BUNQ Bank

Lorrmcmac

What Str the

wmb194

Lorrmcmac said:

What are the experiences with this bank? I want to deposit a substantial amount but a bit hesitant. I know it's covered by the European gaurantee. 

I've not used it but I have heard of it and it's been around for about a decade. It says that it turned its first pre-tax profit in Q4 2022.

https://www.financemagnates.com/fintech/bunq-second-largest-neobank-in-eu-reports-first-quarterly-profit/

To be clear, this is a Dutch bank and it's covered by the Netherlands' deposit protection scheme*. There is no, "European guarantee." The same as Britain, EU and Eurozone countries each have their own it's just the coverage level - presently €100,000 - is set by the EC.

If it's a substantial amount of money and you're nervous about then I wouldn't do it. It looks like its only offering 1.56% on its savings account.

*Which I'd personally be relaxed about.

eskbanker

Lorrmcmac said:

I want to deposit a substantial amount

Why, when it only pays 1.56% interest?

wmb194

Lorrmcmac said:

2,1% at the moment

Where are you looking because that's not what I'm shown, see below, but even so, is it enough to tempt you to use a foreign bank you're uneasy about with a, "significant" sum of money?

km1500

You don't say what currency your funds are in or the target currency when you want to withdraw

TheBanker

Lorrmcmac said:

What are the experiences with this bank? I want to deposit a substantial amount but a bit hesitant. I know it's covered by the European gaurantee. 

Do you live in the UK or the EU? If you are a UK resident you might not be able to open an account with an EU bank. Worth checking.

Personally I'd stick with a UK bank if you live in the UK. I think using the Financial Ombudsman Service and Financial Services Compensation Scheme should you ever need to, would be easier for a UK resident than dealing with the Dutch equivalents. 

wmb194

TheBanker said:

Lorrmcmac said:

What are the experiences with this bank? I want to deposit a substantial amount but a bit hesitant. I know it's covered by the European gaurantee. 

Do you live in the UK or the EU? If you are a UK resident you might not be able to open an account with an EU bank. Worth checking.

Personally I'd stick with a UK bank if you live in the UK. I think using the Financial Ombudsman Service and Financial Services Compensation Scheme should you ever need to, would be easier for a UK resident than dealing with the Dutch equivalents. 

Bunq appears to be available in the UK. Edit: Scratch that, only available to people permanently resident in the EEA.

From the OP's (short) posting history it appears that they're abroad but Bunq is available in a number of EU countries, which could be why they see a different rate although Bunq's Dutch website also shows 1.56%.

TheBanker

wmb194 said:

TheBanker said:

Lorrmcmac said:

What are the experiences with this bank? I want to deposit a substantial amount but a bit hesitant. I know it's covered by the European gaurantee. 

Do you live in the UK or the EU? If you are a UK resident you might not be able to open an account with an EU bank. Worth checking.

Personally I'd stick with a UK bank if you live in the UK. I think using the Financial Ombudsman Service and Financial Services Compensation Scheme should you ever need to, would be easier for a UK resident than dealing with the Dutch equivalents. 

Bunq appears to be available in the UK. Edit: Scratch that, only available to people permanently resident in the EEA.

From the OP's (short) posting history it appears that they're abroad but Bunq is available in a number of EU countries, which could be why they see a different rate although Bunq's Dutch website also shows 1.56%.

In which case probably better to ask on a Dutch (or whichever country they're in) forum.