N26 Instant Savings - FAQs

Update: We increased our interest rate to 4.0% p.a. for N26 Metal customers in Germany starting April 9th, 2024:

  • The new interest rate of 4.0% p.a. will be applied starting April 9th, 2024. Interest accrued until April 8th will be at your previous interest rate (2.6% p.a.).
  • As usual, your monthly payout will be on the 1st of the next month. It will automatically include the increase to 4.0% p.a. from April 9th.
  • If you qualified for our New User promotional rate of 2.6% p.a. and you're a Metal customer, your interest rate will increase to 4.0% p.a.. If you downgrade at anytime your 2.6% promotional rate will apply until the end of its 12 month validity period.
  • Am I eligible? If you have a German IBAN and our German T&Cs and you're an N26 Metal customer with an Instant Savings account, you're eligible regardless of when you upgraded to Metal or opened your Instant Savings account.
  • Note: N26 may increase or decrease the interest rate again in the future. If it's negative, we'll give you a two months notice.

How and when is my interest paid?

The interest you earn is paid out automatically into your savings account on the first day of the following month.

How is my interest calculated?

Interest is calculated daily (30/365) and using the end of day balance. The applicable interest depends on your membership type. For example: If there are 30 days in a month, your balance is €10.000 for the whole month and you have an N26 Smart account with 2,26% annual interest you will earn €18,58 (10.000 x 2.26% x 30/365) at the end of the month.

Can N26 change the interest rate?

Yes, N26 may change your interest rate based on the market situation. If we increase your interest rate, we’ll send you a notification informing you of the change which will take immediate effect. In the case that we have to lower the interest rates we will inform you with 2 months notice.

How to interpret the interest rate "p.a."?

The abbreviation "p.a." stands for "per annum" and indicates that the applicable interest rate is calculated over a period of 12 months. For example, if the interest rate is 4.0% p.a. and you deposit €1,000 on your Instant Savings account, you'll have €1,040 after one year.

What are account limits?

There are no limits on deposits or withdrawals, and there is no limit on the amount that you can earn interest on. The more you save, the more you’ll earn.

What is my tax ID and why is it needed?

If you sign up for N26 Instant Savings with our German T&Cs and a German N26 IBAN (DE) you’ll also need a German tax ID to use N26 Instant Savings. We need your tax ID because income derived from capital is taxable in Germany and in accordance with the German tax code, we must pay your taxes on your behalf. You may have already provided your tax ID when opening your N26 account. If you just recently opened your N26 account it can take up to 5 working days until we’ve verified your tax ID.

When will I receive my tax certificate?

In March. We are sending you your tax certificate directly via N26 Messages (new tab) in the app. Simply tap the attached tax certificate to download it.

If you have a main account with a German IBAN (beginning with DE) you are entitled to request a physical copy to be sent to you via post. Please note it can take up to 3 weeks for us to process and send a physical copy via post. In addition, you will be required to provide consent to not using any previously issued version of the same tax certificate. Before requesting it, please ensure your shipping address in the app is up-to-date. Afterwards, you can open a live chat in the app with our customer service.

What is a Withholding Tax?

In Germany, you are required to pay taxes on the interest you earn on your savings. The German withholding tax rate is a flat 25% plus 5.5% solidarity surcharge thereon as well as church tax of 8% or 9%, if applicable. We’re automatically paying your taxes on your earned interest on your behalf.

Why am I asked about the source of the funds?

We ask this to get a better understanding of how you’d like to use your savings account.

Why am I asked how much I intend to deposit?

We ask for this to get a better understanding of how you’d like to use your savings account. If you’re unsure, or think it might change over time, don’t worry. It’s just for us to get an idea.

What is the risk level of the product?

The interest you earn depends on the amount of your deposits. Any earned interest is paid on your account on the first day of the following month. Further, your deposits at N26 are protected under the German Deposit Protection Scheme for up to €100,000. This refers to your total deposits on your N26 account.

Why can't I find Instant Savings in my app?

If you can’t find the option to sign up for N26 Instant Savings in the finances section of the app, you’re currently not eligible. Bear in mind that it can take up to 5 working days for us to verify your tax ID.

Who is eligible for N26 Instant Savings?

You should be eligible for N26 Instant Savings as long as:

  • You have an N26 personal account (N26 Standard, Smart, YOU, Metal). Instant Savings is not available for Business accounts in Germany. 
  • The IBAN of your N26 account starts with DE.
  • The legal address registered in your account is in Germany.
  • The German tax ID registered in your account is valid.
  • The balance of your N26 account is 0 or positive.
  • There is no garnishment on your N26 account.

If you meet all the requirements and N26 Instant Savings still does not show, it may be that your personal information is outdated. Please contact Customer Service for further assistance.