thanks I've asked the same in that thread.
If true then I am beginning to despise this country's finance branch.
N26 Launch Savings Account Paying 2.80% to 4.00% less fees
- Thread starter Knuttell
- Start date
If true then I am beginning to despise this country's finance branch.
Thank you - yeah, have read that. Most of the reports seem to relate to problems with myAccount/Form12 rather than form11.
I'm not sure if anybody sees "only" 33% DIRT and no PRSI on EU Deposit Iinterest using form11.
Might be because revenue assume that almost all people filing form11 are "chargeable" and don't think about those who aren't, but who have to file a form11 regardless for ETF reasons.
Yes, you will providing they are placed in a sub account (marked as savings account). You can move funds back and fourth between your standard and savings account easily. Receive interest on the 1st of each month.
Since my last comment, I subscribed to N26 Metal, and I'm really happy with the 4% interest rate. Last month, I received 450 EUR. The example I shared earlier deducted PRSI, but I don't have to pay it because I don't meet the requirements, so I only need to deduct 33%. The interest rate will probably drop next month to around 3.75%, based on the upcoming announcement.
N26 requested bank statements from me, warning that my account could be blocked if I didn't provide them within about two weeks. I had to send the documents twice. First, I sent a statement from Revolut, but it didn't prove the origin of the money because I transferred funds from AIB to N26 through Revolut. So, I also had to send AIB's statement and two payslips. Since the money was from my hard work, everything was fine. I appreciate that N26 is careful to avoid fines.
This process causes alarms for many people who get their accounts blocked, and it was also a concern for me when deciding to go with N26 Metal. I'm glad everything worked out. You'd have to be very unlucky to need to prove your income source and get your account blocked. I don't understand why some people online claim N26 is stealing their money.
N26 requested bank statements from me, warning that my account could be blocked if I didn't provide them within about two weeks. I had to send the documents twice. First, I sent a statement from Revolut, but it didn't prove the origin of the money because I transferred funds from AIB to N26 through Revolut. So, I also had to send AIB's statement and two payslips. Since the money was from my hard work, everything was fine. I appreciate that N26 is careful to avoid fines.
This process causes alarms for many people who get their accounts blocked, and it was also a concern for me when deciding to go with N26 Metal. I'm glad everything worked out. You'd have to be very unlucky to need to prove your income source and get your account blocked. I don't understand why some people online claim N26 is stealing their money.
newirishman
Registered User
- Messages
- 1,150
Happy to be corrected but 450 eur interest in one month will add up to over 5K a year. You will need to pay PRSI as well.
So you have about €135,000 saved with N26. It's no surprise they asked for the source of funds. I have €20,000 saved with them attracting 2.8%. They haven't asked for source of funds , YET. I can explain it should they ask but what if they are unhappy. Can or do they indefinitely freeze the account or just return the money and close the account.
Are you not uneasy leaving such a large sum with N26 given how weak their security is. I mean it's so easy to reset both password and pin once there's access to your phone.
So you have about €135,000 saved with N26. It's no surprise they asked for the source of funds. I have €20,000 saved with them attracting 2.8%. They haven't asked for source of funds , YET. I can explain it should they ask but what if they are unhappy. Can or do they indefinitely freeze the account or just return the money and close the account.
Are you not uneasy leaving such a large sum with N26 given how weak their security is. I mean it's so easy to reset both password and pin once there's access to your phone.
tax_moron
Registered User
- Messages
- 53
Updated the spreadsheet on if metal is worth it over the free plan:
The old value was @ €22k, so it's a bit lower now at €20k it becomes worth it over the free plan. Haven't included other plans, just the top and bottom ones.
docs.google.com
The old value was @ €22k, so it's a bit lower now at €20k it becomes worth it over the free plan. Haven't included other plans, just the top and bottom ones.
