Hey bunqers 🌈
You can count on us to always give you the best possible interest on your savings. Although the European Central Bank has lowered interest rates recently, we are now introducing a bonus interest rate of 3.36%* to reward extra savings.
What’s bunq’s MassInterest?
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, 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 3.01%
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 does MassInterest work?
bunq MassInterest is applicable up to €100.000 / $100,000 / £100,000 for bunq Free, Core, Pro, and Elite users and applies to all Savings Accounts. Also keep in mind:
- There’s no penalty or negative interest for amounts above €100.000 / $100,000 / £100.000. However, you won’t earn interest on deposits above the maximum cap. Thus, if you have €200.000 / $200,000 / £200.000 in your Savings Account, you’ll receive an interest rate as if you have €100.000 / $100,000 / £100.000. The limit applies to each currency individually. Thus, if you have €100.000 in your Euro Savings Account, you can still earn interest in your Multi-currency Savings Accounts and the other way around.
- Euro Savings Accounts are always covered up to €100.000 by the Deposit Guarantee Scheme, no matter what. However, this doesn’t apply to non-Euro Savings Accounts, because the deposits are held by Currencycloud.
- MassInterest is also applicable for all Savings Accounts owned by minors!
- Funds can be withdrawn maximum 2 times per calendar month per currency.
- There are no fees for withdrawing from your savings account.
- MassInterest earnings are paid out on a weekly basis based on your Payday.
- MassInterest earnings are calculated mid-year basis, with two periods: January-June and July-December. You'll earn 2.01%* interest up to your highest savings balance from the first period during 2024, and any additional funds in the second period will earn 3.36%* interest. The next year, you’ll earn interest up to the highest savings balance you had from July to December. Any funds you add on top of that before June 30, will then earn you bonus interest.
Example 1:
- Between January and June 2024, your highest savings balance was €5,000. You'll earn 2.01%* on funds up to €5,000 until the end of December 2024. This equals €100.5 annually in earned interest.
Interest is calculated daily and paid out weekly. Daily interest is €100.5 / 366 (leap year days) = €0.27459. Weekly interest is 7 x €0.27459 = €1.92.
- In July, you add an extra €2,000 to your savings (Now in total €7,000). This extra €2,000 earns 3.36%* interest. Keeping the extra €2,000 until December earns you €33.60 semi-annually in interest.
This bonus interest is also calculated daily and paid out weekly. Daily bonus interest is €67.20 / 366 = €0.18361. Weekly bonus interest is 7 x €0.18361 = €1.29.
In total, you'll earn €1.92 in regular interest + €1.29 in bonus interest = €3.21 weekly interest.
*The base rate and the bonus rate may be subject to change before December 31, 2024.
Example 2
- Between January 1, 2024 and June 30, 2024, your highest savings balance was €10,000. Your threshold is therefore €10,000.
If you took out €9,500 from your savings account, before June 30, 2024 so that only €500 remained, the threshold as per 1 July, 2024 is still EUR €10,000
If you add EUR €9,500 on July 2, 2024, making a total savings of €10,000, you only receive the base rate of 2.01%* interest (because the threshold is still €10,000). Only for amounts added on or after July 1, 2024 that make a total savings amount over €10,000, would you receive the bonus interest rate of 3.36%*.
*The base rate and the bonus rate may be subject to change before December 31, 2024.
Want to see how MassInterest applies to you?
How can I see my total MassInterest earnings?
You can easily review your total MassInterest earnings by following the steps below:
- Go to 🏠 Home
- Tap on your Savings Account
- Tap on the Interest Rate bubble on the left
What if I don’t want to receive MassInterest?
If you don’t want to receive MassInterest on your account, you can simply disable your Payday toggle by following the steps mentioned here. Keep in mind that by disabling the Payday toggle, you’ll also stop receiving Cashback.
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 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 🙌
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