Bunq Paying 2.46% Instant Access & No Fees

Freelance said:
I am experiencing the exact same issue with BUNQ. Started the "5 minute" sign up process on Wednesday of last week. A week after I am still waiting for a verification code or a means to jump to the next step. Customer Support worse than useless - try this, try that (remove/reinstall, reboot, delete, yada yada, all of which were irrelevant and resolved nothing). Finally called them out on it being a known bug with their systems, which they eventually acknowledged. It's now been "passed to developers to investigate with their SMS messaging partner blah blah. Having had a few less than positive experiences while dealing with banks via online platforms (Northern Rock, Ulster Bank, KBC) this is not really inspiring much confidence.
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Shame to hear you're having issues Freelance. Just for balance, I've had none with Bunq, either during sign up, or usage. I've no affiliation with them, just a happy customer, someone who is really pleased to see this type of competition in the market place.

To me Bunq remains one of the most compelling offerings for an instant access savings account. No intermediaries, full EU/Dutch deposit guarantee, good app, interest paid monthly, and the latest thing I spotted, they even tell you the interest accrued/earned during the month before its paid. My only criticism is that they haven't passed on the recent ECB rate increases, but when you have the likes of BOI launching their new savings product at 1.5%, Bunq are already ahead of the game.

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Sorry if already mentioned somewhere, but can you open a joint account for free, or is it only paid?
 
Thanks nest egg - this post was a while ago, but they had said you couldn't. Maybe now changed, thanks.
huskerdu said:
That’s what may have confused the issue - I tried to set up a joint account, then change to a free savings account without reading up on the T&Cs, as you can’t have a joint free savings account .

All sorted now, savings account set up
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Is the joint account an interest bearing account too?

Edit: I see that it is now. Finding the signing up and verification process, and the whole app/website thing very unintuitive!
 
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Wow. The Bunq interface has me driven nuts, between sub accounts and "you have to close 1 sub account before continuing". Maybe I'm stupid. anyway, i've ended up with a "joint savings account" with my wife, which states 1.56% interest, - do i neeed to set up a sub account now - someone mentioned you don't get interest unless you do?

Also, I don't recall (but between Raisin delays separately and Bunq I'm possibly forgetting) giving proof of address, only passport? And my wife only gave passport too but is verified (I think!), is address utility bill not required?
 
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podgerodge said:
Wow. The Bunq interface has me driven nuts, between sub accounts and "you have to close 1 sub account before continuing". Maybe I'm stupid. anyway, i've ended up with a "joint savings account" with my wife, which states 1.56% interest, - do i neeed to set up a sub account now - someone mentioned you don't get interest unless you do?

Also, I don't recall (but between Raisin delays separately and Bunq I'm possibly forgetting) giving proof of address, only passport? And my wife only gave passport too but is verified (I think!), is address utility bill not required?
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I eventually got the joint account working. It has to be both person's only account so remove all other accounts and then set up a joint account from scratch and add the other person at this stage.

You can only have this one account for free, as far as I can see. That suits us fine. We were looking for somewhere to store some money for a while.

You don't need another account. The interest will be paid into the savings account.

When you click into the account and then click on the interest rate you can see where the interest is to be paid.
 
The Oggster said:
....It has to be both person's only account so remove all other accounts and then set up a joint account from scratch and add the other person at this stage.

You can only have this one account for free, as far as I can see...
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I was able to add a joint savings a/c after creating a personal savings a/c. Both are free accounts, and have separate IBANs.

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Ok, I've been able to add another savings account in my own name. Not sure why I couldn't set it up before. Actually thinking about it, I couldn't send the request. Think my wife used her phone number, rather than her email and in my contacts it was probably looking for her by the email first.

Anyway I have 2 savings accounts paying 1.56%
 
Just to add to the above. I have a personal and joint account but the interest from both has to be paid into either account, not both.
 
