Germany’s Digital Bank N26 Is Offering Up to 2.6% Interest on Deposits with Instant Savings

N26 announced an important extension to its product portfolio with the launch of a flexible Instant Savings account.

From today, customers in Germany can “benefit from up to 2.6% interest p.a. with transparent conditions, and without deposit limits or additional costs involved.”

The overnight savings account can “be activated in a few taps in the N26 app.”

Valentin Stalf, co-founder and co-CEO of N26, said:

“With N26 Instant Savings, we are broadening our product portfolio in line with our strategy to offer customers a range of competitive banking products that are available directly and easily within the N26 app.”

N26 has tiered the interest rate on its Instant Savings account “according to each account tier, and customers may upgrade their account at any time with just a few taps to benefit from higher interest rates on their savings.”

N26 Metal customers will “receive 2.6% interest p.a., while the interest rate for N26 Smart and You customers is 2.26%. Customers who have signed up for the free N26 Standard account receive 1.26% interest p.a. on their deposits.”

All new N26 customers opening “an account and Instant Savings account by 31 January 2024 will also receive the top interest rate of 2.6 % p.a. no matter the account tier they sign up for.”

Customers can open their “Instant Savings” account by “navigating to the “Finance” tab in the N26 app and instantly transfer deposits between their main account or Spaces and their Instant Savings account. Interest income is calculated daily based on the balance in the N26 Instant Savings account, and is then paid out at the beginning of the following month.”

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

Germany is the second market where N26 has “rolled out Instant Savings, and the bank will expand availability to more markets in the coming months.”

N26 AG is Europe’s digital bank with “a full German banking licence. Built on the latest technology, N26’s mobile banking experience makes managing money easier, more secure and customer friendly.”

To date, it has reportedly “welcomed more than 8 million customers in 24 markets, and processes over 100bn EUR in transactions a year. N26 is headquartered in Berlin with offices in multiple cities across Europe, including Vienna and Barcelona, and a 1,500-strong team of more than 80 nationalities. Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has raised close to US$ 1.8 billion from some of the world’s most renowned investors.”

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