Review: bunq Bank Accounts

bunq is a mobile-first bank from Amsterdam, the Netherlands. Founded in 2012 by a tech entrepreneur Ali Niknam, bunq successfully acquired a full-fledged banking license from the Dutch National Bank in 2015. This made it the first fully-licensed grassroots bank to appear in the Netherlands in the last 35 years. The company has since grown into one of the biggest European mobile banks and is now available in 18 countries, reporting a total volume of assets under its management reaching €4,5 billion in early 2024.

The Dutch neobank offers a range of bank account options for individuals, freelancers and businesses. This review aims to inform you on all the pros and cons of opening a bunq bank account. In addition to this, we'll walk you through its plans and pricing, assess bunq's security and how reliable the neobank is. And before we wrap up with a quick recap and our verdict, we'll provide suggestions for alternative mobile banking solutions.

For this article, we assembled a team of 6 finance professionals who all had extensive 'hands-on' experience with bunq, got individual assessments from each of them and compiled them into a concise, yet in-depth review. However, our primary goal is to assess if bunq is a good choice for an average person. Now without further ado, let's dive into it!

When it comes to mobile-first banks, the usual concern is their trustworthiness. It's a very valid concern - after all, you don't want to store your money at an institution you can't rely on. How does bunq fare in that regard?

Since 2015 bunq has a full official banking license granted by one of Europe's strictest and most respected regulators, the Dutch National Bank. This means that all customer deposits (up to €100'000 per individual) are insured via the Deposit Guarantee Scheme which is backed by the government of the Netherlands. This means that the bank is subject to the same level of scrutiny, frequent audits and compliance checks that bigger "traditional" banks like ING, ABN AMRO and Rabobank. On top of this, as a bunq customer, you are automatically protected by the Dutch Consumer law, enforced by notoriously pro-customer Authority for Consumers and Markets (ACM).

To protect your money, strict Know Your Customer (KYC) checks ensure the assets under bunq's management are held by verified individuals, while transactions are monitored in real-time by dozens of compliance officers utilizing complex machine learning models. To protect your account from unauthorized access, multi-factor authentication can be enabled in the app; card payments use Mastercard's 3D Secure; and you can freeze your card instantly in case you lose it. There are also variable limits you can change "on the fly", disposable virtual cards are available for risky online purchases, and there's also an emergency SOS phone line in case of extreme circumstances.

However, there is an aspect where bunq is lacking - customer support quality. As is usually the case for an online bank, support agents can be reached via the in-app chat or through email, while general non-critical questions can be answered by a chatbot. In our experience, support is... lacking. Response times vary wildly and can be unreasonably long, support frequently resorts to "copy & paste" answers without taking the time to investigate the issue, and it can take multiple attempts to resolve a unique issue, which can be frustrating.

The company prides itself on its ability to get customers up and running in 5 minutes. But is that really the case? Based on our experience, the sign-up process is indeed very fast most of the time. In some cases, this can take longer - but that's rarely the bank's fault. bunq is adhering to the same regulatory requirements other banks do, so if the verification system labels your profile as requiring a manual check, this will slow things down. The process is as follows:

• Download the App: The app is available on both App Store and Google Play.
• Personal Details: You’ll need to provide some basic personal information, such as your name, email, address, and date of birth.
• Verification: Naturally, you need to provide a form of identification (like your passport, ID card or driver’s license) to verify your identity. The app guides you through the simple process of capturing a photo of your ID and a selfie.
• Account Setup: Once verified, you can choose the type of account you want to open—Personal or Business (you can always open the other type later).
• Initial Deposit: Depending on the account type, you might need to make an initial deposit to activate your account. This deposit is then immediately available for you to use - opening a bunq account is free of charge.

bunq offers a grand total of four different subscriptions available to individuals. The three core plans are: affordable and basic "Easy Bank", a more advanced and powerful "Easy Bank Pro" (previously "Easy Money") and the flagship-tier premium "Easy Bank Pro XL" (ex-"Easy Green"). These names, according to the company, illustrate the idea that personal finance does not have to be complicated.

