Bunq Paying 2.46% Instant Access & No Fees

podgerodge said:
WTF! Surely they will increase the standard rate too and maintain the .5% margin. If they do this on its own it would push me to look elsewhere both based on rates but also on principle.
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I don't think any rate change is about to occur for non-Dutch customers. This is the exact same thing that happened the last time - rates increased for Dutch customers only.
 
Lightning said:
I don't think any rate change is about to occur for non-Dutch customers. This is the exact same thing that happened the last time - rates increased for Dutch customers only.
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Yep not looking like it. Though they are increasing the margin, it's not a good look to treat different EU citizens differently (though does not break EU law).
 
Bunq asking me (2 months after opening account) for: source of income, average monthly income, maximum amount of funds I expect on my account, and a valid proof for my source of income.

I get the overall idea, anti money laundering etc. , but don't recall providing this elsewhere? Is this the norm, or a spot check (it being 2 months later)?

Under "source of income" they state that "this is a document that helps us understand where the funds on your account come from, so we can keep everyone in the banking system safe."
 
podgerodge said:
source of income, average monthly income, maximum amount of funds I expect on my account, and a valid proof for my source of income
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It does seem quite onerous for a vanilla savings account. My feeling is that KYC requests are simply easier for neobanks so they tend to make them more easily and more often. It's just a push notification in an app and an upload of a photo by the customer.

Bricks-and-mortar banks have all sorts of legacy systems and have to communicate with many customers by letter so this kind of thing is much more expensive for them.

That said, online-only accounts from non-resident customers are just inherently more risky when it comes to money laundering and tax evasion. Supervisors probably demand more KYC effort by neobanks for your type of account than for my granny's BoI account that she's had since the 1950s.
 
podgerodge said:
Bunq asking me (2 months after opening account) for: source of income, average monthly income, maximum amount of funds I expect on my account, and a valid proof for my source of income.

I get the overall idea, anti money laundering etc. , but don't recall providing this elsewhere? Is this the norm, or a spot check (it being 2 months later)?

Under "source of income" they state that "this is a document that helps us understand where the funds on your account come from, so we can keep everyone in the banking system safe."
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Sounds like they are just looking for a recent payslip.

If someone had built up savings over several years, even a decade or more, would they be asking for dozens of bank statements to prove where it came from.
 
Looking at the bunq website it shows the interest rate at 2.46% on the saving pages but the pricing pdf still shows the lower rate.

Is this a website error (referencing the Dutch only rate) or have bunq upped their interest rate?
Anybody with an account that can confirm?
 
carlos1978 said:
Looking at the bunq website it shows the interest rate at 2.46% on the saving pages but the pricing pdf still shows the lower rate.

Is this a website error (referencing the Dutch only rate) or have bunq upped their interest rate?
Anybody with an account that can confirm?
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Still 1.56% in the app
 
carlos1978 said:
Looking at the bunq website it shows the interest rate at 2.46% on the saving pages but the pricing pdf still shows the lower rate.

Is this a website error (referencing the Dutch only rate) or have bunq upped their interest rate?
Anybody with an account that can confirm?
Click to expand...

Dutch rate.
 
Just for general info, I have withdrawn my (significant) funds from Bunq (still have Advanzia), as 1.56% is nowhere near cutting it even against the domestic banks now (albeit at fixed rates). Anyway, I sent withdrawal request at 4.50pm last Thursday, and was in my AIB account on Friday morning.
 
podgerodge said:
Just for general info, I have withdrawn my (significant) funds from Bunq (still have Advanzia), as 1.56% is nowhere near cutting it even against the domestic banks now (albeit at fixed rates). Anyway, I sent withdrawal request at 4.50pm last Thursday, and was in my AIB account on Friday morning.
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Same with drew funds Friday morning before 11 and was in my Irish account before 3pm it was super fast
 
podgerodge said:
Just for general info, I have withdrawn my (significant) funds from Bunq (still have Advanzia), as 1.56% is nowhere near cutting it even against the domestic banks now (albeit at fixed rates). Anyway, I sent withdrawal request at 4.50pm last Thursday, and was in my AIB account on Friday morning.
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I've taken a quick look and don't see anything in the domestic banks that's better than this rate for a fixed term of less than a year.
Would you mind telling which products you think are comparable, or are they all a year or more?
 
Concrete said:
I've taken a quick look and don't see anything in the domestic banks that's better than this rate for a fixed term of less than a year.
Would you mind telling which products you think are comparable, or are they all a year or more?
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Sorry, I meant, when I said "albeit at fixed rates", the 2 and 3 year products. While I was happy to have savings on demand, it's too much to forego between 1.56 and 3%. Especially with PTSB allowing withdrawals (subject to a potential fee) if needed on fixed deposits.
 
That’s certainly good news. My app hasn’t shown the change yet. I wonder will it update later today.
 
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