Raisin, N26 deliver interest rates on new overnight accounts

Friday 26 February 2021 09:51 CET | News

European fintechs N26 and Raisin have announced expanding their collaboration to address the negative interest crisis.

According to the official press release from the companies, despite Germans’ status as the champion savers of Europe, with a current total deposits volume in Germany of over 2.5 trillion euros, Germany has not been able to cure its low interest rate issues. According to current data from the European Central Bank, the average interest rate in Germany for retail customers is now for the first time below zero, at -0.01%. The German Bundesbank has also revealed a steadily increasing number of credit institutions charging their customers a custody fee.

The partnership allows N26 to extend its product portfolio with EasyFlex Savings, a flexible overnight deposit with an interest rate of 0.21% p.a., the official press release continued. Raisin’s German platform features deposit products from dozens of Raisin partner banks across Europe.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: N26, fintech, mobile banking, partnership, bank account
Categories: Banking & Fintech
Countries: Germany
This article is part of category

Banking & Fintech