My N26 app says Instant Savings is ‘coming soon’. When will it be available?
If you’re a new N26 customer who’s eligible for N26 Instant Savings, you might need to wait for your tax ID to be verified. The verification process usually takes 24 hours, but it can take up to 5 business days.
Why can’t I find Instant Savings in my N26 app?
Instant Savings is available to eligible customers who have a personal N26 bank account, German IBAN, German T&Cs, a verified German Tax ID, and a legal residence in Germany. If you don't see Instant Savings in your Finances tab, you might not meet some of the eligibility criteria. New customers might need to wait for their tax ID to be verified. The verification process usually takes 24 hours, but it can take up to five business days.
Who's eligible for N26 Instant Savings?
To create a savings account, customers need to have a personal N26 bank account, German IBAN, German T&Cs, a verified German tax ID, and a legal residence in Germany. New customers might have to wait up to 5 business days for their Tax ID to be verified. Other eligibility criteria may also apply.
Can only new customers open an N26 Instant Savings account?
No, N26 Instant Savings is available toall eligible customers — new and existing. The interest rate may differ for new and existing customers.
When and how is my interest paid?
The interest you earn is automatically calculated and paid out to your Instant Savings account on the first day of the following month. You’ll see separate transactions: the deposit of the gross interest into your account and the deduction of the taxes that are withheld from the interest you earned.
How is my interest calculated?
Your interest is calculated daily based on your account balance and your Instant Savings interest rate. For instance, if your interest rate is 2.6% p.a. and you maintain a daily balance of €15,000 in your Instant Savings account for 12 months, you’ll earn a total gross interest of €390 before taxes. Similarly, if there are 30 days in a month and your Instant Savings account balance remains at €15,000 for the whole month, you’ll earn a total gross interest of €32.05 (€15,000 x 2.6% x 30/365) for that month.
Where can I find N26 Instant Savings in the app?
Whether you have a free N26 account or a premium one, you can find Instant Savings in the Finances tab of your N26 app. If you’re an eligible N26 customer but can’t see the Instant Savings option, please make sure that you have the latest version of the app.
Is there a limit on the amount of money I can deposit to my N26 Instant Savings?
You may deposit as much money as you like into your savings account: you’ll earn interest on the total balance of your Instant Savings account. The sky’s the limit.
What happens if I make a withdrawal before the end of the month?
N26 Instant Savings is a fully flexible, easy-access savings account, so there are no penalties for withdrawing part — or all — of your funds before the end of the month. You won’t lose any interest that was already paid out or the interest you’ve accrued over the previous days of the current month.
Do I need to pay taxes on my earned interest?
Yes, the interest you earn in your N26 Instant Savings account is taxable by the German government. But no stress — we’ll automatically withhold and transfer this tax percentage to the authorities on your behalf every month, when you receive your earned interest.If you've received interest during the calendar year, the annual tax certificate will be sent to you in the first quarter of the following year via the app.
How is the withholding tax calculated for my N26 Savings account?
In Germany, 'withholding tax' (Abgeltungssteuer) is the tax deducted from the money you make from financial investments. This includes the interest you earn on your savings.This tax is automatically calculated, withheld and transferred by N26 to the authorities on your behalf every month, when you receive your earned interest.
The current withholding tax rate in Germany is 25% and, if applicable, a 5.5% solidarity surcharge and a church tax of 8% or 9%. These percentages may change according to new tax laws or personal circ*mstances.
Can N26 Business customers open an Instant Savings account?
At the moment, only customers with a personal N26 bank account are eligible to open an Instant Savings account.
Can I add deposits to my savings account every month?
Yes. With N26 Instant Savings, there are no deposit limits and no penalties for withdrawals — you're free to save at your own pace.
What is an easy-access savings account?
It’s a savings account without a strict commitment and without a fixed length of deposit. That means you can deposit and withdraw money at any time, without reducing your interest rate or paying penalty fees for early withdrawals.
How many savings accounts can I have?
At N26, each customer can have one Instant Savings account. There's no limit to the number of savings accounts you can have with different banks.
What is the difference between my savings account and my main account?
Your main account is the one you use for everyday transactions and payments, but the money in it doesn't earn interest. A savings account allows you to earn interest on the money you deposit in it, but can't be used for everyday payments or be linked to a card.
What is the difference between a flexible savings account and a long-term or fixed-term savings account?
With a flexible savings account, you can deposit and withdraw money at any time, without reducing your interest rate or paying penalty fees for an early withdrawal. With a fixed-term savings account, you have to lock your money away for a certain period of time — usually, at least one year. If you decide to withdraw money from a fixed-term savings account during this period, you won’t get the earned interest and may have to pay a fee, depending on the T&Cs.
Can I transfer money directly from my Instant Savings account?
No, you'll need to move money from your N26 Instant Savings account to your main account first.
How do I create the tax exemption order?
To create your tax exemption, go to 'Tax information' in your savings account settings. Once there, select ‘Exemption orders’. Then, select the year and the taxable income base for which this exemption should be applied to. You can also choose if you want your exemption to be auto-renewed for next year or not. Finally, you’ll need to confirm the update and verify your identity before this change can be processed. If your exemption implies a correction of previously withheld taxes, you should receive a refund in two business days.
