What is a Joint Savings Account and how do I create one?

Elise

Hey bunqers 🌈

With a Joint Savings Account, you can easily save together with your friends, family or partners and receive a high MassInterest rate.

How do I create a Joint Account?

Go to the 🏠 Home tab
Tap on 🟣 +Add
Tap on 🟢 Add Bank Account
Tap on Joint Savings Account
Select Partner(s)
Personalize your account
Done! ✅

Who can create a Joint Savings Account?

This feature is available for bunq Core, Pro, and Elite!

bunq Free users can join an unlimited number of Joint Savings Accounts but can't create them. These Joint Savings Accounts don't count toward the 3 Bank Account limit of the bunq Free plan.

How does MassInterest work with my Joint Savings Account?

The MassInterest for your Joint Savings Account is calculated by dividing the balance of the account by the number of owners, since it's legally equally divided between all owners. The interest earned will be paid out in the individual billing sub-accounts of both owners. Further information about the calculation and payout of MassInterest can be found here.

For example: If you and a friend have a Joint Savings Account with €10.000, you'll each receive interest for €5.000 each (the total balance of 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.

How do I close a Joint Savings Account?

In order to close your Joint Savings Account follow these easy steps:

Go to Home
Tap on the Joint Savings Account you want to close
Withdraw all remaining balance
Once done ➡️ Tap on ⚙️ (Settings)
Tap on Close Bank Account
Done ✅

Keep in mind that before closing your Joint Savings Account, you should withdraw all remaining balance. Since automatic fund division isn't currently available - you should divide the balance between you and the rest of the owners once you've withdrawn the remaining balance.

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 2.16%* 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 for 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 2.16%* up to your threshold amount
- You’ll get an annual variable bonus rate (currently 3.36%*) on any additional amount 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 🇳🇱 Dutch and 🇮🇪 Irish Resident

If you’re a 🇳🇱 Dutch or 🇮🇪 Irish resident and signed up on/after May 27, 2024 but before July 3, 2024, you’ll continue receiving a fixed 2.46% (annual rate) for your first 3 months. Once your promotional period is over, your rates will change to the ones mentioned above. Your threshold will be based on the highest savings balance that you reached between January 1 and June 30, 2024.

For 🇩🇪 German Residents:

New users who signed up between June 24 and July 18, 2024:
- 3.76% during the first 4 months
- An annual variable base rate of 2.16%* and an annual variable bonus rate of 3.36%*. For more info tap here
New users who signed up between May 7 and June 23, 2024:
- 4.01% during the first 4 months
- An annual variable base rate of 2.16%* and an annual variable bonus rate of 3.36%*. For more info tap here
New users who signed up between March 12 and May 6, 2024:
- 3.50% during the first 4 months
- An annual variable base rate of 2.16%* and an annual variable bonus rate of 3.36%*. For more info tap here

*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.

Can I create a Joint Savings Account with a user who doesn't have a bunq account yet?

Want to create a Joint Savings Account with a user who doesn't have a bunq account yet? Simply invite them when you create the Joint Savings Account by choosing their contact (phone number or email) in the contact list as a partner. You'll send an automatic invite to your friend so that they can join bunq, sign up and start saving with you right away!

How can I turn a Joint Savings Account into a Joint Account?

If you experience any difficulties withdrawing money from your Joint Savings Account or you want faster access to your savings - you can convert one of your Joint Savings Accounts into a regular Joint Account! It's easy - once per calendar month you have the possibility to turn a Joint Savings Accounts into a Joint Account and manage it as explained here.

How? Simply follow these steps:

Go to Home
Select the Joint Savings Account you want to convert
Tap on ⚙️ Setting
Select ‘Convert to Joint Account’
Confirm

Want to convert your Personal Savings Account into a regular sub-account? See how here

Good to know

Regardless of their individual plans, all bunq users can enjoy the convenience of sharing a Joint Savings account since the feature is available for all plans.
Withdrawals from any Joint Savings Account count towards your limit of 2 savings withdrawals per calendar month.
Keep in mind that Deposit Guarantee Scheme up to €100.000 is in place for each individual bunq user. The balance in your Joint Savings Account are divided equally by the number of owners and accordingly protected by the Deposit Guarantee Scheme for your Personal Account.
You can't add new people after the Joint Savings Account was created.
A Joint Savings Account is owned by all the users who accepted the invite, just like with a Joint Account.
If not everyone has accepted their invite yet, you can easily check who’s participation is still pending: in the app, you select the Joint Savings Account > Co-owner > See who is still ‘waiting on response’.