Bunq Paying 2.46% Instant Access & No Fees
- Thread starter Lightning
- Start date
I found the app very confusing and it is designed to push you to a paid account but I now have a free savings account and Im getting interest so I'll put up with the frustration.
Its important to update the security options., THe defaults are far too loose
Its important to update the security options., THe defaults are far too loose
I can't do that. Adding another sub account automatically brings you to a pay page. As soon as I have emptied my account, I'll try deleting the main account, then adding a savings sub account, see if that works.
I see. I feel your pain. I had similar but different issues. Not actually sure how I got it sorted
See #56 you can convert your main account to a savings account
The savings account works for payments too. Not current account level, but I've used it for some incoming and outgoing payments that required an Irish IBAN over the last few months.
Like others, their support did make me go elsewhere for an actual current account.
Like others, their support did make me go elsewhere for an actual current account.
I'm using the app, I don't get that option, so can't do it.
someCitizen
Registered User
- Messages
- 53
So after a lot of back and forth in the support ticket and several refusals from their support team to escalate the problem I asked how to submit an official complaint and finally they gave me some instructions on how to receive interest:
In order to receive interest you will need to transfer the funds to your "Savings Goal" and close the "Main" account by following the steps below:
1. Go to Home tab
2. Tap on Pay
3. Enter the amount and choose recipient
4. Select My accounts (Savings Goal)
5. Send payment
6. You’re done
Then you can close the "Main" account by following these steps:
1. Home
2. Select your sub-account
3. Tap on Settings
4. Tap on Close Sub-Account
5. Done
I have no idea if this will work or not as i only did it yesterday. Also they still refuse to pay interest for the time up until now which although would be quite a small amount is nonetheless very frustrating.
I'll report back next month to see if this actually does anything
In order to receive interest you will need to transfer the funds to your "Savings Goal" and close the "Main" account by following the steps below:
1. Go to Home tab
2. Tap on Pay
3. Enter the amount and choose recipient
4. Select My accounts (Savings Goal)
5. Send payment
6. You’re done
Then you can close the "Main" account by following these steps:
1. Home
2. Select your sub-account
3. Tap on Settings
4. Tap on Close Sub-Account
5. Done
I have no idea if this will work or not as i only did it yesterday. Also they still refuse to pay interest for the time up until now which although would be quite a small amount is nonetheless very frustrating.
I'll report back next month to see if this actually does anything
I have received interest each month with no issues. I have not closed the "main" account but I did have to jump through multiple steps to ensure I was on the "Easy Savings" plan at the start.
Bunq are doing themselves no favours by making this so un-user friendly.
Bunq are doing themselves no favours by making this so un-user friendly.
I have to love the app (insert sarcasm!) as along with this way to do things, and other people detailing what to do, my version of the app (latest) doesn't let me do this! There isn't a Select My Accounts option!So after a lot of back and forth in the support ticket and several refusals from their support team to escalate the problem I asked how to submit an official complaint and finally they gave me some instructions on how to receive interest:
In order to receive interest you will need to transfer the funds to your "Savings Goal" and close the "Main" account by following the steps below:
1. Go to Home tab
2. Tap on Pay
3. Enter the amount and choose recipient
4. Select My accounts (Savings Goal)
5. Send payment
6. You’re done
Then you can close the "Main" account by following these steps:
1. Home
2. Select your sub-account
3. Tap on Settings
4. Tap on Close Sub-Account
5. Done
I have no idea if this will work or not as i only did it yesterday. Also they still refuse to pay interest for the time up until now which although would be quite a small amount is nonetheless very frustrating.
I'll report back next month to see if this actually does anything
Now I did find getting onto Easy Savings at the start easy and it did just switch over after the 30 days trial.
