N26 Instant Savings - FAQs

How and when is my interest rate is 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), at 1.5% AER/NIR, using the end of day balance. For example If there are 30 days in a month and your balance is €10.000 for the whole month, you will earn €16,43 (€10.000 x 1.5% x 30/365) at the end of the month.

Can N26 change the interest rate?

Yes, N26 may change your interest rate based on actions of the European Central Bank. We may increase your interest rate, in which case we will send you a notification informing 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.

What do TIN and TAE mean?

TIN and TAE are measures of the % interest you will earn on your savings in a year.

TIN or Nominal Interest Rate is a fixed cost agreed with the financial institution as a concept of payment for the money borrowed.

TAE is the true interest rate you will earn including any extra costs incurred. The N26 Saving account has no additional fees, so the TAE is the same as the TIN.

What are account limits?

This refers to the maximum amount of money you can deposit in your account. If your account reaches this amount, you’ll no longer be able to make deposits. However, you'll continue to earn interest on your balance normally without any limitation.

What is my TaxID and why is it needed?

In Spain your TaxID number is either you DNI (documento nacional de indentidad), if you are Spanish, or your NIE (Numero de identidad de extranjero) if you are a foreign resident in Spain.

With a savings account you are eligible to pay withholding tax on the income (interest) earned from your savings. For this reason, we need to inform the local tax authority and require you tax ID to do so. If you do not have a valid Spanish tax ID you will not be eligible for the product.

What is Withholding Tax?

In Spain, you are required to pay taxes on the interest you earn on your savings. This percentage can vary from 19% to 28% depending on your financial situation. Spanish banks are required to automatically withhold a flat rate of 19% on the interest paid out, which we then pay to the Spanish tax authorities on your behalf.

When will I receive my tax certificate?

You can expect to receive your tax certificate for 2023 between April and May 2024. From 2025 on, the certificate for the previous year will be issued in March. You will receive your tax certificate directly through N26 Messages in the app. Simply tap on the attached tax certificate to download it.

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 risk level of the product?

The level of risk is measured on a numerical scale from one to six. In this way, the products marked as 1/6 are the safest, while those with 6/6 are the ones that carry the most risk. N26 is a member of the Deposit Guarantee Fund for Credit Institutions in Spain. The maximum amount guaranteed is €100,000 for all the deposits made in N26 per person.

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

Instant Savings is available to both current and new eligible N26 customers holding a personal or business account, standard or premium. If you have opened your account after May 15, 2023, please note that we must first verify your Spanish Tax ID and it will take up to 3 working days for the N26 Savings Account option to be visible in your app.

Who is eligible for N26 Instant Savings?

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

  • You have a standard or premium (Smart, You, Metal), Business or Personal N26 bank account.
  • The IBAN of your N26 account starts with ES.
  • The legal address registered in your account is in Spain.
  • The Spanish tax ID registered in your account is valid.
  • The ID document linked to your account is valid and expires in more than one month.
  • The balance of your N26 account is 0 or positive.
  • There is no garnishment on your N26 account.

Please note: To benefit from this offer, you’ll need to open an N26 account. After that, you may open a separate N26 Instant Savings account to earn interest alongside everyday banking. Please note that you’ll only be able to open an N26 Instant Savings account if you meet the eligibility requirements. Interest is earned only on funds held in your Instant Savings 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.

Can I sign-up for N26 Instant Savings if I'm tax-liable in the U.S.?

Yes, this product is now available also for all the customers who are liable for paying taxes in the United States. N26 will collect their data and report them to United States Department of Treasury and the Internal Revenue Service, as required by FATCA.

Is this interest rate only available for new customers?

No, we offer the same interest rate to both new and existing eligible customers. All eligible customers who have an N26 account can open an Instant Savings account in their N26 app.

Dont' forget to check our main article: What is N26 Instant Savings?