What's a Savings Account and how do I create one?

Elise

Hey bunqers 🌈 ,

Did you know that with a bunq Savings Account, you have the freedom to manage your savings your way?

You can add money to your Savings Account anytime you like, and if you need to, you can withdraw all or part of your savings up to twice a month. Plus, with our handy AutoSave feature, you can automate your savings and watch your money grow effortlessly. Let's make saving easy together 🚀

Further information about the MassInterest you can earn and how it works can be found here.

How can I create a Savings Account?

Go to the 🏠 Home tab
Tap on 🟣 + Add
Tap on 🟢 + Add Bank Account
Choose 🔵 Savings Account
Personalize it
Done

Important note: Keep in mind that the limit of 2 monthly withdrawals applies to all of your Savings Accounts. You have 2 monthly withdrawals for your Personal Savings Accounts and 2 separate for your Business Savings Accounts in total. This withdrawal limit applies to all bunq plans.
Only internal transfers between your Personal Savings Accounts don’t count towards the monthly limit.
The limit is automatically reset at every 1st of the month (01:00am CET).
You can see more about this in the “Good to Know” section below ⬇️

How do I transfer money to my Savings Account?

You can send a payment to your savings account whenever you wish. To see how to manually send money, check out the steps below:

Go to Home tab
Tap on your Savings Account
Tap on Add money
Select your payment method and amount
Done 👍

How do I set a Saving Goal?

If you want to set a Saving Goal for your Savings Account and track your progress, follow these easy steps:

Click on Savings Account
Select Savings Account Settings (⚙️)
Select Saving Goal
Select amount
Done!

Once you've reached your goal: You will receive a new event in the Events section. Every time you reach your Saving Goal we'll send you an email to congratulate you on job well done 🙌

How do I create a Savings Account in bunq Web?

In order to create a Savings Account just follow these easy steps:

Go to https://web.bunq.com
Click on + Add Bank Account
Select Save for a specific goal

What MassInterest am I earning?

Personal Accounts

For 🇪🇺 EUR Savings Accounts

You can earn an annual bonus MassInterest on your savings all year long when you save more than your personalized starting point, called a "threshold." This threshold is based on the highest amount you saved in your account over the past 6 months. It gets calculated twice a year - on January 1 and July 1.

Here’s how it works:

You earn an annual base interest rate, currently 2.01%*, on savings up to your threshold.
If you save more than your threshold, you’ll get the current annual bonus rate of 2.67%* on the extra amount.

If you didn’t have any savings in your account or if you've just joined bunq and opened a Savings Account during the 6-month period before the threshold calculation, your threshold will start at €0. This means you’ll receive the current annual bonus rate of 2.67% on all savings until the next calculation.

* The base rate and the bonus rate are variable and are subject to change.

For 🇺🇸 USD and 🇬🇧 GBP Savings Accounts
- Annual variable rate of 3.01%*

* The USD and the GBP rates are variable and are subject to change.

Business Accounts

For 🇪🇺 All EEA Residents:
- Annual variable rate of 1.05%*

* The business interest rate is variable and is subject to change.

For 🇺🇸 USD and 🇬🇧 GBP Savings Accounts:
- Annual variable rate of 2.3%*

* The USD and the GBP rates are variable and are subject to change.

Further information about Multi-Currency Savings Accounts can be found here.

How do I close my Savings Account?

To close your Savings Account, you can follow the steps mentioned here.

Good to know

You receive interest accrued only over balances on Savings Account(s).
You’ll be able to withdraw money maximum twice per calendar month from all your Savings Accounts (no limit on withdrawal amount).
There are no fees for withdrawing from your savings account.
Internal transfers between your Personal Savings Accounts don't count towards the monthly limit.
Keep in mind that automated payments which you've set up from your Savings Accounts do count towards the limit.
Transfers between your Savings Accounts and your regular Bank Accounts count towards the limit.
Withdrawals from any Joint Savings Account count towards your monthly withdrawal limit
Your withdrawal limit is automatically reset at every 1st of the month (01:00am CET)
Want to do a partial withdrawal from your Savings Account? Simply follow the steps explained here
The Savings Account isn't a regular bank account for payments (including iDEAL, SWIFT, and Bancontact payments). In such case you can create a Bank Account and use its monetary benefits