N26 Launch Savings Account Paying 2.80% to 4.00% less fees

PoundMan said:
@Innisfree, perhaps your PRSI was applied incorrectly, it has been well documented recently that Revenue are making mistakes:
https://www.askaboutmoney.com/threads/eu-deposit-interest-revenue-reporting.234901/
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Thank you - yeah, have read that. Most of the reports seem to relate to problems with myAccount/Form12 rather than form11.
I'm not sure if anybody sees "only" 33% DIRT and no PRSI on EU Deposit Iinterest using form11.

Might be because revenue assume that almost all people filing form11 are "chargeable" and don't think about those who aren't, but who have to file a form11 regardless for ETF reasons.
 
Can i ask if i take out the metal account will i get 4% on any funds that sit in this account on a monthly basis?
 
Happycat said:
Can i ask if i take out the metal account will i get 4% on any funds that sit in this account on a monthly basis?
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Yes, you will providing they are placed in a sub account (marked as savings account). You can move funds back and fourth between your standard and savings account easily. Receive interest on the 1st of each month.
 
Since my last comment, I subscribed to N26 Metal, and I'm really happy with the 4% interest rate. Last month, I received 450 EUR. The example I shared earlier deducted PRSI, but I don't have to pay it because I don't meet the requirements, so I only need to deduct 33%. The interest rate will probably drop next month to around 3.75%, based on the upcoming announcement.

N26 requested bank statements from me, warning that my account could be blocked if I didn't provide them within about two weeks. I had to send the documents twice. First, I sent a statement from Revolut, but it didn't prove the origin of the money because I transferred funds from AIB to N26 through Revolut. So, I also had to send AIB's statement and two payslips. Since the money was from my hard work, everything was fine. I appreciate that N26 is careful to avoid fines.

This process causes alarms for many people who get their accounts blocked, and it was also a concern for me when deciding to go with N26 Metal. I'm glad everything worked out. You'd have to be very unlucky to need to prove your income source and get your account blocked. I don't understand why some people online claim N26 is stealing their money.
 
Happy to be corrected but 450 eur interest in one month will add up to over 5K a year. You will need to pay PRSI as well.
 
So you have about €135,000 saved with N26. It's no surprise they asked for the source of funds. I have €20,000 saved with them attracting 2.8%. They haven't asked for source of funds , YET. I can explain it should they ask but what if they are unhappy. Can or do they indefinitely freeze the account or just return the money and close the account.

Are you not uneasy leaving such a large sum with N26 given how weak their security is. I mean it's so easy to reset both password and pin once there's access to your phone.
 
So you have about €135,000 saved with N26. It's no surprise they asked for the source of funds. I have €20,000 saved with them attracting 2.8%. They haven't asked for source of funds , YET. I can explain it should they ask but what if they are unhappy. Can or do they indefinitely freeze the account or just return the money and close the account.

Are you not uneasy leaving such a large sum with N26 given how weak their security is. I mean it's so easy to reset both password and pin once there's access to your phone.
 
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