Dutch fintech bunq has responded to the European Central Bank’s (ECB) recent rate hike by tripling interest rates. From October 1, the online bank will pay 0.27 percent on savings accounts for private and business customers – including on current accounts.

The deposit rate of the Dutch digital bank bunq will be increased to 0.27 percent from the beginning of October 2022. This is the Dutch reaction to the ECB’s recent rate hike. The aim is to give customers a helping hand in view of the sharp rise in inflation and to help them save. All private and business customers who have a savings or current account with bunq benefit from the increase in the interest rate. The interest rate increase applies to existing customers as well as to new customers. This makes the digital bank bunq currently the only provider in Germany with such an attractive interest rate on the current account.

bunq customers receive a monthly interest credit on the first 10,000 euros, a minimum deposit is not required. In addition, from December 1, 2022, the neobank will no longer charge negative interest for accounts with a balance of up to EUR 1,000,000.

“Our users are increasingly affected by the rising cost of living, especially in their day-to-day spending. With a higher interest rate on savings, we try to close the gap between inflation and interest on savings as much as possible. At bunq, we always rely on full transparency; our decision to raise rates was therefore a natural fit,” explains Ali Niknam, Founder and CEO of bunq.