Hey bunqers 🌈
As you know, with bunq MassInterest you receive an interest rate higher than traditional banks:
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 and June 30, 2024. From July 1 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 and June 30, 2024 so your threshold will be 0. Therefore, you'll get an annual variable bonus rate of 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 and June 30, 2024 determines your threshold amount.
- Between July 1, 2024 and December 31, 2024:
- You'll get an annual variable base rate of 2.01%* up to your threshold amount
- You'll get an annual variable bonus rate of 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: You'll get an annual variable rate of 3.01%
Business Accounts
- For 🇪🇺 All EEA Residents: You'll get an annual variable rate of 1.05%
- For 🇺🇸 USD and 🇬🇧 GBP Savings Accounts: You'll get an annual variable rate of 2.3%
Wondering how it’s calculated and how you can foresee your annual MassInterest Rate? Learn more below.
How do we calculate MassInterest?
We've divided the year into two time periods: January-June and July-December. EEA residents (except for the promotion periods) earn 2.01%* interest up to your highest savings balance from January 1, 2024 till June 30, 2024 and 3.36%* interest from July 1, 2024 till December 31, 2024.
We take the interest rate, divide it by the number of days in the year, to get a daily interest rate (a leap year has 366 days). Then your interest is calculated every day at 23:59 CET and this is what happens:
- We start by taking all the Savings Accounts you have per currency;
- We take the balances of all accounts;
- We get all the payments made and received during the day;
- If you have a Joint Savings Account (fully, legally shared between multiple people), we divide the balance of the account equally by the number of owners;
- In a leap year, you'll get a lower interest rate because it has 366 days.
Afterwards, you’ll receive your weekly interest (calculated based on the lowest balance you have in your Savings Account everyday) on your weekly Payday. Further information on how to find it can be seen here.
In case of a disabled Payday toggle, you won’t receive MassInterest.
In case of a negative balance in any of your Bank Accounts, we sum up the total balance of your account. If the total balance of your account is negative, the interest balance is zero for each day until resolved.
If you don’t have enough balance in your Savings Account to generate €0.01, MassInterest won’t be received.
How do I calculate MassInterest for a Personal Account?
The 2.01%* and 3.36%*(depending on the yearly time period), 3.01% (for Multi-Currency Personal Savings Accounts), 2.3% (for Multi-Currency Business Savings Accounts), and 1.05% (for Business accounts) interest rates are annual ones.
🇪🇺 If you're a resident in an European country [Changes Effective as of July 1, 2024]
Your threshold amount 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 on your savings balance up to your threshold amount. Any balance exceeding this threshold amount earns a bonus interest rate.
The system will automatically reset itself on January 1, 2025. Whereby, your threshold amount will 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.
If you’ve signed up before July 1, 2024
You get * 2.01% MassInterest on Savings Account on your highest Personal Savings Account balance from January 1, 2024 until June 30, 2024
Between January and June 2024 the highest savings balance you had was €5000 - this means that you’ll receive *2.01% on €5000 until the end of December 2024. This is €100.5 annual accumulation.
The interest you earn will be calculated and accrued daily but paid out weekly. This means that your daily interest is €100.5 / 366 (days in a leap year) = €0.27459, which would make your weekly interest 7 x €0.27459 = €1.92 weekly.
You get *3.36% MassInterest on Savings Account on your highest Personal Savings Account balance from July 1, 2024 to December 31, 2024
In July you add an extra €2000 on top of your highest savings balance you had between January and June. This means that you’ll receive a bonus *3.36% interest on these extra €2000. If you decide to keep the extra €2000 until the end of the time period (December), you’ll receive €67.2 annual interest.
The bonus interest you earn will be calculated and accrued daily but paid out as part of your weekly bunq Payday as well. This means that your bonus interest is €67,2 / 366 (days in a leap year) = €0.18361, which would make your weekly bonus interest 7x€0.18361 = €1.29 weekly.
In total, your interest rate will be €1.92 regular interest + €1.29 bonus interest = €3.21 weekly interest
*The base rate and the bonus rate may be subject to change before December 31, 2024.
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If you’re saving in 🇺🇸 USD and 🇬🇧 GBP from a Personal accounts
Users who save in 🇺🇸 USD and 🇬🇧 GBP in their Personal accounts get 3.01% MassInterest. If you have $/￡100,000 in your bunq Savings Account every day, you’ll get $/￡3,710 per year. The interest you earn will be calculated and accrued daily but paid out weekly. This makes $/￡3,710 / 365 = €10.16 per day. Thus, you’ll earn €10.16 x 7 days = €71.12 per week.
How do I calculate MassInterest for a Business Account?
The 1.05% interest rate is an annual interest rate for your Business Savings Account.
