Covered in today's Irish Times
Bunq puts it up to Irish banks with instant access saving rate of 2.46%
Dutch neobank offering on-demand rate 10 times better than most comparable Irish banks’ savings accountswww.irishtimes.com
BUNQ getting some undeserved credit in the Irish media today Irish Times and Irish Independent
Thanks, I have the 12k there, it's just been taken from an old aib demand deposit account each month at presentIt depends. If you have €12k or more available now and can put that into BUNQ now, you will do a lot better than that smoke and mirrors AIB account building up at €1k per month.
What do you mean by safe? It is a bank of that's what you mean. But no bank is safe, the general business model of borrowing short to lend long presents huge liquidity risk. That's before people and businesses stop paying their loans. Here in Ireland we don't have to look too far into the past to find home grown examples of failed banks. So no bank is ever 100% safe (and profitable at the same time).Is bunq safe to put money in?
But there isn't enough in the guarantee scheme to cover most banks if they failed, isn't it safer to hold cash in Irish banks in that case as they are very unlikely to burn domestic depositorsWhat do you mean by safe? It is a bank of that's what you mean. But no bank is safe, the general business model of borrowing short to lend long presents huge liquidity risk. That's before people and businesses stop paying their loans. Here in Ireland we don't have to look too far into the past to find home grown examples of failed banks. So no bank is ever 100% safe (and profitable at the same time).
To counter that all EU countries have a deposit guarantee schemes. So when a bank collapses deposits up to €100k are protected. That's probably good enough for most households.
Isn't that as equally valid reason to avoid an Irish bank?But there isn't enough in the guarantee scheme to cover most banks if they failed, isn't it safer to hold cash in Irish banks in that case as they are very unlikely to burn domestic depositors
Fair enoughIsn't that as equally valid reason to avoid an Irish bank?
I'm not sure what state the Dutch DGS pot is in but I'd imagine it's similar to Ireland alright. But no sane government would threaten the stability of their financial system by not paying out what is guaranteed under the scheme.
Apart from deposits from some notable exceptions (i.e., deposits from other banks and other financial institutions) the first €100k of deposits are protected for everyone. They simply don't get to cherry pick. Let's say they did it would throw the Dutch banking system back to the stone age, no one would touch it.
Yes, you have to upgrade to one of their paid plans to hold a Joint Account. I was in the same quandary earlier this yearDoes anyone know if you can have to pay fees to open a joint savings account? I can get as far as setting it up but when my wife or I try to accept the others offer we only seem to have the option of signing up for a paid account. Am I missing something?
Has something changed? My Mrs and I have a free joint savings account with Bunq. We signed up shortly after they launched the option.Yes, you have to upgrade to one of their paid plans to hold a Joint Account. I was in the same quandary earlier this year
This is the response I received from Bunq when I enquired (Sept 2023)Has something changed? My Mrs and I have a free joint savings account with Bunq. We signed up shortly after they launched the option.View attachment 8206
This is the response I received from Bunq when I enquired (Sept 2023)
Yes, I also found the response unclear. Except forFrom that message:
“Unfortunately, the free Easy Savings plan does not offer a Joint Account. It includes a Joint Savings Account.”
I've read this a few times and I'm none the wiser as to what it means. The link provided certainly looks like you CAN have a Joint Savings Account.
That if terrible if its the caseI just looked at the Bunq site, it appears that the free Easy savings account has a rate of 1.56% , but the Easy bank account at €3/ month has the 2.46% rate, can anyone confirm this?
I have an Easy Savings account and it is 2.46%. Perhaps the website is out of date?I just looked at the Bunq site, it appears that the free Easy savings account has a rate of 1.56% , but the Easy bank account at €3/ month has the 2.46% rate, can anyone confirm this?
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