A new actor has entered the market for paid accounts without any link. The neobank N26. The entity launches the N26 Savings Account, which offers a return of 2.26% APR and annual TIN without any type of link, such as direct debit of the payroll, and for a maximum remunerated import of 50,000 euros. Nor does it establish a minimum amount or imply additional commissions.
According to the note sent by the entity, both current clients of the entity and new clients will be able to win, starting today. In addition, the fact that it is a remunerated account allows users to access their savings without any type of restriction. In order to access this profitability, customers will be able to enjoy this promotion, if they have an eligible account, including residing in Spain and having a registered local tax identification number.
Gilles BianRosa, N26 Chief Product Officer explains that “as more and more customers choose N26 as their primary bank account over traditional banking, it has been our priority to expand our product portfolio to offer a more complete range of products and services. that help empower clients, helping them to have a better relationship with their finances. Remunerated accounts are an important part of this, and we are proud to launch one of the most competitive offers in the Spanish market today.”
In fact, the entity has increased by 176% since 2019 the number of customers who have chosen an N26 as their main bank thanks to the adoption of the Spanish IBAN, but also the incorporation of other services such as Bizum. Precisely, from the German neobank they point out that it has been precisely the high penetration of the bank in the country that has led it to choose Spain as the first country to launch its remunerated account.
The paid account market is boiling
The truth is that banking, especially digital banking and neobanks, have concentrated their best offers on unlinked remunerated accounts. A few days ago, it was Orange Bank, who improved the conditions of its product, with a return of 1.80% (for existing customers) and a maximum remuneration amount of 200,000 euros. The Banco Sabadell product also stands out. The entity directed by César González-Bueno improved the conditions of its paid ‘online’ account to 2.50% and a maximum balance of 30,000 euros. Although in the case of domiciling the salary, the client can get an additional 200 euros.
Within digital banking, MyInvestor would also stand out, which, although it maintains remuneration at 2%, has also raised the maximum amount to 50,000 euros. Within neobanks, Renault Bank also stands out. The bank has a digital account with a product with similar characteristics that offers interest at 2.25% APR, without any limits.
As regards traditional banking, Evo Banco stands out, with a return of 2% for 14 months, while Bankinter, which is one of the pioneers in launching a paid account with a link, launched a paid account a few months ago, which offers a profitability of 1% APR. It should be noted that to access these offers it is not necessary for the client to subscribe to a certain relationship with the entity, since it is not necessary to direct deposit the payroll, receipts or contract other services with the bank.