I now have Bunq set up. Just curious, is there any secure authentication going on, I appear to be able to just login with username and password. Normally there'd be a text verification or something to verify me further? Someone gets your password and can take out e.g.100k?
 
podgerodge said:
I now have Bunq set up. Just curious, is there any secure authentication going on, I appear to be able to just login with username and password. Normally there'd be a text verification or something to verify me further? Someone gets your password and can take out e.g.100k?
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Click on Profile at the bottom of the screen. Then the cog at the top. Go to Security and change Auto logout. I think it's set at a week by default. You can also change the amount that can be transferred without the security code. You can set up biometric log in too.

Sorry, completely misread your post. Thought you were saying you didn't need to log in. I don't see any 2 factor authentication for it.
 
Appreciate confirmation from people here - I have what I thought was a JOINT savings account. Over 100k. I was curious about the 100k easy savings limit for interest, but their FAQ said it's per person. Obviously 100k is a key figure for deposit guarantee too.

However, I am now curious as to whether I have a "JOINT ACCOUNT" or a SINGLE account from which I have provided "ACCESS" to my wife. BUNQ, in its usual confusing style (to me anyway) makes the following statements:

What is the difference between a Joint account and Shared Access?

A Joint account is an account where there's more than one owner. All owners will be legal owners, and therefore the account is in all their names. A Shared Access account is a sub-account where you give access to your friend/family member. You'll stay the legal owner of the account.
The concept that there are regular joint accounts, and accounts with one owner, but access by many, is new to me. But my main concern is obviously in the event of a BUNQ failure, that I have indeed a real joint account. The app shows me that there are 2 people on my IBAN under the "access" tab - again, which may suggest just one of these shared accounts with only me as legal owner, covered up to 100k.
(When you click on the "Home" button, and then "ADD", you get "add money", "add card", "add sub account", "ADD PARTNER" etc. "ADD PARTNER" states "create a joint account with whomever you want in less than 5 minutes". It sounds like it is legally joint, and that is what I had done.
But it doesn't seem much different than:
With Shared Access you can share a bank account with other bunqers. They’ll be able to view it, use it to make payments, top it up… even link their own cards to it!

How does Shared Access work?​

To see how to set up Shared Access in the bunq app, check out the steps below:

  1. Home
  2. Select your sub-account
  3. Tap on Access
  4. Choose your buddy



Hope above makes sense. I consider myself reasonably capable of logical thought, but when it comes to a new bank to save in, and therefore wanting to ensure deposit guarantee coverage, I'd like to be sure! Thanks.
 
podgerodge said:
The app shows me that there are 2 people on my IBAN under the "access" tab - again, which may suggest just one of these shared accounts with only me as legal owner, covered up to 100k.
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When you click on 'access' if its a joint account it will have 'co-owners' and the list of them. If its shared access, it will have 'owner' and it will have 'connect' with the list of people underneath.
 
Thnaks Itchy.

If I click on "Access" it simply shows my name and my wife's name with "Accepted" underneath. No mention of "owner" or "co-owners". This is on the APP.
 
Ok i'm not sure what that's about. Sounds like she 'accepted' your invite but its not clear to me. The other way of checking is that if its a shared access account and you are the owner, if you click on the other person, there will be an option to 'revoke access', if its a joint account, you wont have that option.
 
no such options. unfortunately, i find, for me, with over 100k on deposit here, too concerning to progress with a "joint account", when it seems to be unclear as to whether "shared" "joint savings" are the same as "joint account" - which hold legal status, but which do not accrue interest.

The bridge between the typical banks and the confusion reigning (for me) are telling me to unwind this whole thing.

~Edit - separately, I closed the Bunq app earlier this evening and later on opened the app - it just opened with my balance on account without any verification whatsoever. If I closed the AIB app, there is no way I could go back in without re-entering digits etc. But Bunq just re-appeared with my balance on account without reentering any information.
 

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