Bunq Paying 2.46% Instant Access & No Fees

Quick question on the new bunq rate, I've an aib online saver with 1k transferring per month Building up to the 12k max at 0.3%, over the course of the year will I earn more with the Aib account or better switching to bunq (I already have Transferwiss and lightyear accs maxed out)
 
It depends. If you have €12k or more available now and can put that into BUNQ now, you will do a lot better than that smoke and mirrors AIB account building up at €1k per month.
 
Freelance said:
It depends. If you have €12k or more available now and can put that into BUNQ now, you will do a lot better than that smoke and mirrors AIB account building up at €1k per month.
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Thanks, I have the 12k there, it's just been taken from an old aib demand deposit account each month at present
 
coolaboola12 said:
Is bunq safe to put money in?
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What do you mean by safe? It is a bank of that's what you mean. But no bank is safe, the general business model of borrowing short to lend long presents huge liquidity risk. That's before people and businesses stop paying their loans. Here in Ireland we don't have to look too far into the past to find home grown examples of failed banks. So no bank is ever 100% safe (and profitable at the same time).

To counter that all EU countries have a deposit guarantee schemes. So when a bank collapses deposits up to €100k are protected. That's probably good enough for most households.
 
skrooge said:
What do you mean by safe? It is a bank of that's what you mean. But no bank is safe, the general business model of borrowing short to lend long presents huge liquidity risk. That's before people and businesses stop paying their loans. Here in Ireland we don't have to look too far into the past to find home grown examples of failed banks. So no bank is ever 100% safe (and profitable at the same time).

To counter that all EU countries have a deposit guarantee schemes. So when a bank collapses deposits up to €100k are protected. That's probably good enough for most households.
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But there isn't enough in the guarantee scheme to cover most banks if they failed, isn't it safer to hold cash in Irish banks in that case as they are very unlikely to burn domestic depositors
 
coolaboola12 said:
But there isn't enough in the guarantee scheme to cover most banks if they failed, isn't it safer to hold cash in Irish banks in that case as they are very unlikely to burn domestic depositors
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Isn't that as equally valid reason to avoid an Irish bank?

I'm not sure what state the Dutch DGS pot is in but I'd imagine it's similar to Ireland alright. But no sane government would threaten the stability of their financial system by not paying out what is guaranteed under the scheme.

Apart from deposits from some notable exceptions (i.e., deposits from other banks and other financial institutions) the first €100k of deposits are protected for everyone. They simply don't get to cherry pick. Let's say they did it would throw the Dutch banking system back to the stone age, no one would touch it.
 
skrooge said:
Isn't that as equally valid reason to avoid an Irish bank?

I'm not sure what state the Dutch DGS pot is in but I'd imagine it's similar to Ireland alright. But no sane government would threaten the stability of their financial system by not paying out what is guaranteed under the scheme.

Apart from deposits from some notable exceptions (i.e., deposits from other banks and other financial institutions) the first €100k of deposits are protected for everyone. They simply don't get to cherry pick. Let's say they did it would throw the Dutch banking system back to the stone age, no one would touch it.
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Fair enough
 
Does anyone know if you can have to pay fees to open a joint savings account? I can get as far as setting it up but when my wife or I try to accept the others offer we only seem to have the option of signing up for a paid account. Am I missing something?
 
evil_g said:
Does anyone know if you can have to pay fees to open a joint savings account? I can get as far as setting it up but when my wife or I try to accept the others offer we only seem to have the option of signing up for a paid account. Am I missing something?
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Yes, you have to upgrade to one of their paid plans to hold a Joint Account. I was in the same quandary earlier this year
 
Allthatglitters said:
Yes, you have to upgrade to one of their paid plans to hold a Joint Account. I was in the same quandary earlier this year
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Has something changed? My Mrs and I have a free joint savings account with Bunq. We signed up shortly after they launched the option.
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Allthatglitters said:
This is the response I received from Bunq when I enquired (Sept 2023)
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From that message:

“Unfortunately, the free Easy Savings plan does not offer a Joint Account. It includes a Joint Savings Account.”

I've read this a few times and I'm none the wiser as to what it means. The link provided certainly looks like you CAN have a Joint Savings Account.
 
Freelance said:
From that message:

“Unfortunately, the free Easy Savings plan does not offer a Joint Account. It includes a Joint Savings Account.”

I've read this a few times and I'm none the wiser as to what it means. The link provided certainly looks like you CAN have a Joint Savings Account.
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Yes, I also found the response unclear. Except for
"to join a Joint Account, you need to upgrade to one of our paid plans"
 
I just looked at the Bunq site, it appears that the free Easy savings account has a rate of 1.56% , but the Easy bank account at €3/ month has the 2.46% rate, can anyone confirm this?
 
carmel65 said:
I just looked at the Bunq site, it appears that the free Easy savings account has a rate of 1.56% , but the Easy bank account at €3/ month has the 2.46% rate, can anyone confirm this?
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I have an Easy Savings account and it is 2.46%. Perhaps the website is out of date?
 
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