The fourth subscription, called "Easy Savings", is not technically a current (checking, or betaalrekening in Dutch) account, but rather a savings one - but we'll get to it in a bit. Now, let's briefly examine the plans, comparing monthly fees, app features and cards included in each subscription, while listing the key differences.

Easy Savings is a fee-free savings account. It offers up to 2,46% interest (exact amount is provided below and is based on your country of residence) with weekly interest payouts. You are free to withdraw your funds at any moment without any fees (however, this can only be done twice a month - although the withdrawal amount is unlimited).

However, this is not a current account, meaning you would need to upgrade to a paid subscription if you want to pay from your account or use bank cards.

Easy Bank, an entry-level bank account subscription, is your simple bank account, the one you'd use for your everyday expenses. Despite only offering one card, Easy Bank is a full-blown bank account at a licensed financial institution. But on top of that, it allows you to enjoy inter-bank exchange rate on your travels, categorizes your payments and nets you a quite high interest rate on your savings.

Easy Bank offers top-notch security thanks to 3DSecure, Multi-factor authentication, and... a free rainbow-colored card! Just like the name suggests, it is a solid choice when you're looking for a basic current (checking) account.

Easy Bank Pro is a plan that allows you to bank like a local all over EU. With IBANs from multiple European countries and an array of various cards with global acceptance included in subscription, bunq's Premium-tier plan is a great choice for hassle-free banking. This plan will not only cover your day-to-day needs, but also provide a few "wow" features that will make you excited to be banking at bunq!

This subscription is easily the best value-for-money available at bunq. While you might feel that the cheaper plan provides a satisfactory experience, "Pro" significantly improves your banking capabilities. Easy Bank Pro adds 2 more physical cards, 25 (!) more virtual cards, 6 free ATM withdrawals per month, Zapier integration and fee-free currency payments. On top of that, you get access to budgeting features, automated salary sorter, Easy Investments and 2% cashback for public transport payments.

Easy Bank Pro XL is bunq's top-of-the-line plan that comes with a significant price tag. The main advantage over the lower-tier Easy Bank Pro is its turbocharged ability to effortlessly offset your CO2 emissions: Pro XL users plant a tree for every €100 spent.

On top of this, Easy Bank Pro XL customers get priority support (based on our experience, this boosts support's response time by approximately 50%) and free travel insurance for your whole family (thanks to bank's insurance partner, Qover).

Amsterdam-based digital challenger bank partners with Mastercard to provide free cards to every customer. You can choose between Mastercard credit and Mastercard debit cards. Important to note: there is no overdraft available and neither does the bank provide credit lines. Thus, the difference between your card type is very marginal.

Depending on the plan you've selected, you either get 1 free physical card (with the cheapest Easy Bank subscription), while the higher-tier "Pro" and "Pro XL" plans include 3 cards at no extra cost. In case that's not enough for you, additional cards can always be ordered for a fee of €2,99 per month. Note: there is a generous benefit of 1 free card replacement per year offered to bunq users. In case you lose your cards more frequently, each additional replacement would cost you €9,99.

On top of this, virtual and disposable cards are available, meaning you really can start purchasing stuff online the same day you sign up while waiting for your physical card to arrive (which can take between 3 and 7 days). This helps maintain your account's security in case you don't trust whatever merchant you're paying online.

The app is designed with user-friendliness in mind, offering a modern interface that can be set to either dark (default) or light mode. The app also features unique tools such as Auto-Save (rounding up transactions to save spare change with each payment) and Dual PIN (assigning different accounts to the same card for flexibility).

The biggest advantage of the bunq app is an ability (for "Pro" and "Pro XL" plans) to create up to 25 sub-accounts for free. Unlike similar features offered by other banks (for instance, Revolut's "Pots"), bunq sub-accounts are fully functional bank accounts, each with its own IBAN. This means you can create separate accounts for specific purposes: for example, one for groceries, one for your rent payments, one for subscriptions and one more for entertainment. That way, you have the correct amount ready whenever you need it, and you can set up payments (and deposits) to be performed from the sub-account of your liking. This makes budgeting and cost control a breeze!

