Advanzia Bank Lux Paying 3.76% AER Instant Access for First 3 Months

L

Lightning

Registered User
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Advanzia Bank Luxembourg is paying 3.25% AER Instant Access for the first 6 months.

Details:
- No fees.
- Minimum opening balance: €5,000.
- Interest paid monthly
- €100,000 Lux deposit guarantee applies.
- No higher amount cap with the rate.
- Rate reduces to "standard rate" of 1.1% after 6 months.
- Offer open all EU residents.
- Offer apparently expires with new applicants after 30 June 2023.

English website: https://www.advanziakonto.com/Home_EN

I will add this to the best buys thread but make it clear that it is a promo short term rate.
 
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Yeah, it's 3.25% AER for the first 6 monhts. I have added AER to the post.
 
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I currently have €20k with Light-year at 2.5% interest and €30k with Trade Republic at 2% so I'm wondering if it's worth transferring it all into Advanzia for 6 months at 3.25% instead? Or is it a bad idea to constantly keep opening new instant access deposit accounts every time a better rate comes along?
 
PoundMan said:
I currently have €20k with Light-year at 2.5% interest and €30k with Trade Republic at 2% so I'm wondering if it's worth transferring it all into Advanzia for 6 months at 3.25% instead? Or is it a bad idea to constantly keep opening new instant access deposit accounts every time a better rate comes along?
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Nothing wrong with switching to maximize your return. Only downside is a little bit of hassle/work involved.
 
Lightning said:
Nothing wrong with switching to maximize your return. Only downside is a little bit of hassle/work involved.
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Would it be worth keeping small amounts in my Light-Year and Trade Republic accounts in the event that I might need to switch back to them when the 6 month promotion with Advanzia has ended? Is there a minimum amount that is needed in order to keep my accounts open?
 
PoundMan said:
Would it be worth keeping small amounts in my Light-Year and Trade Republic accounts in the event that I might need to switch back to them when the 6 month promotion with Advanzia has ended? Is there a minimum amount that is needed in order to keep my accounts open?
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Neither seem to have clear minimum amounts. But there are references to 1 EUR so maybe that is minimum. Probably wise to keep a small balance to avoid closure.
 
PoundMan said:
I currently have €20k with Light-year at 2.5% interest and €30k with Trade Republic at 2% so I'm wondering if it's worth transferring it all into Advanzia for 6 months at 3.25% instead? Or is it a bad idea to constantly keep opening new instant access deposit accounts every time a better rate comes along?
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Thanks @Lightning , and does this actually make financial sense, or is it actually only 1.625% (as suggested by @ClubMan above) and therefore less than the interest I'm currently earning with Light-Year and Trade Republic?
 
PoundMan said:
Thanks @Lightning , and does this actually make financial sense, or is it actually only 1.625% (as suggested by @ClubMan above) and therefore less than the interest I'm currently earning with Light-Year and Trade Republic?
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It is more interest that Light-year. Interest rates need to be compared on an AER basis. The rate is 3.25% AER for 6 months.
 
I think I'll hold off until closer to the June 30th deadline just to see if anyone else gives it a try, as there doesn't appear to be much feedback out there on Advanzia.
 
i had a quick look at opening form. It asks DOB (normal), but in the drop down all numbers are numbers, except 8. 8th is "8th" everything else is "1", "2" etc.
those kinds of abnormalities tend to make me wonder about the companies.


has anybody else managed to open and account with them yet?
 
daheff said:
i had a quick look at opening form. It asks DOB (normal), but in the drop down all numbers are numbers, except 8. 8th is "8th" everything else is "1", "2" etc.
those kinds of abnormalities tend to make me wonder about the companies.


has anybody else managed to open and account with them yet?
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Dates look fine to me.
 
podgerodge said:
Anyone see any mention of joint accounts?
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This FAQ:

Can I open a joint account?​

The Advanzia account can only be managed as an individual account. However, you can issue an account authorisation for your saving account. For an account authorisation form, please click here.
 
It looks like there is no Advanzia Bank app so everything would have to be administered through a web browser online portal.
 
podgerodge said:
Dates look fine to me.
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Yes, I struggled with that for a minute. There are 3 rows for DOB, enter day of month first, drop down to next row for month and finally 3rd row/box for year. I finally gave up when it said there was an error but didn't say what field was wrong. Not worth it for the net interest.
 
I'm wondering does the account have to be open on June 29th at the latest or can it be opened on the deadline day of June 30th? I'm also curious if the account just has to be opened by the deadline, or does funds also have to be transferred in by June 30th? Perhaps I might just go ahead and open it now and just put in the minimum amount of €5k to see how it goes.
 
I've applied. So far straightforward, emailed them the Identity documents (though haven't received welcome email requesting them yet, just followed screen instructions).
 
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