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N26 introduces a daily money account: up to 2.6 percent interest

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N26 introduces a daily money account: up to 2.6 percent interest

The digital bank N26 now also offers its customers a daily money account. SOPA Images/Getty Images

The digital bank N26 is introducing a daily money account. It promises interest of up to 2.6 percent annually.

The option can be activated with just a few clicks in the N26 app; you just have to meet the usage criteria.

But: Other banks currently offer even better interest rates than N26. This includes, for example, Merkur Privatbank.

Saving can be worthwhile again. After the ECB has raised the key interest rate several times in recent months, some, but by no means all, banks have also raised interest rates significantly. The digital bank N26 is now introducing a flexible current account with interest rates of up to 2.6 percent annually. However, the interest rate may vary depending on your membership.

Daily money at N26 – new and existing customers receive 2.6 percent interest

N26 introduces a daily money account. The digital bank announced this on Tuesday. According to the fintech, the option is available “without deposits or additional costs”. So far, Germany is the second market where N26 is introducing the model – but other countries are to follow. All new customers who open a current account and a current account with N26 between November 14, 2023 and January 31, 2024 will receive the maximum interest rate of 2.6 percent – the account model does not matter. The situation is different for existing customers: While Metal customers also receive 2.6 percent, the interest rate for Smart and You accounts is only 2.26 percent. If you have a free standard account, you have to be content with 1.26 percent. N26 customers have the option to change their account model at any time.

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The daily money account can be activated in the N26 app with just a few clicks. You can select the option in the “Finance” tab. If it instead shows that the daily money account is “coming soon”, you should make sure that you have installed the latest version of the app and meet all usage criteria. These include how N26 on its website: a private N26 checking account, a German IBAN, German general terms and conditions, a German registration address and a verified German tax ID. The interest income will be credited to you at the beginning of the next month.

Account modelPossibility of useCurrent accountAccount for daily payment transactions through which transfers are made and from which cash is withdrawn.Current money accountAccount in which money is invested for the short term. Bank transfers are not possible, but the money can be transferred via the checking account. The interest rate is variable.Fixed deposit accountAccount in which money is invested for a specific period of time and at a fixed interest rate.Types of accounts and their functions.

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These current accounts currently offer the best interest rates

Compared to savings banks or Volksbanks, N26 is doing quite well with its 2.6 percent. An evaluation of the comparison portal Verivox However, Business Insider shows that other banks are currently paying you significantly higher interest rates:

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The J&T direct bank from the Czech Republic offers the highest interest rates in Europe at 3.70 percent interest.

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In Germany, Merkur Privatbank pays the highest overnight interest rate. The only requirement: you also need a deposit at the bank.

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There are also a few other banks – including in Germany – that offer even higher interest rates. However, this interest only applies for a promotional period of a few months.

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