N26 launches Instant Savings in 13 new markets

By Gloria Methri

Digital bank N26 has announced the launch of its Instant Savings accounts in 13 new markets across Europe. Starting today, customers in Austria, Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal, Slovakia, and Slovenia can earn up to 4% interest per annum on their savings without deposit limits and at no additional cost.

The launch further expands the digital bank’s offering beyond everyday banking to encompass products and services geared towards helping millions of Europeans improve their financial wellbeing.

The N26 Instant Savings account can be activated with a few taps in the N26 app, and customers will have the full flexibility to move their funds between their interest-bearing Instant Savings account and their main account at any time.

Interest income is calculated daily based on the balance in the Instant Savings account, taking into consideration any funds moved in and out of the account that day, and is then paid out at the beginning of the following month.

N26 has tiered the interest rate on its Instant Savings account, where N26 Metal customers will receive 4% interest p.a., while customers with an N26 Smart and You or free standard account will receive 2.8% interest p.a. on their deposits.

N26 Instant Savings will offer these competitive interest rates to both new and existing customers, without limits to the maximum number of deposits to which the interest rates apply.

Valentin Stalf, CEO at N26, said, “Thanks to our pan-European business model, we can bridge the gap between fragmented interest rate offers that may vary significantly across multiple markets. We are pleased to be able to now offer customers in these markets highly competitive interest rates on their savings alongside our everyday banking and investing products.”

All funds held with the company, including those in N26 Instant Savings accounts, are protected up to EUR 100,000 per customer by the German Deposit Protection Scheme.