Volt Save Terms and Conditions

Effective 2 March 2022


Volt Save is a savings account (in traditional banking terms) that:

  • you can deposit into and withdraw funds from anytime you like
  • pays interest
  • helps you grow your savings and reach your savings goals.

Volt Save Accounts are likely to be right for you, if you are OK with making deposits and withdrawals electronically.

Volt Save Accounts may not be right for you if you want to make or receive payments by cheque or need to deposit cash or like to visit an actual branch.

You must be:

  • at least 18 years of age
  • an individual
  • an Australian resident 
  • a person who uses the account for personal purposes only and not for business purposes.

When you open your Volt Save Account, you agree to the terms below.

Please read them carefully. They will help you get the best out of your Volt Save Account and the best out of us. Some words are explained at the end of these terms.

These terms are governed by the laws of New South Wales and we and you accept the non- exclusive jurisdiction of the courts having authority to interpret them.

Access to and transactions on your Volt Save Account are subject to separate Volt Electronic Banking terms. We’ve given you a copy of these separate terms, so please read them too.

Please keep a copy of these terms and the Volt Electronic Banking terms handy so you can refer to them, if you need to.

These terms may change occasionally and when they do we’ll tell you about those changes. More details in Part E.

Our privacy policy tells you how we manage personal information. You can find that policy at voltbank.com.au/privacy-policy.html. You may like to download a copy for your records.

We will not share any information we have about you unless you have consented to us doing so but in some circumstances we may not provide services to you if you don’t.

From time to time, we may get it wrong. If this happens, please tell us. We appreciate constructive feedback. The more information you give us, the easier it will be for us to improve.

There are more details of how we handle complaints in Part G.

Get in touch with our customer care team if you want to:

  • find out the interest rate on your account
  • understand terms that are not clear to you
  • provide feedback on how we can improve our products    or services
  • make a complaint.

Email [email protected] or by phone 13 VOLT (13 8658) during standard business hours.

We’ll do our best to answer your questions within one business day. It may take us a bit longer to deal with complaints if we have to investigate.

We want:

  • to help you grow your savings, and get better control of your spending
  • your Volt Bank experience to be a great one – one you will share positively with your family and friends
  • to change the way banking is done in Australia – to a way that is fair, reasonable and ethical.

Table of Contents


Who is Volt Bank?

We are a digital bank. Volt Bank Limited ACN 622 375 722 Australian Financial Services Licence 504782 issues the Volt Save account to which these terms apply.

Communicating with you

We’ll communicate with you through any acceptable  method of contact including the  Volt App,Partner App,  SMS, or the email address you gave us.

Please keep us updated if you change any of the following:

  • email address
  • residential address
  • name
  • marketing preferences
  • phone number

We may ask for evidence of the change or other particulars to protect you and ensure we have the right contact details.


Opening your Volt Save Account

You can open a Volt Save with us by registering with Volt or through a third party partner. 

With third party partners we’ve made it easy for you to open an account with us. An organisation that you’re already a customer of has told you about us and our Account. You consented  to them sharing your personal details with us, for the purpose  of allowing us to open an Account for you. This organisation, acting as our agent, has collected information and verified your identity to help us:

  • ensure you are the person you say you are
  • check your identity under Anti-Money Laundering law
  • ensure you’re eligible to open an Account with us.

We’ve then opened an Account for you, and sent you the details, including your Account number. 

If you apply for a Volt Save Account through a third party rather than directly through Volt, we may pay that third party a commission or share revenue with them.

You must not use a Volt Save Account for business purposes.

Identifying you

We collect information from you to help us ensure:

  • you’re the person you say you are
  • we meet Anti-Money Laundering law requirements to check your identity
  • you’re eligible to open a Volt Save Account.

We check your identity using that information and other information available to us. We may ask others to help us make that check. Once we’ve identified you, we’ll open your Volt Save Accounts.


NOTE:  There may be caps on the amount you can deposit with Volt. 


No minimum balance, maximum is $245,000

You don’t have to have a minimum balance amount to open or maintain your Volt Save Accounts.

But you can’t hold more $245,000 in your Save account.  

If you do put more than the maximum amount into the account we may transfer the excess between your Volt Save Accounts or back to your nominated account or we may ask you to withdraw it.

You are also not allowed to overdraw your account(s). If you do so you must pay us back immediately, otherwise we may offset any amounts you owe us from other Volt accounts you hold or charge you overdrawn interest.