Askabout Money - Metal Profitability
The problem is that the higher rate is no longer the best on the market. If you want instant access you can have 50k in TradeRepublic at 3.75% and another 20k in LightYear ar 3% for a combined 70k at a similar or better rate. TradeRepubic are meant to be removing the 50k limit soon too. You can also do term deposits in Raisin etc that offer better rates than 3%. It really make no sense to pay for metal to get the higher rate when you can get better or similar rates from other accounts.Updated the spreadsheet on if metal is worth it over the free plan:
The old value was @ €22k, so it's a bit lower now at €20k it becomes worth it over the free plan. Haven't included other plans, just the top and bottom ones.
Askabout Money - Metal Profitability
Yeah, pretty much. Paying for a N26 savings account is only worthwhile if you've maximised out all the free alternatives. And given that there's so many free alternatives that charge nothing, and pay more, the Metal account is only worthwhile for a small number of people.
T212, Advanzia (first 3 months), Morrow, Nordia, Klarna, HoistSparen and Lightyear are all better/same paying with no fees and instant access options. Not to mention the array of term deposits that are also better options.
I will be writing as well - I am secretly hoping that like Advanzia, they send a last minute change of plan.
Asking for help though - especially those of you great at putting a 'business' like complaint sentence together.
I have got the run around through the Web support.
I have been with N26 since December 2020.
I signed up to Metal on July 17th.
I was alerted that "Your Mastercard is on its way!
"You should receive your card within the next 14 days at your current shipping address."
After 10 days, the app looked to be stuck, as card was no longer moving.
I went through the address verification again with Web support, as they had Eircode correct, and most details of address, but the house name was in the wrong place.
Village
Closest Town,
House Name
Eircode
County
No IRELAND
I was days trying to fix the address. Even suggested, putting in a 0 for house number which they insisted I give them.
N26 want:
House Number:
Street Name:
C/O address line:
Post code:
City:
Country:
No card arrived, and I had to get the N26 team to reorder on the 07/08/2024.
They said card was stuck in BELGIUM, but that they would send me a FREE CARD.
I argued it wasn't free, if I hadn't received the first one, and had paid upfront for METAL for the year.
I asked that it be sent by express. They agreed to send FREE CARD, and I pay for express €25 - no thank you.
They assured me it would arrive and that the card delivery is out of their hands.
I asked about SAFETY - who had my metal card etc? Where was it?
Then 26 days later the first card arrived, but was now inactive, so could not be used.
I rang and the team, said "do not worry" the second FREE card will be with me by August 22nd."
As no card by August 26th, the N26 Team wanted to reorder a "3rd FREE CARD. That I wouldn't have to pay for it."
I was struggling to explain that "you cannot call something free - if I haven't received the first product, that I paid for by signing up to METAL."
They would not agree on this with me.
There must be something about the response that is very 'specific' as different customer service people use the same language.
So apparently, even if this card arrives, it is inactive.
I will have to order a 3rd card.
It was only when I asked for the complaint procedures that I finally was offered Express POST for FREE.
Then the Rep left.
I had to start again and ask a new rep for the complaints procedure.
I haven't had a card since July 17th - no access to ATM. Using old Revolut card for shopping and ATM withdrawals.
In the middle of Mortgage applications and this looks so messy, moving money over and back.
Can someone give me a sentence for how to complain about paying for Metal, for not having access to the card.
Thank you.
Last edited:
I find N26 impossible to deal with at times.( Revolut would be no better) The customer support at N26 leaves alot to be desired.
I'm impressed with your perseverance.
In fairness, the customer service person this morning ordered a 3rd card and then agreed that N26 send by express post. I'll probably go back to 'standard' in Oct. Complaints@n26 have also got back to me. N26 back in my good books.
Reminder - the rates are dropping on Oct 1.
"From this date, the new Instant Savings interest rates will be 3% p.a. for N26 Metal customers, 2% for N26 You customers, and 1.7% for N26 Smart and Standard customers."
I guess there will be a bunch of metal cancellations!
"From this date, the new Instant Savings interest rates will be 3% p.a. for N26 Metal customers, 2% for N26 You customers, and 1.7% for N26 Smart and Standard customers."
I guess there will be a bunch of metal cancellations!
Yeah, reckon so. Trade Republic seem to be semi-committing to passing on the full ECB rate, whatever that is.
It seems that a premium service like N26 Metal should be capable of doing the same (at least up to a certain threshold).