N26 Launch Savings Account Paying 1.70% to 3.00% less fees

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)
This is really helpful thanks!

With expectations that interest rates will reduce this year, would you guess it's foreseeable that N26's 4% interest saving rate also reduces and so the breakeven figure for the metal account will also increase?
 
This is really helpful thanks!

With expectations that interest rates will reduce this year, would you guess it's foreseeable that N26's 4% interest saving rate also reduces and so the breakeven figure for the metal account will also increase?
I'm definitely no expert but I tend to believe the ECB lags a bit behind the US Fed when it comes to interest rates. The Fed don't seem to be making any moves as of yet and are pushing back slightly due to higher than expected inflation data.

But in theory yeah, N26 can alter their rates whenever they please really, but doing so wouldn't be the best PR move for obvious reasons, especially so quickly after releasing a new product such as this.
 
This is really helpful thanks!

With expectations that interest rates will reduce this year, would you guess it's foreseeable that N26's 4% interest saving rate also reduces and so the breakeven figure for the metal account will also increase?
As long as the 1.2% difference remains, the breakeven point should be the same. Of course this can also change.
 
Isn't PRSI only applicable if your non-PAYE income exceeds 5K. So if you had 100K in N26 but no other interest earning savings or investments, then it's not payable?
 
Isn't PRSI only applicable if your non-PAYE income exceeds 5K. So if you had 100K in N26 but no other interest earning savings or investments, then it's not payable?
Couldn't find any reference to this, would like to know if this is the case or not if anyone knows a revenue source by any chance?
 
Couldn't find any reference to this, would like to know if this is the case or not if anyone knows a revenue source by any chance?
Not an answer to your question..
Revenue have taxed my 2023 interest declared at 42% as income tax. (Other foreign income). This has been well discussed here. It is an error on the side of Revenue. I have sent 3 'my enquiries', but twice have been told that this is correct. The 3rd 'my enquiry' has been left sitting there uncompleted. I got a query last week on why I needed a 'tax residency cert' (Raisin product requires it), and confirmation on where I live now. I responded explaining about Raisin and Revenue person responded again, explaining that as normally banks seek these certs, my request triggers 'a query' and that I could ask for a reissue again.

I have now asked this person to look into the incorrect application of tax, when it should just be 33% dirt.
Let's see... It is tricky, as this person would be going against the advice of another Revenue member.

In early 2024, someone here did get Revenue to change this error on their account.

So, even if revenue have a rule book on this (DIRT and /or DIRT and PRSI), they are not following it in all cases.
 
Couldn't find any reference to this, would like to know if this is the case or not if anyone knows a revenue source by any chance?

From Revenue


Not a Revenue source but also mentioned

 
From Revenue


Not a Revenue source but also mentioned


Thanks for that. This is the only bit I can find that seems to say PRSI is not due if non PAYE income is less than €5k

PAYE tax payers who are not considered 'chargeable persons' by Revenue are not liable for the new PRSI charge. A person is not a 'chargeable person' if their income from non-PAYE sources is less than €5,000 and this income is taxed under the PAYE system. (Generally such income is taxed by reducing a person’s tax credits to account for tax payable. However if you have paid Deposit Interest Retention Tax (DIRT) on your non-PAYE income you are not required to pay further income tax on this income.)

Just had a look on MyAccount there and there's an option for deposit interest. I'll be filling out whatever the gross value before DIRT is and Revenue will handle the rest it seems. Don't need to worry about it in the end.
 
Not an answer to your question..
Revenue have taxed my 2023 interest declared at 42% as income tax. (Other foreign income). This has been well discussed here. It is an error on the side of Revenue. I have sent 3 'my enquiries', but twice have been told that this is correct. The 3rd 'my enquiry' has been left sitting there uncompleted. I got a query last week on why I needed a 'tax residency cert' (Raisin product requires it), and confirmation on where I live now. I responded explaining about Raisin and Revenue person responded again, explaining that as normally banks seek these certs, my request triggers 'a query' and that I could ask for a reissue again.

I have now asked this person to look into the incorrect application of tax, when it should just be 33% dirt.
Let's see... It is tricky, as this person would be going against the advice of another Revenue member.

In early 2024, someone here did get Revenue to change this error on their account.

So, even if revenue have a rule book on this (DIRT and /or DIRT and PRSI), they are not following it in all cases.
Thus appears to be a rather newsworthy story.

It's a pity someone like Charlie Weston etc wouldn't give it some news coverage. If Revenue are wrong on this they need to come clean.
 
Morning all,

I thought the interest is applied monthly on the N26 account. Would this be the first working day of the month or the one month anniversary of the account opening? I have a standard account with them, but I haven't seen anything yet.

Many thanks,

Opus2018
 
Morning all,

I thought the interest is applied monthly on the N26 account. Would this be the first working day of the month or the one month anniversary of the account opening? I have a standard account with them, but I haven't seen anything yet.

Many thanks,

Opus2018

Was paid yesterday (have metal plan), seems to be calculated daily though and applied monthly as I only funded my account mid way through the month.
 
Many thanks for this- nothing applied yet. I'm just wondering if I need to move it to a specific space on the account.

Best,

Opus2018
 
Many thanks for this- nothing applied yet. I'm just wondering if I need to move it to a specific space on the account.

Best,

Opus2018
I'm unable to screenshot the app, but it shows under finances, and it's called Instant Savings - which if you press on it, it will show your current interest rate etc.

It's not just the main account, it's a separate IBAN and everything.
 
I'm unable to screenshot the app, but it shows under finances, and it's called Instant Savings - which if you press on it, it will show your current interest rate etc.

It's not just the main account, it's a separate IBAN and everything.
All sorted - thanks for the tip!
 
Hi there, I've just seen the instant savings option and have set it up on my account. Delighted to see this and get some good interest on my savings. My question is, I use a lot of the sub accounts for long term savings for eg a holiday, new car etc. It would seem this money would be better in my instant savings account accruing interest but there doesn't seem to be a sub account option within the instant savings account. Am I missing a feature or is this not possible? I like to see how much I have saved towards each goal rather than just having it all lumped together in one account. I've messaged N26 via the app but no response as of yet. Thanks,
 
Hi there, I've just seen the instant savings option and have set it up on my account. Delighted to see this and get some good interest on my savings. My question is, I use a lot of the sub accounts for long term savings for eg a holiday, new car etc. It would seem this money would be better in my instant savings account accruing interest but there doesn't seem to be a sub account option within the instant savings account. Am I missing a feature or is this not possible? I like to see how much I have saved towards each goal rather than just having it all lumped together in one account. I've messaged N26 via the app but no response as of yet. Thanks,
I think the instant savings is the way to go for now. Every day you earn interest and it arrives into your account on the first day of the month. It is also super easy and INSTANT to move money between the Savings Space and Main Account. Remember, to look for tab FINANCES for the savings space.
 
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