N26 launches a savings account with 4% interest annually in Portugal

Digital banks are taking steps to reach more traditional banking customers in Portugal. This is the case of N26 Bank, which has now announced the launch of a savings account in the country that can earn interest of up to 4% per annum, with no deposit limits or additional costs.

“This launch aims to expand Portugal’s digital banking offer beyond everyday banking operations and cover products and services designed to help millions of Europeans improve their financial well-being,” notes N26 in a statement issued on Wednesday.

The product is also available to customers in 12 other markets across Europe, including Austria, Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, the Netherlands, Slovakia and Slovenia.

According to the digital bank, the N26 savings account can be activated through its application, allowing customers to transfer money between the savings account and the main account at any time. “Interest income is calculated daily based on the balance in the N26 savings account, taking into account any money moved into the account on that day (in and out) and paid at the beginning of the following month,” he explains.

a Digital banking is attracting more and more Portuguese customers, both those with accounts in traditional financial institutions and those who subscribe to solutions offered by entities such as Revolut, but also N26 or Nickel.

“Portuguese customers, like Spanish customers, are dissatisfied with their traditional banks and are increasingly attracted to the offer of 100% mobile banking, without paper, without small print and without branches,” an official source at N26 told the Journal Economics last week.