What's a Savings Account and how do I create one?

Elise

Hey bunqers 🌈

Did you know that with a bunq Savings Account, you have the freedom to manage your savings your way?

You can add funds to your Savings Account anytime you like, and if you need to, you can withdraw all or part of your savings up to twice a month. Plus, with our handy AutoSave feature, you can automate your savings and watch your money grow effortlessly. Let's make saving easy together 🚀

Further information about the MassInterest you can earn and how it works can be found here.

How can I create a Savings Account?

Go to the 🏠 Home tab
Tap on 🟣 + Add
Tap on 🟢 + Add Bank Account
Choose 🔵 Savings Account
Personalize it
Done

Important note: Keep in mind that the limit of 2 monthly withdrawals applies to all of your Savings Accounts. You have 2 monthly withdrawals for your Personal Savings Accounts and 2 separate for your Business Savings Accounts in total. This withdrawal limit applies to all bunq plans.
Only internal transfers between your Personal Savings Accounts don’t count towards the monthly limit.
The limit is automatically reset at every 1st of the month (01:00am CET).
You can see more about this in the “Good to Know” section below ⬇️

How do I transfer money to my Savings Account?

You can send a payment to your savings account whenever you wish. To see how to manually send funds, check out the steps below:

Go to Home tab
Tap on your Savings Account
Tap on Add money
Select your payment method and amount
Done 👍

How do I set a Saving Goal?

If you want to set a Saving Goal for your Savings Account and track your progress, follow these easy steps:

Click on Savings Account
Select Savings Account Settings (⚙️)
Select Saving Goal
Select amount
Done!

Once you've reached your goal: You will receive a new event in the Events section. Every time you reach your Saving Goal we'll send you an email to congratulate you on job well done 🙌

How do I create a Savings Account in bunq Web?

In order to create a Savings Account just follow these easy steps:

Go to https://web.bunq.com
Click on + Add Bank Account
Select Save for a specific goal

What MassInterest am I earning?

Personal Accounts [Changes Effective as of July 19, 2024]

Your threshold amount for receiving bonus interest is the highest savings balance reached between January 1, 2024 and June 30, 2024. From July 1, 2024 to December 31, 2024, you accrue a base interest rate of 2.01%* on your savings balance up to this threshold amount. Any balance exceeding this threshold amount earns a bonus interest rate.

For 🇪🇺 EEA Residents who signed up for bunq on/after July 1, 2024
- You didn’t have any savings balance between January 1, 2024 and June 30, 2024 so your threshold will be 0. Therefore, you’ll receive a variable bonus interest rate (currently 3.36%*) on all your savings up to €100,000 until December 31, 2024
For 🇪🇺 EEA Residents who signed up to bunq before July 1, 2024
- The highest savings balance that you reached between January 1, 2024 and June 30, 2024 determines your threshold amount.
- Between July 1, 2024 and December 31, 2024:
- You’ll get an annual variable base interest of 2.01%* up to your threshold amount
- You’ll get an annual variable bonus rate (currently 3.36%*) on any additional funds deposited between July 1, 2024 and December 31, 2024 that are above your threshold amount.

The system will automatically reset itself on January 1, 2025: your threshold amount will then be recalculated to become the highest savings balance you reached between July 1, 2024 and December 31, 2024. Then, between January 1, 2025 and June 30, 2025, you’ll earn the base interest rate up to your new threshold and the bonus rate on balances over the threshold amount.

*The base rate and the bonus rate may be subject to change before December 31, 2024.

For 🇺🇸USD and 🇬🇧GBP Savings Accounts:

Annual variable rate of 3.71%

Business Accounts

For 🇪🇺 All EEA Residents:

Annual variable rate of 1.05%

For 🇺🇸 USD and 🇬🇧 GBP Savings Accounts:

Annual variable rate of 2.3%

Further information can be found here.

How do I close my Savings Account?

To close your Savings Account, you can follow the steps mentioned here.

Good to know

You receive interest accrued only over balances on Savings Account(s).
You’ll be able to withdraw funds maximum twice per calendar month from all your Savings Accounts (no limit on withdrawal amount).
There are no fees for withdrawing from your savings account.
Internal transfers between your Personal Savings Accounts don't count towards the monthly limit.
Keep in mind that automated payments which you've set up from your Savings Accounts do count towards the limit.
Transfers between your Savings Accounts and your regular Bank Accounts count towards the limit.
Withdrawals from any Joint Savings Account count towards your monthly withdrawal limit
Your withdrawal limit is automatically reset at every 1st of the month (01:00am CET)
Want to do a partial withdrawal from your Savings Account? Simply follow the steps explained here
The Savings Account isn't a regular bank account for payments (including iDEAL, SWIFT, and Bancontact payments). In such case you can create a Bank Account and use its monetary benefits