N26, the German neobank with headquarters in Berlin, has expanded its instant savings accounts to 13 European markets. This move allows customers in Austria, Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal, Slovakia, and Slovenia to earn up to 4% interest annually on their savings.
According to the firm’s official statement, the savings accounts enable users to transfer funds between their interest-bearing instant savings accounts and their primary accounts. Interest income on the new accounts is calculated daily based on the balance in the instant savings account, factoring in any funds moved in or out during the day. This amount is paid out at the start of the following month.
Tiered Interest Rates
N26 has structured the interest rates for the instant savings account in tiers. Customers using N26 Metal will receive an interest rate of 4% per annum, while those using the N26 Smart and You account or the free N26 standard account will earn 2.8% annually on their deposits.
Valentin Stalf, the CEO of N26, mentioned: “Thanks to our pan-European business model, we are able to bridge the gap between fragmented interest rate offers that may vary significantly across multiple markets. We’re pleased to be able to now offer customers in these markets highly competitive interest rates on their savings alongside our everyday banking and investing products.”
When the interest from your savings helps you finish that DIY project! 🚀
Did you hear the news? Customers in 🇦🇹 🇳🇱 🇧🇪 🇱🇺 🇮🇪 🇵🇹 and in 7 more countries, all over Europe, can now open an Instant Savings account*. And if you’re Metal user, you can earn 4% p.a.! pic.twitter.com/rP5uYbJsIb— N26 (@n26) March 13, 2024
According to N26, these rates apply to new and existing customers, with no maximum deposit limit. All funds held with N26, including those in instant savings accounts, are reportedly protected up to EUR 100,000 per customer by the German Deposit Protection Scheme.
Expanding Offerings
In January, N26 entered the digital trading space by launching a platform that allows account holders to directly buy and sell stocks and ETFs within the N26 mobile banking app.
Initially available in Austria, the company charges 0.9 EUR per trade for this service. N26 aims to cater to a wide range of investment preferences, with over 100 ETFs available at launch and plans for expansion to offer over 1,000 stocks and ETFs in Germany and Austria.
N26’s expansion into trading happened amid the firm’s impressive revenue growth. Despite challenges, including a decline in valuation and funding within the fintech industry, N26 has continued to thrive, driven by increased customer activity and transaction volume.
N26, the German neobank with headquarters in Berlin, has expanded its instant savings accounts to 13 European markets. This move allows customers in Austria, Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal, Slovakia, and Slovenia to earn up to 4% interest annually on their savings.
According to the firm’s official statement, the savings accounts enable users to transfer funds between their interest-bearing instant savings accounts and their primary accounts. Interest income on the new accounts is calculated daily based on the balance in the instant savings account, factoring in any funds moved in or out during the day. This amount is paid out at the start of the following month.
Tiered Interest Rates
N26 has structured the interest rates for the instant savings account in tiers. Customers using N26 Metal will receive an interest rate of 4% per annum, while those using the N26 Smart and You account or the free N26 standard account will earn 2.8% annually on their deposits.
Valentin Stalf, the CEO of N26, mentioned: “Thanks to our pan-European business model, we are able to bridge the gap between fragmented interest rate offers that may vary significantly across multiple markets. We’re pleased to be able to now offer customers in these markets highly competitive interest rates on their savings alongside our everyday banking and investing products.”
When the interest from your savings helps you finish that DIY project! 🚀
Did you hear the news? Customers in 🇦🇹 🇳🇱 🇧🇪 🇱🇺 🇮🇪 🇵🇹 and in 7 more countries, all over Europe, can now open an Instant Savings account*. And if you’re Metal user, you can earn 4% p.a.! pic.twitter.com/rP5uYbJsIb— N26 (@n26) March 13, 2024
According to N26, these rates apply to new and existing customers, with no maximum deposit limit. All funds held with N26, including those in instant savings accounts, are reportedly protected up to EUR 100,000 per customer by the German Deposit Protection Scheme.
Expanding Offerings
In January, N26 entered the digital trading space by launching a platform that allows account holders to directly buy and sell stocks and ETFs within the N26 mobile banking app.
Initially available in Austria, the company charges 0.9 EUR per trade for this service. N26 aims to cater to a wide range of investment preferences, with over 100 ETFs available at launch and plans for expansion to offer over 1,000 stocks and ETFs in Germany and Austria.
N26’s expansion into trading happened amid the firm’s impressive revenue growth. Despite challenges, including a decline in valuation and funding within the fintech industry, N26 has continued to thrive, driven by increased customer activity and transaction volume.