I had the same frustration and like you on easy (anything but!) savings account. And getting the run around then I got whopping 1 cent interest and suspected the money needs to be in "savings goal" account as I had small amount in that over the "main" account in that over the main account.So after a lot of back and forth in the support ticket and several refusals from their support team to escalate the problem I asked how to submit an official complaint and finally they gave me some instructions on how to receive interest:
In order to receive interest you will need to transfer the funds to your "Savings Goal" and close the "Main" account by following the steps below:
1. Go to Home tab
2. Tap on Pay
3. Enter the amount and choose recipient
4. Select My accounts (Savings Goal)
5. Send payment
6. You’re done
Then you can close the "Main" account by following these steps:
1. Home
2. Select your sub-account
3. Tap on Settings
4. Tap on Close Sub-Account
5. Done
I have no idea if this will work or not as i only did it yesterday. Also they still refuse to pay interest for the time up until now which although would be quite a small amount is nonetheless very frustrating.
I'll report back next month to see if this actually does anything
Ryanair of banks by the looks of things.
Shocking customer support been honest which makes me nervous if I have an issue what will they be like to deal with. But I like fact it backed by Dutch Government incase it all goes to pot in Ireland.
You pick which account earns interest... For me, this is under Profile > Settings (cog at top right) > Freedom of Choice. Make sure it's set to the right sub-account - althought you should only have one if on Easy Savings.
someCitizen
Registered User
- Messages
- 53
As others have outlined, behaviour seems to be different for everyone for no real reason, but I thought the same and pointed it out multiple times in my dealing with the support team - they refused to accept that argument:
"As I explained, you can only receive interest on money that is inside a Savings Account. The setting you are referring to does not mean you accrue interest for the money on "main" but instead, that would be the account we'd pay out the interest to."
Normally, I'm the one that none of this works for, so I feel everyone's pain.
For the record, this is what I see on Android 13, Bunq app version 21.14.1:
I wouldn't think "receive on (account name)" can mean anything else apart from this is the account that generates interest (but apparently it does)
"Main" is the name of my one-and-only (sub)account.
This *is* a Savings Account, which I see when I click on its name on the Home screen - that shows me a screen with my IBAN, BIC etc and at the top, next to my current balance, it says "Savings Account".
By contrast, "Bank Accounts" do NOT receive interest - I get this warning if I try and change it to a Bank Account (not sure how to even do that in the app, but is an option via the website):
All this seems to align with the guidance given at https://www.bunq.com/benefits/massinterest BTW.
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While I haven't had the issues others here have, what I would say is even if you have a bit of faffing about at the start, once it's setup you've got an account in your own name, from a Eurozone/Dutch guaranteed bank, paying 1.31% interest on a monthly basis, with instant access to your money & no intermediaries. As a proposition, it's hard to beat.
From what I have experienced....
"Receive interest on" means the account that interest is paid "to" and this is not necessarily the account the interest is paid "from".
I had a savings account and a main account and I set Interest to be paid on to the main account. This resulted in the interest earned from the savings account being paid into the main account.
The savings accounts show a yellow cup. You need to keep your deposits in this account.
"Receive interest on" means the account that interest is paid "to" and this is not necessarily the account the interest is paid "from".
I had a savings account and a main account and I set Interest to be paid on to the main account. This resulted in the interest earned from the savings account being paid into the main account.
The savings accounts show a yellow cup. You need to keep your deposits in this account.
How does it compare to Raisin, see below?
Compare savings accounts for Irish savers
Compare savings accounts for Irish savers. View high interest rates on savings accounts beyond Ireland and open your free Raisin Bank account.
When you say 1.31% monthly does this mean 1.31% per annum ÷ 12, paid monthly?
Savings rates through Raisin seem superior.
I think that's why we all signed up for it! While I haven't received interest & haven't got the options some seem to have...I have taken all my funds out back to my BOI account, I have now deleted 'Main' as an account, and set up 'Savings' as a sub account - that was the only way to do this. I'll put a few bob back in & leave it for the month & see if I get any interest that way. If not, I might as well just use the BOI account for now getting no interest as thats what the Bunq is currently for me anyway.
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