- The 1.05% interest rate is an annual interest rate for your Business Savings Account. When you have €100.000 on your bunq Savings Account every day, then you get €1050 per year.
- The day in which you will be paid your interest can be seen in your Payday.
The interest you earn will be calculated and accrued daily but paid out weekly. This makes €1,050 / 365 = €2.87 per day. Thus, you’ll earn €2.87 x 7 days = €20.09 per week.
If you’re saving in 🇺🇸 USD and 🇬🇧 GBP from a Business accounts
Users who save in 🇺🇸 USD and 🇬🇧 GBP in their Business accounts get 2.3% MassInterest. If you have $/￡100,000 on your bunq Savings Account every day, then you get $/￡2,300 per year. The interest you earn will be calculated and accrued daily but paid out weekly. This makes €2,300 / 365 = €6.30 per day. Thus, you’ll earn €6.30 x 7 days = €44.1 per week.
How do I calculate MassInterest for Joint Savings Account [part of Personal Account]?
Every member is receiving the interest rate which applies to them as per country and Savings Account currency for an equally divided part of the total amount from all funds in the Joint Savings Account.
If your Joint Savings Account receives a weekly interest rate of €100 and you co-own it with one more friend you'll each receive interest for €50 each (the interest earned on your Joint Savings Account divided by two).
Keep in mind that for your individual Personal Account you can receive MassInterest up to €100,000. This limit covers your Personal Savings Account/s as well as your Joint Savings Account/s.
What’s the minimum amount I need to have in my Savings Account?
🇪🇺 If you're from an European country
To earn MassInterest on your Payday, you need to have accrued more than €0.005 in total interest by then. This means you need to have earned at least €0.00073 in daily interest over 7 days (calculated as €0.0051 ÷ 7 = €0.00073).
With an annual interest rate of *2.01%, the daily interest rate is 0.00549% (calculated as 2.01% ÷ 366 days).
To find the minimum deposit required to meet the daily interest goal, divide the daily interest requirement by the daily interest rate: 0.00073 ÷ 0.00549% = €13.27
For simplicity, we recommend rounding up and maintaining at least 14 EUR in savings to ensure you receive an interest payout on your Payday.
*The base rate and the bonus rate may be subject to change before December 31, 2024.
If you’re saving in 🇺🇸 USD and 🇬🇧 GBP from a Personal accounts
To earn MassInterest on your Payday, you need to have accrued more than $/£0.005 in total interest by then. This means you need to earn at least $/£0.00073 in daily interest over 7 days (calculated as $/£0.0051 ÷ 7 = $/£0.00073).
With an annual interest rate of 3.01%, the daily interest rate is 0.00823% (calculated as 3.01% ÷ 366 days).
To find the minimum deposit required to meet the daily interest goal, divide the daily interest requirement by the daily interest rate: $/£0.00073 ÷ 0.00823% = $/£8.87
For simplicity, we recommend rounding up and maintaining at least $/£9 in savings to ensure you receive an interest payout on your Payday.
If you’re saving in 🇺🇸 USD and 🇬🇧 GBP from a Business accounts
To earn MassInterest on your Payday, you need to accrue more than $/￡0.0050 in total interest by then, which means earning at least $/￡0.00073 in daily interest over 7 days (calculated as $/￡0.00073 × 7 = $/￡0.0050).
With an annual interest rate of 2.3%, the daily interest rate is 0.00628% (calculated as 2.3% ÷ 366 days).
To find the minimum deposit required to meet the daily interest goal, divide the daily interest requirement by the daily interest rate: $/￡0.00073 ÷ 0.00628% = $/￡11.63.
For simplicity, we recommend rounding up and maintaining at least $/￡12 in savings to ensure you receive an interest payout on your Payday.
🇪🇺 If you're from any other European country and saving from a Business account
To earn MassInterest on your Payday, you need to accrue more than €0.0050 in total interest by then, which means earning at least €0.00073 in daily interest over 7 days (calculated as €0.00073 × 7 = €0.0050).
With an annual interest rate of 1.05%, the daily interest rate is 0.00287% (calculated as 1.05% ÷ 366 days).
To find the minimum deposit required to meet the daily interest goal, divide the daily interest requirement by the daily interest rate: €0.00073 ÷ 0.00287% = €25.44.
For simplicity, we recommend rounding up and maintaining at least 26 EUR in savings to ensure you receive an interest payout on your Payday.
How can I change my payout Bank Account?
You can only change your payout Bank Account to one of the same currency as your Payday earnings. To do so, follow the steps mentioned below:
- Go to 👤 Profile
- Scroll down and tap “bunq Payday”
- Tap “Paid to” and select the desired Bank Account
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