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86 400, Volt Bank, Up cut account interest rates following Reserve Bank cuts

Friday 20 March 2020 13:42 CET | News

Australian neobanks 86 400, Up and Volt Bank have cut their interest rates by 0.25% following the decision taken by The Reserve Bank of Australia.

86 400 was reportedly the first Australian digital bank to reduce the maximum interest rate on its Save Account by 25 basis points (from 2.25% to 2%). The bank’s maximum rate is being offered on account balances up to USD 300,000. To qualify, users must also deposit a minimum of USD 1,000 each month into their 86 400 Save or Pay accounts.

Volt Bank has also reduced rates by 25 basis points for its Volt Savings Account, which means that the highest rate available on account balances of up to USD 245,000 has fallen from 2.15% to 1.90%.

Melbourne-headquartered Up has also reduced its savings rate, confirming a 25 basis point cut to the maximum interest rate on its Saver Account, which is currently fixed at 2% on customer account balances of up to USD 50,000.

Australia’s Xinja digital bank has frozen the 2.25% maximum rate on its Xinja Stash account, which also came as a response to the RBA’s move to slash interest rates.


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Keywords: Australia, neobanks, 86 400, Up, Volt Bank have cut their interest rates by 0.25% following the decision taken by The Reserve Bank of Australia.
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Australia
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Banking & Fintech