Interest rate on savings account

Ole-Olive-Lion

What is the interest rate on the savings account?

I’ve checked your website and the app, but with no luck.

JohnDo

Ole Hi 👋🏼 Ole,

That would be 0,27% over the first €10.000.

Isaiah-Golden-Dragon

John Do How much would the Interes rate be per year on a 1.000.000 savings account and is it even possible to have that amount in my BUNQ savings account?

Ole-Olive-Lion

Thanks! And then after that? Also where can I find this information?

Bastiaan

Ole Hello!

Check this topic for more info about MassInterest:
https://together.bunq.com/d/8298-what-is-massinterest-and-how-do-i-use-it-to-save/

Ole-Olive-Lion

Great! Thank you! :)

thijsoost

You don't have to put your money in a savings account, you receive interest on all your money, on all accounts.

JohnDo

Isaiah Hi 👋🏼

The interest is only calculated over the first 10k balance.

You can have as much balance as you want. But keep in mind, there is a holding fee above the 100k and a different fee above the 1 million. See all the details here: https://www.bunq.com/assets/media/legal/en/20210212_consumers_business_pricing_EN.pdf

Isaiah-Golden-Dragon

John Do Ow okok so after the 10.000 you won’t receive any interest rate and pay 600 per day right?

JohnDo

Isaiah Don’t know what you mean by “pay 600 a day” 🤷🏼‍♂️

Jakob-Y

Isaiah If your account balance over all sub-accounts combined is exactly 1.000.000 Euros at bunq, you would get interest over 10k at 0.09% p.a., paid at the beginning of each month, but you would also need to pay a holding fee according to the Pricing Sheet over 900k at 3 cents/day/1000 Euros, paid with your monthly bill. This would mean:

At the beginning of each month, you get 10000 * 0,0009 / 12 = 75 cents.
With your monthly bill, you need to pay a holding fee of approx. 900000 / 1000 * 0,03 * 30 = 810 Euros.

So it's not 600 Euros per day for 1 Million Euros, it's more like 27 Euros per day.

Isaiah-Golden-Dragon

Jakob Ow ok ok i thought it was 0.06 cent per 1000€ if you had a million. My bad for the extra “0”

1000x1000= 1.000.000
0.06x1000 = 60

But its cool fam don’t get mad at me, don’t even have a million bucs. I was just making a research paper on the best savings account interest rates
And found BUNQ pays 9x more however only on the fist 10.000.

Jakob-Y

Isaiah Definitely not mad or anything, sorry if my message sounded like that. Sometimes I write a bit too dry 😅 The 6 cents/day is only for the part of the balance that is over 1.000.000 Euros. So let's say instead of one million you had two millions, then it would work like that:

The first 100k are still free.
The next 900k are billed at 3 cents/1000 Euros/day.
The remaining 1 million is billed at 6 cents/1000 Euros/day.

Hope that makes it clearer how the holding fees at bunq work. The MassInterest at bunq is in my opinion more of a marketing thing than really something you would want to save money with. Definitely nice to have a bit interest on your everyday account, but not something to put your life savings into.

New-Red-Kangaroo-547083392

It was before 0.27% and now is 0.09% then this is getting worst

New-Grey-Dragon-914458118

Is it possible to save 500 euros in bunq bank and get interest after a year

pbruins84

Oman Gyan No, you get interest every month.

JeanJeannie

In the new savings plan what is the limit on deposit and can a sepa transfer in be done? Also what withdrawals limits are there? I am unverified until I move later this month so questions are related to being unverified. Thanks.

Jakob-Y

Jean As long as you're not a verified user, you will have very low limits regardless of what plan you're using; bunq doesn't specify them exactly. Take a look at this article: https://together.bunq.com/d/30060

Answers for after you get fully verified:

what is the limit on deposit

No limits. But you only get interest for the first 10k and if you deposit more than 100k you will have to pay the safekeeping fee. Exactly like in all the other plans.

can a sepa transfer in be done

Yes. You can make outgoing SEPA transfers. But there is a monthly limit of three withdrawals, and the account is not to be used as a regular bank account.

what withdrawals limits are there?

No limits.

More info: https://together.bunq.com/d/48138-easy-savings-faq/6

JeanJeannie

Thank you