Daily Withdrawal Limits

NOTE:  There is a cap on the amount you can withdraw or transfer on any one day. 

Volt Save

You can withdraw or transfer between accounts up to $20,000 per day by Pay Anyone of which up to $5,000 per day can be NPP out. 

Note that transfers between Volt accounts do not form part of the daily withdrawal limit and you are able to transfer any amount you like.


Who else can operate on your Volt Save Account?

We will treat a person as authorised to act on your behalf and operate on your Volt Save Account only if we’re satisfied that their authority is genuine. For example that authority may be by a power of attorney from you or a grant of probate of      your estate. 

If you opened an Account through a third party partner we may act on that third party partner’s instructions in relation to your Account. The terms of your agreement with that third party partner may affect the way your operate your Account with us. We may act in accordance with any authority you provide to that third party partner.  

We are not liable for any loss or damage caused to you by persons authorised to operate on your  account, except where it arises from fraudulent  conduct by our employees or agents, or if we are liable by law.


Why we would adjust your Volt Save Account balance

We adjust the balance of your Volt Save Account if we need to correct a transaction error or if a recorded transaction is rejected or reversed.

Another financial institution may claim that a payment was made by mistake into your Volt Save Account. We’ll consider that financial institution’s request carefully. If there is clear evidence that the payment was made by mistake, we will adjust the account balance by deducting the amount of the mistaken payment from the account and paying it to the other financial institution.

We’ll tell you if we adjusted your Volt Save Account and will:

  • give you reasons why
  • give you any evidence on which we relied to make the adjustment.

Also, you will see the adjustment in the record of your Volt Save Account. More about mistaken payments can be found in the Volt Electronic Banking terms and conditions.


Suspending your Volt Save Account

NOTE: We can suspend operations on your Account. 

We may suspend your Volt Save Account if we:

  • are required to do so by law or by an Australian regulator
  • consider there is suspicious activity on your account
  • you breach your Volt Save Terms
  • become aware that you are no longer able to manage   your affairs
  • become aware that you can no longer give us instructions.

If we suspend your Volt Save Account, we will need to do so quickly without telling you. We will tell you about it as soon as possible after the suspension.

If we suspend your Volt Save  Account, you cannot make withdrawals from the account during the suspension. Your available balance is $0 during the suspension.

If the suspension is due to a cause under our control, we will diligently take steps available to us to overcome that cause.

If the cause is not under our control, we will suspend your Volt Save  until we have enough evidence that there is no longer any cause for the suspension.

We’ll tell you in writing:

  • if we need anything from you to lift the suspension
  • as soon as possible after we lift the suspension.

If we cannot sort out the cause for the suspension within a reasonable time, we may close your Volt Save  and pay the available balance of the account to any other account you nominate outside Volt.


Check transactions on your statements

Each six months, we will give you a statement of your accounts (account statements). We make account statements available to you through the Volt app or a Partner app. We will also provide you with a statement of account when you close your account by  emailing the statement to the email address you give us.

Each account statement sets out details of transactions we recorded on your account since the date of the last statement and in the period covered by the statement.

You can also request a statement from us outside of your regular statement cycle. To do this please live chat with us in the Volt app, or email [email protected].  

On any day, you can view your transaction history either through the Volt app or Partner app. Sometimes you may not see interest credits or particular transactions for a few days.

Please check account statements carefully as soon as you can. You can ask us about a transaction or dispute a transaction by contacting us via the Volt app, Partner app  or emailing us at [email protected].

We will do our best to give you details about any transactions you dispute or assist in examining the disputed transaction.


NOTE: We can change any of these terms.

What we might change and why

If we have good business reasons to do so, we may change:

  • any interest rate we apply to your Volt Save Accounts
  • minimum or maximum account balances
  • any fee we have introduced under these terms and when fees are payable. We may also introduce new fees
  • your liability for losses relating to electronic transactions on your Volt Save Accounts
  • a daily or other periodic limit on transactions
  • any other of these terms.

Some reasons we may have for changing these terms are to:

  • ensure we comply with the law or codes of practice or the way in which they are interpreted or applied
  • make new services available on your Volt Save Accounts
  • improve existing services on your Volt Save Accounts
  • cover new or increased costs we incur in managing your Volt Save Accounts
  • improve the security of your Volt Save Accounts or our systems.


