Bunq launches an interest rate 9 times higher than the going market rate.
The rate will apply to all bunq accounts, removing the common difference between checking and savings accounts. Tonight at bunq Update #10, the bank also introduces investment categories and launches Google Pay in Germany, Belgium, France, Italy and Spain.
MassInterest: an interest rate 9 times higher than the Dutch market rate
Today bunq launches an interest rate of 0.27%. This is 9 times higher than the 0,03% offered by Dutch legacy banks like ABN Amro, ING and Rabobank. In comparison to these banks, who only provide interest on dedicated savings accounts, bunq’s rate applies to saving- as well as checking accounts.
According to research amongst bunq users, differences between account types should be a thing of the past: “Being far more efficient than any legacy bank, we looked at how we can make a revolutionary change to savings accounts. Our users now have the freedom to benefit from an interest rate that’s 9 times higher, without needing a dedicated savings account”, says founder and CEO Ali Niknam.
Freedom of Choice: decide what happens with your money
bunq is the only bank in the world that lets their users decide where their funds are stored and how they are used. Having collected extensive feedback from its online community, the European challenger bank adds 6 new categories to the app. Starting today bunq users can choose to store their funds at the European Central Bank or can decide whether they would like to invest in green European companies, all European companies, European mortgages, European government bonds, European personal lending or other bank loans.
“It’s your money, so you decide. We’re the only bank in the world that listens to your feedback and lets you decide what happens with your money. This way we’re freeing our users from the restrictive market of legacy banking”, concludes Niknam.
Google Pay: the fast and simple way to pay with Google
Starting tonight bunq users in Germany, Belgium, France, Italy and Spain will be able to use Google Pay, the fast, simple way to pay with Google. It brings together everything you need at checkout and keeps your payment info safe in your Google Account until you’re ready to pay. With Google Pay, you don’t have to remember all your card details or fill out endless forms on your phone. When you use your phone to pay in stores, Google Pay doesn’t send your actual credit or debit card number with your payment. Instead Google uses a virtual account number to represent your account info - so your personal information stays safe and secure.