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There’s a catch for old customers though.
Bunq decreases "old money" rate (2.16%) & Increases "new money" rate (3.36%)
- Thread starter Original
- Start date
There’s a catch for old customers though.
Wow! Could things get more complicated!!
Mainly bad news for existing customers with a meaningful balance. Your rate has declined more than the ECB rate declined. (But you will get 3.36% for anything extra you add but only until the end of 31 December 2024).
Good news for new customers (but only until the end of the next 6 month period - 31 December 2024 in this case).
Good news for existing customers with tiny balances. For example, if your Bunq balance was 1 EUR since 1 January 2024 , you would now get 3.36% on anything you add above 1 EUR up to the end of 31 December above 1 EUR.
You can play games with this. Keep a low balance for half of the year. Then a high balance for the second half of the year. But you could only do this before the rolling 6 month period starts. i.e. too late to do this for H2 2024.
Mainly bad news for existing customers with a meaningful balance. Your rate has declined more than the ECB rate declined. (But you will get 3.36% for anything extra you add but only until the end of 31 December 2024).
Good news for new customers (but only until the end of the next 6 month period - 31 December 2024 in this case).
Good news for existing customers with tiny balances. For example, if your Bunq balance was 1 EUR since 1 January 2024 , you would now get 3.36% on anything you add above 1 EUR up to the end of 31 December above 1 EUR.
You can play games with this. Keep a low balance for half of the year. Then a high balance for the second half of the year. But you could only do this before the rolling 6 month period starts. i.e. too late to do this for H2 2024.
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This is like something AIB would come up with on a bad day. Didn’t take long for the “disruptors” to start wearing suits and become boring. The €9 that remains in my account can stay there, this “offer” certainly isn’t going to see the return of the six figure sum I withdrew and transferred to Britline (4.5%) and N26 (4%)
And in any event, their weak security and very poor support would make me reluctant to trust them again.
And in any event, their weak security and very poor support would make me reluctant to trust them again.
So Bunq sent a "helpful" email to explain how their new deposit scheme will work. In their explanation they used the exact balance I had in my savings account at the end of June. I had to do a double take. Feels quite intrusive to say the least. The email says "This means that all funds you deposit before December 31 that surpass €XXX.XX will earn you...".
Sometimes I have bills that email or text and say the bill for this month is X. Never have I seen/heard a bank do this! Grounds for a complaint?
Sometimes I have bills that email or text and say the bill for this month is X. Never have I seen/heard a bank do this! Grounds for a complaint?
What's your complaint?
Brendan Burgess
Founder
- Messages
- 52,976
That is disgraceful! Imagine any bank telling you how much you keep in your bank account!
They should give you a complicated example so that when you try to figure it out for yourself, you mess up and give up trying to understand it because of the complexity.
By telling you the implications for yourself in plain English they increase the chances that you will move your money. Really stupid of them.
irishfinanceguy
Registered User
- Messages
- 162
Im confused so when can you next deposit money and get the higher fund?
Pushing private information into the public domain, unnecessarily. Increases the risk of Spear Phishing and vulnerability to Social Engineering attacks or email spoofing, particularly because its quite specific, personal information that you would expect only your bank to know.
Was there some personal information in the email?
You can deposit money now and get the higher rate on the additional amount, but not on what you had there already. They reset every June and December. Seems the way to go is to empty the account until 1 July 2025.
That's what I'm doing. I've already put the transfer to N26 through. Had to temporarily increase my daily transfer limit. Got a warning to beware of scammers and to hang up the phone if I was on the phone to someone claiming to be from bunq. I got a bit paranoid when I didn't immediately see the funds in N26 like the €1 I'd sent to make sure it was working earlier. Bunq have a delay on the transfer till Monday to give me a chance to cancel it, since it's a large amount to a new payee.
The security looks good, but not the interest rate.
irishfinanceguy
Registered User
- Messages
- 162
Interest rate is good no? Im thinking of transfering wa maxed out trade republic
Fairly personal no?
Example: "we noticed unusual activity in you account. Please click here to verify" versus "we noticed unusual activity in you account. You have withdrawn €xxx.xx. Please click here to verify".
It's good for new funds.
No personal information there