How you’ll be notified of changes

We’ll tell you by mail, email, advertisement, SMS or any other way legally permitted of the changes and provide a summary of those changes and when they will take effect. Where we are required to provide you with notice in writing you agree that we may satisfy this requirement under any law or applicable code by any of the following means:

  • email to your nominated email address;
  • making the information available on our Volt app or through our Partner app or website after first notifying you
  • by SMS message to your mobile phone number;
  • sending you a notice through the mail.


How much notice will we give for changes


We’ll tell you about interest rate changes, changes to the minimum or maximum balances or transaction limits (that is the amount you can transfer out of your account) no later than the day the change takes effect.

Transaction Limits

We reserve the right to change transaction limits at any time we reasonably consider it appropriate or prudent to do so. Others, like merchants, may also impose payment limits and restrictions. We may change any transaction limit  or introduce a new transaction limit on your Volt Save Account immediately if:

  • you asked us to change that transaction limit; or
  • we have to make the change to:
    • protect the Account
    • restore or maintain the security of our systems.


If we want to make a change to:

  • introduce a new fee or charge (other than a government charge payable directly or indirectly by you)
  • increase a fee or charge (other than a government charge)
  • change the method by which interest is calculated; or
  • change the frequency with which interest is debited or credited

we will give you 30 days’ notice.

Immediate changes

We may change anything immediately if:

  • you asked us to make the change and we agree to it like updating your residential address; or
  • we have to make the change to protect you or restore or maintain the security of our systems.

Other changes

For all other changes we will tell you about the change no later than the day the change occurs if we do not believe the change is adverse to your interests.  


If you want more information about any change to these terms

Please  email us at [email protected]. Or contact us via Live Chat in the Volt App or phone us on 13 VOLT (13 8658) during our standard  business hours. We will do our best to explain the change.


We might have to combine your accounts with us

The law allows us to combine accounts you hold with us. We do so when we need to work out:

  • how much you owe us, in situations where the amount you owe (debit balances) is greater than what we owe you (credit balances)
  • how much we owe you, if the credit balances are greater than the debit balances).

We may combine accounts only if:

  • they are in your name only
  • you hold each of the accounts in the same capacity. For example, we will not combine an account that you hold in your name only with an account you hold jointly with others
  • there is no agreement between us to keep the accounts separate. For example, we may have promised to keep your Volt Save separate from a loan account you hold with us while we consider a hardship application you made on that loan account.


We will not combine accounts if you are in hardship

We will not combine your Volt Save  Account with a loan you have with us if:

  • we are reviewing a hardship application from you about that loan. We may ask you to retain money in your Volt Save Accounts while we consider the hardship application
  • you are complying with an arrangement we have with you about that loan resulting from a hardship application.


Why we ask for your Tax file number

You may give us your Tax file number. You do not have to do so. If you do not do so, Australian tax law may require us to deduct tax at the highest marginal tax, from any interest we pay on your Volt Save Accounts, and send it to the Australian Tax Office.

If you decide to give us your tax file number, we will securely destroy or de-identify any record of it as soon as possible after we no longer need it.

If you are also a resident of another country and have a Tax Identification Number from that country you must provide us with that information.

We do not use your tax file number in any way to identify you as our customer.


How your money is protected (Financial Claims Scheme)

The Commonwealth Government makes available a scheme (the Financial Claims Scheme or FCS) for customers holding protected accounts with certain financial institutions (including banks) regulated by APRA, the Australian prudential regulator.

The FCS will pay out a certain amount of money in the unlikely event that an Australian authorised deposit taking institution (like a bank) fails and cannot repay customers the credit balances in their protected accounts. There are limits on the amounts payable under the FCS.

Your Volt Save Accounts are a protected accounts under the FCS.

You can find out more information about the FCS and the limits payable under the FCS from the APRA website at http://www.fcs.gov.au or the APRA hotline on 1300 13 10 60.


Dealing with unclaimed money

If you have not operated on your Volt Save Accounts for at least seven years, the law requires us to pay that amount (unclaimed money) standing to the credit of the account to the Commonwealth Treasury provided it is at least $500. You can apply to the Commonwealth Treasury to recover that money.

Once we pay out unclaimed money from your Volt Save Account, the account will have a nil balance and we may close it. We will notify you before we close your Volt Save Account.


How to make a complaint

If you’re unhappy with your Volt Save Account  or our service, please email us at [email protected] and tell us why you are unhappy. 

Or contact us by Live Chat on your Volt app or phone us on 13 VOLT (13 8658) during our standard business hours. We try to work out problems as quickly as possible. 


