N26 Launch Savings Account Paying 2.80% to 4.00% less fees

[Knuttell]

Digital bank N26 puts it up to Irish banks with instant access savings account paying 4pc

Digital bank N26 puts it up to Irish banks with instant access savings account paying 4pc

Digital bank N26 has launched a savings account that will see Irish customers getting rates as high as 4pc with instant access to their money.

www.independent.ie

 

[Páid]

Are the prices for the various accounts wrong in that article?

According to the app (at least for me) the prices per month are;

Smart €3.90
You €7.90
Metal €13.50

 

[newirishman]

Saw that and immediately closed my 2pc and less BOI regular and normal saving accounts. Only thing left now w Irish banks (apart from BOI current account) is a 3pc regular saver w BOI.
They clearly don't want our savings, so good riddance.

 

[newirishman]

Are the prices for the various accounts wrong in that article?

According to the app (at least for me) the prices per month are;

Smart €3.90
You €7.90
Metal €13.50

I am being charged 5.90 p month for a you account.

 

[tax_moron]

Related to what we get in Ireland: https://n26.com/en-eu/savings-account

Grow your savings with 4%* interest rate p.a. with Metal and 2.8%* p.a. with other N26 memberships

Moving my mortgage savings there right now at 2.8%, on their freemium account btw.

 

[Knuttell]

Its a hell of a lot more secure than Bunq, doest seem to be much in the way of 2 step authentication there

 

[ashambles]

No deposit limit for people willing and able to risk having more than the DGS in one bank/fintech.

 

[Freelance]

Are the prices for the various accounts wrong in that article?

According to the app (at least for me) the prices per month are;

Smart €3.90
You €7.90
Metal €13.50

App showing these prices for me also.

But N26.com showing:

Smart €4.90
You €9.90
Metal €16.90

Strange

 

[Freelance]

Digital bank N26 puts it up to Irish banks with instant access savings account paying 4pc

The 4% offering is only available if you pay €16.90 per month for a Metal Account
The rate is 2.8% for all other accounts: Standard (free), Smart (€4.90 monthly) and You (€9.90 monthly)

 

[shweeney]

the basic account is free - I've just setup the savings account an deposited some money.

 

[tax_moron]

The savings are based off if you pay annually, biannually, or monthly, via their app for e.g. their most expensive plan (metal):

Metal Plan
Pay Annually: €13.50 /month (total €162.20 ?? weird /12 months)
Pay Biannually: €16.10 /month (total €96.30 /6 months)
Pay Monthly: €16.90 /month

 

[tax_moron]

The 4% offering is only available if you pay €16.90 per month for a Metal Account
The rate is 2.8% for all other accounts: Standard (free), Smart (€4.90 monthly) and You (€9.90 monthly)

In my case, it's actually worth paying the €13.50 /month for the metal plan to get the 4% for my house deposit (house won't be ready till end of the year). So after 5 months, I will be up money by paying for the metal card, after DIRT and PRSI - for the entire year - so I can pull out my savings then and still be up.

 

[Freelance]

The savings are based off if you pay annually, biannually, or monthly, via their app for e.g. their most expensive plan (metal):

Metal Plan
Pay Annually: €13.50 /month (total €162.20 ?? weird /12 months)
Pay Biannually: €16.10 /month (total €96.30 /6 months)
Pay Monthly: €16.90 /month

Thanks. Interesting that they don't make that very clear, and advertise the cheapest monthly rate without making it clear that this is based on an annual up front payment.

 

[IrishHusk]

Very easy to setup from within the app. After a few minutes the funds I had sitting in a space is now earning 2.8%.

 

[Freelance]

Agreed. Very straight forward to set up for existing clients.

It is created as a "space" which is a form of sub account. However it does get a separate IBAN.

 

[Connard]

Does any one want to do the math on how much money you need to have saved there for it to make sense to pay extra for the Smart/You/Metal account to get more interest

 

[tax_moron]

Does any one want to do the math on how much money you need to have saved there for it to make sense to pay extra for the Smart/You/Metal account to get more interest

This is a copy of what I used to calculate my situation:

Askaboutmoney copy of N26 DIRT & PRSI Calculator

Sheet1 Deposit Amount,Interest rate,Interest per month,DIRT @ 33%,PRSI @ 4%,Net,N26 Plan,After N26 Plan €65,000.00,0.04,€216.67,€71.50,€8.67,€136.50,€13.50,€123.00,N26 metal for 12 months @ €13.50 /month,€162.00 €65,000.00,0.028,€151.67,€50.05,€6.07,€95.55,€0.00,€95.55,Net metal interest for 5 ...

docs.google.com

So for me, it's profitable after 5 months when purchasing the metal plan for the year with €65k sitting in it.

FYI the metal plan is the only one with increased interest rates at 4% - all others including the free one is 2.8%

 

[tax_moron]

To follow up, it becomes profitable to have the metal plan if you have €22k or more (for an entire year - not accounting for compounding)

Askabout Money - Metal Profitability

Sheet1 Deposit Amount,2.8 Interest,2.8 DIRT @ 33%,2.8 PRSI @ 4%,2.8 Fee,2.8 Net,4.0 Interest,4.0 DIRT @ 33%,4.0 PRSI @ 4%,4.0 Fee,4.0 Net,4.0 Profitable,Worth Metal? €1,000.00,€28.00,€9.24,€1.12,€0.00,€17.64,€40.00,€13.20,€1.60,€162.20,-€137.00 €2,000.00,€56.00,€18.48,€2.24,€0.00,€35.28,€80.00,€...

docs.google.com

 

[messyleo]

Plus nice bonus of free travel insurance and mobile insurance in your first 2 years of owning the phone. Anyone any insight on the other unlisted special offers?

 

[tax_moron]

Plus nice bonus of free travel insurance and mobile insurance in your first 2 years of owning the phone. Anyone any insight on the other unlisted special offers?

Nothing else worth writing home about IMO. Can't screenshot their app or website when logged in but its perks like 4% off booking.com, 74% off Nord VPN and other pretty useless 'perks' tbh.