Australian neobank Volt has rolled out beta version of its savings account ahead of its scheduled launch next year.
The lender has started offering the service to a select group of customers from its 40,000 waitlist.
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The account offers 2.15% interest per annum on savings of up to A$245,000 without any conditions. The offering carries ‘no conditions’ or introductory rates. Customers are also not required to make a minimum number of deposits or transactions in a month.
With the limited roll-out, Volt seeks to procure feedback from the select groups on the service before its public launch.
Volt CEO and co-founder Steve Weston said: “We are taking our time to build every product and feature it 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.”
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By GlobalDataIn January, Volt received unrestricted Australian Deposit-Taking Institution (ADI) licence.
It is the first company to receive the licence, ahead of other challengers Xinja and 86 400. The bank now aims to go for a general roll out next year.
Australian banking system is largely dominated by Big Four- NAB, ANZ, CBA and Westpac, who together hold around 80% of the market share.
The entry of such challenger banks in the market is expected to increase pressure on the established names.
Early this year, Volt Bank selected FIS to power its mobile and card payment services.
