At bunq, we value freedom of choice. Taking your feedback into account, we want to give you both financial freedom and the highest possible interest rate.
To satisfy both needs, we're excited to introduce Freedom of Choice and bunq MassInterest. With Freedom of Choice you can decide what happens with your money, while MassInterest shares the returns with you!
🚨 Important note: As of October 1, 2022, you'll earn 3 times more interest than before, and 27 times more interest than you would at a traditional bank! Learn more about these exciting news here
What you need to know about bunq MassInterest:
With an interest rate 9x higher than traditional banks, you'll receive an annual interest of 0.09% no matter which investment option you choose!
Keep in mind that our MassInterest feature is currently available only for EUR accounts. Multicurrency accounts are not part of MassInterest: there won't be any interest paid out on those accounts, nor will they be used to calculate the combined deposit of the user to pay out MassInterest.
- bunq MassInterest applies to the first €10.000 for Easy Savings, Easy Bank, Easy Money and Easy Green users.
- This applies to all of your sub-accounts, not just savings accounts.
- You’re always covered by the €100.000 Deposit Guarantee Scheme, no matter what.
- Find the total of money you saved thanks to MassInterest under the Profile tab > Money saved
- You will receive interest on your bunq account on the 1st of every month.
- The interest is calculated every day at 11:59 CET. It's based on your lowest balance you had that day
- In case of a negative balance in any of your sub-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 want to receive interest, you can return the funds to our internal account - NL60BUNQ2025106009. Once done, make sure to disable the feature
- If you have a Joint Account and you've disabled your MassInterest on your side, you can still receive it, if the other legal owner of the account has enabled the feature on their side and doesn't have any active sub-accounts where the MassInterest can go.
How is MassInterest calculated?
- The 0.09% interest rate is an annual interest rate. When you have €10.000 on your bunq account every day, then you get €9 per year.
- The interest you earn will be paid out at the beginning of each month. Since the interest is paid out monthly, if you have at least €10.000 on your bunq account every day, then you get €9/12 = €0.75 per month
- The cap of €10.000 is per plan. This means that in a Pack, you split the cap of €10.000 over the number of members of the pack. If you’re in a pack with four people you will receive 0,09% on up to €2.500 each.
- The amount of money over which you will get interest is calculated every day at 23:59. It's based on the lowest balance you had that day.
- The balance of a Joint account is split between the owners. So if you have a joint account with one other person, half the balance counts towards your account and the other half towards the other user.
- Users who have a Joint sub-account can choose the sub-account where they receive their interest. You can do this matter when you go to the Freedom of Choice settings (you can check where to find them here). By default, the sub-account where you receive your interest is your Main one, but worry not - you can always change it trough the Freedom of Choice settings, the process is explained below.
- Keep in mind that your interest it’s not calculated on the accumulated interest of the previous periods.
🚨 Important note: Keep in mind that as of October 1, 2022, we’re raising MassInterest from 0.09% to 0.27%! Learn more here
How to select the sub-account for MassInterest earnings?
- Go to Profile tab
- Tap on ⚙️ in the right corner of your screen
- Choose Freedom of choice
- Tap Receive on
- Choose the sub-account.
How do I disable MassInterest?
- Go to Profile tab
- Tap on Settings
- Tap on Freedom of choice
- Disable interest
Reporting Interest to Tax Authorities
As a Dutch bank, we report to the Dutch tax authorities. Based on the Common Reporting Standard, the tax authorities of Member States of the European Union cooperate with each other so the Dutch tax authorities also communicate with the German tax authorities.
This however doesn't mean that the you shouldn't report your earned interest in your tax reports. You should still make sure that the interest is reported correctly to the local tax authorities 🙌
Want to learn more?
Explore more bunq knowledge here. 🌈