• Update: choose what happens with your money

Hi everyone!

Today I’m very excited to introduce a world’s first.

As you all know, freedom of choice is very important to us. Starting today, you can choose what happens with your money!

Lately we’ve heard your call on Together to do something with your funds. There is no other bank in the world that lets you control where your money goes. That’s why I’m very excited to say that as of now that choice is up to you. All with the flip of a switch.

We started by building a list of preferences in the app. Currently this list is set by default to storing your money at the European Central Bank. As time progresses, we’ll add more options to the list based on your feedback.

Regardless of what options we will add, you'll always be covered by the €100.000 Deposit Guarantee Scheme.

We’d love to hear your suggestions!

Cheers,

Ali

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    Check out a behind the scenes, sneak peek of how we did this decision here!

      Good morning @Ali#39357 🙌,
      This is truly a feature unlike any other 😍, I can’t wait to see what other options will be added :) And thanks for building something awesome and unique like this 😍 You truly made my day.

      #bunqLove

      Best wishes,
      Timo

        @Ali#39357 I think this is a great idea, as long as you keep the “store at ECB” option the default. I would love to have the money be used for green, sustainable initiatives. How this would work, I do not know, but I think you can think of options :).

          Hi 👋🏼 Ali and team,

          What a very very cool and unique feature! Especially because the user is still in full control! Truly a bank of the Free feature! Well, done.

          I'm just wondering some things...
          - are you guys outsourcing this part or will you guys do the investments (and the riskmanagement) yourselfs?
          - it leads to the inevitable, what's in it for the user because investments is on of the reasons why other bank a cheaper. Personally I don't expect to get anything in return if my investment could benefit the world in some way.

          I will dig in some funds I would like. Environmental or medical research related funds comes into mind.

          To wrap it up: extremely cool feature ;)

            Maybe I missed something, but what are the other options? Or is any option fine as long it is storing at ECB? 😊

              This is really cool!

              Hopefully the ECB will increase there interest rates soon so bunq can invest that money in the future instead of paying millions to the ECB....

                Thanks, this is why I will be your customer. 👍

                  @JohnDo#39394 Hey Ali and bunq-Team, hi John,
                  first things first: I like the idea and it is truly unique - great job!
                  However, John's questions also came to my ming when I read this. Why should a user decide to invest his/her money if it could also be safely stored in the ECB (unless it would lower (monthly) costs) ?
                  Looking forward to seeing future options! :-)

                    Isn’t a crowdfunding platform not a typical bunq thing?

                    Back in the days you would bring your money to a bank, and they would lend it to starting businesses etc who needed it. In return you would get rent.

                    Nowadays, that system has completely changed, for the worst.

                    I would really love it if bunq could do something like crowdfunding.

                    If a business wants a loan, they sign up and bunq indexes them A-D for example, based on the risk.
                    Users then can chose what risk profile they want their money to be invested in.

                    They can always see where they money is used for (transparent) and you can actually help out a business with your savings, and getting something in return. Very healthy!

                      @JohnDo#39394 +1

                      This is why I love bunq, having freedom and listening to the community. Good job bunqers and bunqerettes!

                        Great feature, was expecting some kind of investing some day. This is a great alternative, as long as ECB will stay default of course.

                        Sustainable (Green) Investments would have my preference. Let's see which options will see the daylight. And I support @JohnDo his post, though I don't specifically expect anything in return personally. 🌈

                          Hi all!

                          This is an AWESOME new feature! Just let the user decide what happens with his/hers money! I hope the 'store money with ECB' option will be one of the options?

                          I will certainly come up with some funds I would love you guys to support.

                            I hope that the option: “store in bitcoin” will be available in the future!

                              As for now to me I t’s still a vague idea and I must say I was proud of the original statement to not invest money at all. I used to promote clean banking with bunq. Now it seems like bunq becomes one of those bank promising to only invest money in what they think is a right choice. But I understand we will have a togglelist to keep money at ECB.
                              Just have to see how things will be implemented. How much choice we as bunqers have in deciding where to invest, and how transparent results are presented back. But... I think bunq will come up with a creative and interesting way to bring this switch in thinking about using our money. Might even start to like it when things get clear later on.

                                I really like how this makes both me (who likes the no nonsense strategy that was the only option until now) and people that want to do more with money happy. Choice (!with sane defaults and without everything in your face!) is always good, it's like the KDE/Plasma vs. Gnome discussion, KDE is highly tweakable and fexible but beautiful and simple by default, while Gnome (although beautiful as well) keeps removing features in the name of simplicity. I'm thoroughly on the KDE boat.

                                I will be checking this out.

                                Edit I don't see this yet in my app and there are no updates (Android) will it be a #9 feature?

                                  What a wonderful idea! This is now not just a user experience thing, but a mind thing. It goes even deeper...

                                    Hi @ali and team. I think it's a great feature. However, my first question would be: when I select anything else besides ECB, who bears the risk? Normally investing comes with a risk, you can make some profit but when the stock goes down (or the country that you lend your money to goes into default) then you can loose your money.

                                    Up until now my money was guaranteed. Any financial risk would be bunq's risk. However, what happens when I choose to put my money in some nice green fund and this fund goes down... or bankrupt?

                                    In other words: are the other options (besides ECB) going to be true investment options from a end-user perspective or is this just bunq investing with some advice from the customer? In the latter, the potential gain and especially the losses would be purely for bunq, not for the customer, right?

                                      @Freek#39412 It’s part of the update released today! 🎉

                                      If you don’t see an update in the Play store now, you should see it shortly.

                                      Sometimes the Play and App Stores can take a while to roll out a new update to everyone 🕰