On December 1st 2022, Dutch neobank bunq announced that it will be increasing the interest rate on its savings accounts for all users. The new interest rate will be 1.05%, a quadruple increase from the previous rate of 0.27%, a rate that lasted less than three months, after replacing the 0.09% rate previously in place.
This move by bunq comes as a response to the European Central Bank's recent decision to raise interest rates. The increased rate on bunq's savings accounts will provide its users with a higher return on their savings, allowing them to earn more on their money without having to take on additional risk.
"We are always looking for ways to provide our users with the best possible experience, and this interest rate increase is just one way that we are doing that," said a spokesperson for bunq. "We believe that our users should be able to earn more on their savings, and we are happy to be able to provide them with this opportunity."
The new interest rate will be effective immediately for all existing and new bunq savings account holders. Users can easily view their updated interest rate in the app, and can start earning more on their savings right away.
In addition to the interest rate increase, bunq also announced that it will be introducing new features to its app in the coming weeks, including the ability to set up custom savings goals and track progress towards them.
"We are constantly working to improve our app and add new features that our users will find useful," bunq claims. "These new features are just the latest example of our commitment to providing our users with the best possible experience."
Overall, the interest rate increase and new app features are a welcome addition for bunq's users, providing them with more opportunities to save and grow their money. However, it must be noted that you can no longer create a joint bunq savings account at this time. The company's representatives did not provide a comment on whether this is an intended permanent change or we can expect that functionality to come back soon.
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