However, it's also easy to notice that the app is somewhat cluttered. An abundance of features, the amount of in-app "real estate" devoted to "Green" purposes and the amount of visual noise can be confusing at first. You get used to it, but it might take a while till you start feeling comfortable when navigating through the app screens.

One of the biggest benefits of banking at bunq is an ability to bank together for free. You can create shared bank accounts on any of the three "core" subscriptions with a monthly fee.

In fact, there are two ways to share an account at bunq. The difference between these is subtle, yet quite significant from a legal point of view. The first option is "Shared Access": granting access to any of your "sub-accounts" to up to 9 other people. The other option is creating a so-called "Joint account", a current account with two co-owners. You can also set up a shared savings goal, where both your and your partner's daily expenses are rounded up to the nearest euro. The spare change is then put in a separate "pot" towards a common financial goal.

The beauty of how shared banking works at bunq is how well it's supplemented by other app features. For instance, you can auto-sort your salary so that a part of it automatically lands in your family account. Alternatively, you can set up rental payments and utilities to be automatically deducted from the shared account, or set up a recurring transfer to your child's allowance budget. Built-in categorization of transactions (e.g. labeling them as "Groceries", "Subscriptions" or "Entertainment") makes keeping a communal budget practically hassle-free.

It's almost impossible to talk about neobanks in Europe without mentioning Revolut. A mobile banking behemoth, this UK-based financial super-app already has over 40 million customers and keeps growing at an impressive rate. Revolut recently expanded its portfolio with supplementary financial products & services like Revolut Under 18 & Joint Bank Accounts.

These products, along with visa cards with worldwide acceptance, mobile apps with tons of features, 24/7 customer support and a wide selection of plans make Revolut our #1 alternative.

Not technically a bank, rather a solution to an issue you might be experiencing. Imagine this - you get to keep your current bank account, yet your card suddenly has cashback, advanced analytics, instant notifications and additional security.

Sounds interesting? Curve from UK might just be what you're looking for - make sure to check out our Curve review!

bunq definitely has a lot to offer to its users. From automatic salary sorting in essentially unlimited sub-accounts and automatic payment categorization, to shared accounts included in subscription and personalized payment request links, there's nothing bunq can't do. However, it does come at a price (with Easy Bank Pro being by far the best value for money), and the price is a bit higher than a few euros a month.

bunq, being a startup at heart, has a tendency to overhaul their features, plans, the app's UI and core concepts quite a lot. It's evident the company's still in an active discovery phase trying to find the perfect product-market fit. Thus, the app rarely goes a few months without sweeping changes.

The latest niche it looks to occupy is an odd "social banking experience" concept. It comes with a bunch of questionable additions, like an unnecessary and quite buggy attempt at recreating Google Maps. A "Green" tab you most likely will never open? This would all have been perfectly fine additions if the core banking functionality was flawless.

Alas, that's not always the case as evident by long support wait times and (mostly harmless) bugs that pop up from time to time. It's a shame bunq doesn't just proudly stick to what's great about it (unique features, powerful Open API with endless automation possibilities, and generally enabling users to bank the way they want). Instead, it awkwardly tries to reinvent the wheel, looking for a magical combination that elevates it to #1 spot in EU banking.

Nevertheless, greenwashing and "social" craze aside, bunq still is a solid high-tech neobank with a full-fledged banking license granted by a reputable regulatory authority in one of the world's best countries in terms of justice systems and economy. bunq is a true budgeting and money administration powerhouse that's insanely convenient when you finally get used to a non-intuitive and cluttered app.

Besides, having 3 cards of any type you want (Maestro, MasterCard Debit and Credit), as well as virtual cards for safe online payments!) included in your plan is extremely useful, no matter how you do your banking! bunq offers a 30 days "no strings attached' free trial of their most expensive plan (Easy Bank Pro XL) completely free (and it will prompt and notify you before the trial ends), and you can order as many as 3 physical cards for free in that time frame.

We hope you've found our bunq review informative and concise. Our assessment is fairly straightforward: try the bank yourself and see if it's something that's right for you based on your personal experience. After all, thanks to free trial for Fintech Compass visitors, you'll have a month to decide if it's worth it, "no strings attached". So why not give it a try?