The digital bank N26 announced the launch of its new N26 Instant Savings account in Spain, offering eligible customers “with a Spanish IBAN 2.26% AER (2,26% NIR) on deposits with 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 N26 customers “across all membership tiers will be able to earn interest on their savings up to a maximum balance of €50,000, and will be able to 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 N26 app, the new N26 Instant Savings functionality will be “rolled out to eligible customers in the Spanish market progressively, starting today.”
Gilles BianRosa, Chief Product Officer of N26, 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 of N26, who is currently leading the Spanish market, said:
“We’re 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’re proud to launch an Instant Savings account, empowering our Spanish customers to make most of their money simply by using N26.”
Growing strong customer demand and primary account usage in Spain has “led the German bank to choose the market as the first in which to launch its new savings offering.”
N26 intends to progressively “expand the availability of interest-bearing savings in its other European markets.”
Additional information about N26 Instant Savings can be accessed here.
As clarified in the update, N26 customers in Spain “with a German IBAN, as well as standard or premium N26 Business customers are not eligible at this time.”
As covered, N26 claims it is today “one of the fastest-growing digital banks in the world, with an innovative banking experience that empowers people to have a better relationship with their money.”
Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has “welcomed more than 8 million customers in 24 markets to date and has raised close to US$ 1.8 billion from some of the world’s most renowned investors.”
As a fully-licensed German bank built on the latest technology, N26 says it “makes banking faster, easier and more trustworthy.”
Headquartered in Berlin, N26 reportedly “has offices in multiple cities around Europe.”