After the Reserve Bank cut its cash rate by 25 basis points again in March, Volt and ING followed suit, reducing their savings account rates by 25 basis points and 15 basis points respectively.

With both cuts set to take effect from today, Volt cited in an email to customers 19 March's emergency cash rate cut as the primary reason for cutting its savings account rate.

"As with any competitive variable rate, change is inevitable, but we remain committed to helping our customers save, in a sustainable way," the email said.

The savings account is still unconditional, meaning there are no minimum deposits or other conditions customers need to meet to attain the rate, and the rate applies up to $245,000 in deposits.

ING, on the other hand, has a couple conditions to attain the full 1.80% - deposit $1,000 per month in the linked Everyday account and make five debit card transactions (settled).

The maximum balance the interest rate is applicable to is $100,000.

The 15 basis point cut was made to the base interest rate - now 0.10% p.a. - which is what customers receive if they don't meet the conditions every month.

ING's announcement was also made in an email to customers.

"We know the timing sucks but, after two RBA reductions to the official cash rate in March and assessing the needs of all customers, we’ve had to make a rate cut to Savings Maximiser," the email said.

"To help keep your savings on track, we’re keeping the reduction to just 0.15% rather than the RBA’s full rate cut of 0.50% – ING will absorb the difference for as long as we can.

"It’s one of the ways we’re trying to help ease the pressure in these uncertain times."

Volt's savings account rate cut brings it lower than other neobanks in the market, and while Xinja didn't pass on the cut, it closed off its Stash savings account for new customers.

It's also important to note that Volt's savings account is still in 'Beta', meaning it is not available for all customers.

The cut to Volt's and ING's savings account interest rate comes after various banks increased term deposit rates and the likes of AMP boosted its introductory savings account rate in response to COVID-19. 

You can see other introductory savings account rates below, noting that the revert rate is much lower after the introductory period.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Goal Saver

          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Saver Account (<$250k)

                                000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Smart Saver Account (Under 25)

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