The new N26 Instant Savings account offers customers in Spain a 2.26% yield, empowering customers to have a better relationship with their money
Neobank N26 launched a new Instant Savings account, offering customers 2.26% interest on their deposits. The service initially starts functioning only in Spain, but interest-bearing savings will be gradually rolled out across all N26 European markets.
Eligible clients in Spain who hold a personal N26 Standard, N26 Smart, N26 You or N26 Metal account with a Spanish IBAN will be able to deposit up to €50,000 with no minimum deposit requirements, access their savings at any time and additionally earn interest on their deposits. The interest rate will equal 2.26% AER (2,26% NIR). There will be no conditions of permanence, no additional fees, and no need to have salaries paid directly into the account.
N26 customers in Spain with a German IBAN, as well as standard or premium N26 Business customers are not eligible for a new service at this time.
The new product is a response to the rising customer demand. Gilles BianRosa, N26’s chief product officer, notes that more and more customers choose N26 as their primary bank account over traditional banks. Therefore, the neobank has prioritized the expansion of the product portfolio with an even more comprehensive range of customer benefits.
Meanwhile, the challenger banking institution, which has welcomed more than 8 million customers in 24 markets to date, is having a rough time. Recently, it lost about a third of its 2021 valuation and was forced to cut 4% of its staff against “the backdrop of significant and long-lasting changes to the global business landscape in the last year.”
At the same time, the German neobank keeps figuring out new ways to attract new and retain existing customers. Thus, in early 2023 N26 announced an expansion of its crypto trading services to 5 new European markets.