Despite Germans’ status as the champion savers of Europe, with a current total deposits volume in Germany of over 2.5 trillion euros, Germany has not been able to cure its low interest rate headache.
According to current data from the European Central Bank, the average interest rate in Germany for retail customers is now for the first time below zero, at -0.01%. The German Bundesbank has also revealed a steadily increasing number of credit institutions charging their customers a custody fee.
European fintechs N26 and Raisin are now expanding their collaboration to address the negative interest crisis. The partnership allows N26 to extend its product portfolio with EasyFlex Savings, a flexible overnight deposit with an interest rate of 0.21% p.a., a top offer in the German market.
N26 and Raisin have been on an innovative path together since 2017, when the two fintechs introduced the integration for the first time of a cash deposits platform within another financial platform. Ever since, N26 customers have been able to select and open a range of Raisin’s fixed-term deposit accounts within the N26 app through “N26 Savings.”
Raisin’s German platform www.WeltSparen.de features deposit products from dozens of Raisin partner banks across Europe. Those made available through N26’s EasyFlex Savings include the competitive 0.21% overnight account at Norwegian Komplett Bank, with a minimum investment of 500 euros.
"With our new partner offer, N26 and Raisin are excited to give millions of customers the opportunity to flexibly invest their savings at one of the best available interest rates on the market. Having continuously developed over the past several years, our cooperation proves once again that mobile banking and pan-European investment are a win-win for everyone," explains Benedikt Voller, Raisin VP Business Clients and Partnerships.
N26 General Manager DACH and Northern Europe Georg Hauer adds: "With EasyFlex Savings, our customers can now make even more out of their money - digitally, securely, and at no cost. We are very pleased to further expand our long-standing partnership with Raisin with this offering. Together, we want to show that saving is worthwhile even in this time of zero interest."