Need a hand?

Just pop your question below to get an answer.

Topics
Personal · Accounts · Instant Access Savings

Earning interest with Instant Access Savings

What is the interest rate?

The interest rate on your Instant Access Savings will depend on your plan.

The Annual Equivalent Rate (AER) is the total remuneration of the deposit, expressed as an annual percentage of the total amount of deposit excluding taxes. This rate is used to compare different offers.
Nominal Interest Rate (NIR) is the annual interest rate applicable to your deposit. The AER and NIR interest rates will show under your Instant Access Savings balance in-app. You can get more information by tapping 'Info' and viewing the 'Deposit information' document.

How is the interest calculated and paid?

Interest is compounded and paid daily. This means you earn 1/365th (or 1/366th in leap years) of the Annual Equivalent Rate (AER) on your closing balance every day.

Any required tax on the accrued interest will be deducted before the interest is paid to you. The minimum threshold for interest payable is €0.01. If your net interest earned after taxes is less than €0.01 on a given day, no interest will be payable.

Can the interest rate change?

We have the right to change the Annual Equivalent Rate (AER) as per our Instant Access Savings Terms. If the rate is decreased, we'll let you know at least 1 month before the change by sending an e-mail to your registered email address. If the rate is increased, we can make the change immediately and we aren't required to notify you. If you don't agree to the new rate, you can terminate your Instant Access Savings account as outlined in the T&C.

To access information on notice periods, follow these steps in the app:

  1. Go to 'Home' on the bottom menu
  2. Below your balance, tap 'Accounts' 
  3. Select your Instant Access Savings
  4. Tap 'Info' and select 'Terms & Conditions'

Changing plan

If you change your plan, your interest rate will change accordingly when the plan change comes into effect.