Volt says the decision was commercial, and that all customers will have until 5 July (less than a week) to transfer funds to another nominated bank account.
The interest rates on its accounts have been set to zero, with interest accrued up until 29 June paid into Volt accounts from then, except for Save and Spend accounts which will be paid on 1 July.
Volt launched in 2017 and was granted an ADI (banking licence) in 2019, yet in 2022 was still yet to launch a live product.
Instead its savings account was in beta with prospective customers required to sign up to a waiting list.
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Brooke Cooper
Emma Duffy
William Jolly