How we deal with your complaint

We will respond to any complaint by email or phone. If our response does not satisfy your complaint, please tell us and ask for the complaint to be reviewed by one of our customer staff. They will contact you as soon as they can.

They are trained to give you the outcome of our investigation into a complaint about:

  • For payment transactions to which the ePayments Code applies, within 21 days; and
  • For any other matter, within 30 days of you making that complaint.

If we do not accept all your complaint (in part or in full), we will email you and tell you the reasons why.


Taking it further

If you do not agree with our reasons for not accepting all your complaint, you can take the complaint to the Australian Financial Complaints Authority (AFCA), an external dispute resolution body of which we are a member.

AFCA is free to you. If you ask them to review your complaint, AFCA will discuss the complaint with you and us while they seek to resolve the complaint.

You can make a complaint by visiting AFCA’s website at www. afca.org.au or phone them (free call) on 1800 931 678.

If you have a complaint about the way we manage your personal information, you can make a complaint to AFCA or to the Office of the Australian Information Commissioner (OAIC). You can contact the OAIC on:

EMAIL: [email protected]

PHONE: 1300 363 992


How to close your Volt Save Accounts

You can close your Volt Save Account at any time by phoning us on 13 VOLT (13 8658).

We can close your account only if:

  • there are no transactions pending;
  • you do not owe us any amount on any account at the time of your request; 
  • there is a zero balance on your account; and 
  • you have given us the details of the account to which we can pay any interest accrued, but unpaid, on your closed account. 

We will close your account within 1 business day after those requirements are met.


When we might close your Volt Save Accounts

NOTE: There are circumstances in which we can close your Account, for example, we may close your account if you do not activate it within 90 days of opening it. 

We may close your Volt Save Account by giving you at least fourteen days’ notice by email at any time.

We may close your Volt Save Account immediately without telling you, if:

  • We’re not able to verify your identity or the source of your money or your Volt Save Accounts no longer meets our risk criteria
  • we consider there is  suspicious activity on your Volt Save Accounts 
  • your Volt Save Accounts have never been used and have a nil balance for a consecutive period of at least 90 days
  • we are required to do so under law or by an Australian regulator
  • we suspect on reasonable grounds that there’s been a breach of law
  • the account has been suspended for reasons outlined in ‘Suspending your Volt Save Account’ for at least 10 business days
  • we suspect you are threatening or promoting criminal activity, being defamatory, harassing or threatening or exhibiting, promoting or encouraging inappropriate or harmful behaviour
  • we need to protect you or us from fraud or other loss
  • you’re no longer eligible to bank with us
  • your account becomes overdrawn and you don’t pay us back immediately
  • we consider it reasonably necessary to do so.


In these terms:

ANTI-MONEY LAUNDERING law is the Anti-Money Laundering and Counter-terrorism Financing Act 2006 (Cth), the regulations under that Act and the regulatory guidelines issued about that Act.

APRA is the Australian Prudential Regulation Authority. APRA regulate the way we do banking business.

AVAILABLE BALANCE is the balance in your Volt Save Account  at a particular time less any amount:

  • deposited into your Volt Save Account  that is not cleared
  • that is subject to a dispute we are investigating.

BUSINESS DAY is a weekday, excluding public or bank holidays, in NSW.

STANDARD BUSINESS HOURS is 8.00am – 8.00pm (Sydney time), five days a week (excluding Australian public holidays and NSW state–based holidays).

DAILY PERCENTAGE RATE is the interest rate divided by 365.

INTEREST RATE is the annual percentage rate we use to calculate interest we pay on your Volt Save Accounts.

MONTH is a calendar month.

PARTNER APP means the online banking or app of a Third Party Partner used to access a Volt Save Account. 

PERSONAL INFORMATION is information or an opinion about you, as an individual, and from which you can be identified.

THIRD PARTY PARTNER means any third party you use to apply for an account with Volt.

VOLT ACCOUNT means your Volt Save .  

VOLT APP means the Volt Bank mobile app.

VOLT ELECTRONIC BANKING TERMS AND CONDITIONS refers to the terms and conditions that tell you how you can access and transact on your Volt accounts.

WE or US or VOLT BANK means Volt Bank Limited ACN 622 375 722 Australian Financial Services Licence 504782 and our means belonging to us.

YOU means a person that applies to open a Volt Save Account or that opens a Volt Save Account with us and your means belonging to you.

Your VOLT SAVE are accounts we open for you at your request under these terms.

Any reference to “$” is to Australian dollars.



The last word

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