What’s MassInterest and how does it work?

Elise

Hey bunqers 🌈

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.

By using Freedom of Choice you can decide what happens with your money, while MassInterest shares the returns with you! Further information on Freedom of Choice can be found here.

What’s bunq’s MassInterest?

With an interest rate higher than traditional banks, you'll receive an annual interest of 1.56% (2.46% for 🇳🇱 Dutch and 🇮🇪 Irish residents) for Personal Savings Accounts, 3.85% for the first 4 months after signup of 🇩🇪German residents and 1.56% thereafter, and 1.05% on your Business capital 🚀

Now, you can easily save in multiple currencies with bunq, and earn a massive 3.71% interest for Personal accounts and 2.3% for Business ones both USD and GBP. Further information can be found here.

How does MassInterest work?

bunq MassInterest is applicable up to €100.000 / $100,000 / £100,000 for Easy Savings, Easy Bank, Easy Money and Easy Green 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 by the €100.000 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Funds can be withdrawn 2 times per calendar month per currency.

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 🙌