N26 launches Instant Savings account for Spanish users

Tuesday 16 May 2023 11:51 CET | News

Germany-based digital bank N26 has announced the launch of its new N26 Instant Savings account in Spain, aiming to offer eligible customers interest on deposits.

Following this launch, clients that have a Spanish IBAN will benefit from a 2,25% AER (2,26% NIR) interest on deposits, with no minimum deposit amounts required, no conditions of permanence, as well as no additional fees, and no need to have their salaries paid directly into their account. 

Across all membership tiers, both new and already existing customers of N26 will be given the possibility to earn interest on their savings up to a maximum balance of EUR 50,000. Furthermore, they will be enabled to access their funds freely and without no restriction, at any time or place they need. 

Clients will be allowed to earn interest on their deposits only if they hold a personal N26 Standard, N26 Smart, N26 You, or an N26 Metal account, with an eligible Spanish IBAN. Moreover, users need to meet local eligibility requirements and rules, including being a resident of Spain with a registered local tax ID number. 

The new N26 Instant Savings will be easy to access via the Spaces tab, currently available within the N26 application, and its functionality will be rolled out to eligible clients and customers in the Spanish market progressively. Following its launch in Spain, the bank aims to expand the availability of interest-bearing savings services in other European markets. 

Germany-based digital bank N26 has announced the launch of its new N26 Instant Savings account in Spain, aiming to offer eligible customers interest on deposits.

N26’s recent product launches and collaborations

Germany-based digital and mobile bank N26 had several partnerships and product launches in the last couple of months, covering multiple geographic areas. 

The mobile bank rolled out in January 2023 a new cryptocurrency trading service, N26 Crypto, in multiple countries, including Germany, Switzerland, Portugal, Belgium, and Ireland. Customers were able to buy and sell almost 200 cryptocurrencies in their N26 application. The solution was set to be available in other regions progressively in the future. 

With N26 Crypto, the company created a simple, effective, and seamless product that integrated into N26’s fully regulated banking experience, where one’s bank balance, savings, and investment portfolio were combined and cryptocurrencies were made the first asset class the app intended to offer. 

In September 2022, N26 announced that users who possessed a Spanish IBAN were enabled to use the Spanish-based instant payment system Bizum, without any fees or charges. By including Bizum (an instant payment system that connects mobile phone numbers to bank accounts) in its suite of services for its customers in the region, N26 aimed to attract new clients while retaining those that they already have. At that time, N26 was negotiating the inclusion in its operations for customers and users of a Spanish IBAN. 

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Keywords: product launch, online banking, digital banking, mobile banking, banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: N26
Countries: Spain
This article is part of category

Banking & Fintech


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