N26 launches new Instant Savings account in Spain

By Gloria Methri

May 17, 2023

Challenger Bank
Digital Bank
Europe

Digital bank N26 has launched its new N26 Instant Savings account in Spain, offering eligible customers a Spanish IBAN 2.26% AER on deposits. There will be no conditions of permanence, no minimum deposit amounts required, no additional fees, and no need to have salaries paid directly into the account.

Both existing and new customers across all membership tiers will be able to earn interest on their savings up to a maximum balance of €50,000 and can access their funds freely and without restrictions at any time.

Customers will be able to earn interest on their deposits held with N26 if they hold a personal N26 Standard, N26 Smart, N26 You, or N26 Metal account with a Spanish IBAN and meet local eligibility requirements, including being a resident of Spain with a registered local tax ID number.

Easily accessible via the Spaces tab within the app, the new Instant Savings functionality will be rolled out to eligible customers in the Spanish market progressively.

Gilles BianRosa, Chief Product Officer said, “As more and more customers choose N26 as their primary bank account over traditional banks, it’s been our priority to expand our product portfolio to offer a more comprehensive range of benefits that help empower customers to have a better relationship with their money. Interest-bearing savings are an important part of this, and it’s exciting to be launching a product that offers one of the most competitive rates in the market today.”

Pablo Reboiro, Head of Growth Strategy, who is currently leading the Spanish market said “We are really proud of how well our Spanish customers have received the N26 product, where we have made conscious efforts to invest in providing an even more relevant local offering over the last years. First, we launched accounts with a Spanish IBAN in 2019 and then became the first digital bank to join Bizum last year. Today, we are proud to launch an Instant Savings account, empowering our Spanish customers to make the most of their money.”

May 17, 2023