. This is the first time I have tried withdrawing. Spoke with support who were great however could not resolve the error and have had to investigate it further which will take some time so currently still can’t withdraw funds from my account. Luckily not an urgent situation to withdraw funds so can wait for them to work it out but this is a pretty big issue!! Especially during the crisis we’re experiencing, imagine if someone really needed ...access to their funds in VOLT!! It’s a pretty nasty glitch to have! In regards to some clients that are annoyed with the rate cuts, it’s happening to all banks and savings account across the board. It’s not financially viable for them being a start up to continue offering high interest rates when the RBA is doing some big rate cuts! Although there are still some savings accounts out there offering slightly more in interest rates, all the big banks have reduced their interest rates on savings accounts to far less than what we’re still receiving with Volt. FYI.
Opened an account one month ago. Found the setting up process somewhat complicated, the advice written online not very comprehensive. Why can't they offer joint accounts, or SMSF account?? Also how can I download a statement?
Best Banking App and Experience
I have been lucky enough to be one of the first 1000 Volt Bank customers. Absolutely sensational, easy to use, fast. Can’t recommend Volt highly enough. My first experience with a fully digital bank and I want to shut all my other accounts.
Questions & Answers
When can we open joint personal accounts? When can I open an account in a company name as trustee for my SMSF?
Hi Charles, I am not an employee of Volt so i dont know the answer, but i suspect this will be many months away and possibly years away for smsf.
Team VoltVolt Bank
We’ve taken our first steps launching Volt Save in beta to our waitlist and we’re now working hard to open up our digital doors to the public. In the background, we’re working on transaction accounts and debit cards which we can’t wait for.
We’ve got big plans to offer things like joint accounts and accounts for SMSFs, however, at this stage don’t have exact dates or timings to share just yet as we’re still early in on our journey. We’ll be sharing updates as they’re ready so the best place to keep an eye out is our website and via our email newsletters.
Is volt a secured bank from the government?
As I understand it, it is an offence to use the word 'bank' and conduct banking business unless the entity is licensed by APRA (Australian Prudential Regulatory Authority).
Well I just want to know if it's secure to put money in there I don't want to loose it if something bad happens that's all sorry
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