N26 is launching but another characteristic to build a brand new retail financial institution for European buyers. This time, the company is partnering with Raisin, a German startup often referred to as WeltSparen. In only a few taps, you’ll be capable to open a savings account for money you don’t want.
Raisin doesn’t construct financial savings accounts itself. as a substitute, the company is partnering with monetary establishments across the Eurozone to find the perfect charges for you. So that you would be able to say that you’ve got €10,000 and that you’re willing to save for a few years. Raisin might find a bank in Portugal or Austria so that you simply get the most effective charges conceivable.
however Raisin additionally opens the account for you so that you simply don’t have to handle the entire bureaucracy. charges rely for your preliminary deposit and the chosen time period. N26 says which you could expect up to 1.5 p.c interest per yr.
all of your deposits are assured as much as €100,000 per financial institution by the nationwide Deposit assure Scheme as a part of the ecu Union.
N26 is best launching this selection in Germany for now, however Raisin accepts consumers from different nations. So you can expect to see this selection in other nations later this 12 months. in a similar way, should you don’t need to have your cash stuck on a savings account, N26 will launch in a single day financial savings later this year.
Raisin has built an API in an effort to facilitate the N26 integration. As overall, N26 needs to build a fintech hub for all your financial wants. this fashion, you don’t have to go away the app for many options.
In different news, N26 just hired a rustic supervisor for Italy. someday, there will be a dedicated staff for the Italian market as well as savings, funding, overdraft and different options.
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