N26 launches Instant Savings in 13 new markets

Per the announcement, customers in Austria, Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal, Slovakia and Slovenia will be able to earn up to 4% interest per annum on their savings, without deposit limits and at no additional cost.

The launch works to further expand the digital bank’s offer in these markets beyond everyday banking, to encompass products and services geared towards helping Europeans improve their financial wellbeing.  

The N26 Instant Savings account can be activated in a few steps in the N26 app, and customers will have the full flexibility to move their funds between their interest-bearing Instant Savings account and their main account at any time. Furthermore, the official press release continues to state that interest income is calculated daily based on the balance in the N26 Instant Savings account, taking into consideration any funds moved in and out of the account that day, and is then paid out at the beginning of the following month. 

N26 has tiered the interest rate on its Instant Savings account, where N26 Metal customers will receive 4% interest p.a., while customers with an N26 Smart and You or free N26 standard account will receive 2.8% interest p.a. on their deposits. N26 Instant Savings will offer these interest rates to both new and existing customers, without limits to the maximum amount of deposits to which the interest rates apply. 

All funds held with N26, including those in N26 Instant Savings accounts, are protected up to EUR 100,000 per customer by the German Deposit Protection Scheme.  

N26 AG is a Europe-based digital bank with a full German banking licence. Built on the latest technology, N26’s mobile banking experience seeks to make managing money easier, more secure and customer friendly. To date, it has welcomed more than 8 million customers in 24 markets, and processes over EUR 100 billion in transactions a year. N26 is headquartered in Germany with offices in multiple countries across Europe, including Austria and Spain.