Bunq enters ireland

derekbro

Anyone know if i open a bunq savings account for my child, how does DIRT work? They obviously don't submit tax returns every year, is there a lower limit of where a tax return doesn't need to be submitted?

long_b

Any opinions on this article ? The lack of detail makes it sound like a hatchet job ?

https://www.irishtimes.com/your-money/2023/09/26/i-deposited-10000-in-the-morning-it-was-gone-by-4pm/

runjb

Does anyone know the up-to-date interest savings rate with BUNQ Ireland? It was 1.56% there for a good while. Has it increased?

harry_ireland

https://www.boards.ie/discussion/comment/121161267#Comment_121161267

As of October 16th, it's still 1.56%.

28064212

https://www.boards.ie/discussion/comment/121245234#Comment_121245234

Source? I'm pretty certain that's not the case

harry_ireland

https://www.boards.ie/discussion/comment/121245248#Comment_121245248

At the moment of writing my comment, I was doubting myself. To be safe, I removed that part of my comment, as I just can't figure it out.

in2dark

It is 1.56 just checked my balance on the app

theaaao

Read a good part of this thread for the last 12 months but havent seen anyone post this yet. Has anyone opened the Easy savings account and deposited a lump sum from an irish bank account? Ive read through Bunqs detailed document on Pricing and not fully clear how much it costs to send money in from a bank account. It has N/A against Swift payments under the Easy Account in their pricing document. Says elsewhere that Bunq wont charge you but the bank may have a fee. Can anyone confirm this?

in2dark

I have opened a joint savings account there. No fees when i transferred money from my BOI account.

Im getting the 1.56% every Thursday

No maintenance fees. Hope this helps

Hibernicis

@theaaao My experience is the same as @in2dark

Opened the account in May, transferred funds from BOI by standard SEPA transfer. Just re-checked my online BUNQ account now and the only transactions showing are the initial lodgements and the weekly interest payments.

Only issues I experienced were when I opened the account on day 1 it defaulted to some sort of premium €30 a month account type which I was able to immediately convert to a (free) savings account, and an awful lot of messing and time wasting getting the two factor authentication code. Since then it’s been plain sailing. Their support though is woeful, makes AIB and PTSB support look award winning World Class Tier 1 in comparison.

theaaao

Thanks @Hibernicis and @in2dark Will give it a go in that case.

retalivity

Bunq raise interest rate to 2.46% from 1.56%, effective immediately.

Not updated in the app yet however.

McGrath5

It’s updated to 2.46% in the app now, about time they increased their rate.

Hibernicis

Too little and much too late. Left them some time ago.

in2dark

https://www.boards.ie/discussion/comment/121465511#Comment_121465511

You left them for what? Can you please share?

onrail

Somehow I've been living under a rock and haven't come across bunq before. A few questions that people might be able to help me with:

- I see that higher interest rates are payable on GBP and USD balances. Outside the currency risk, is there any drawback of converting a euro amount to either of these currencies. Is €100,000 still the ceiling for deposits to gain interest?

- I operate a business in a partnership arrangement with 2 others (not a ltd company) with a sizeable balance sitting earning 0 interest. Would a business account be suitable for us?

- Can an individual hold a business and a personal account?

Hibernicis

https://www.boards.ie/discussion/comment/121473195#Comment_121473195

I review and rebalance the cash in my portfolio every 3 months. I currently have cash in a variety of Irish and EU based 1, 2 and 3 year fixed term deposits offering between 3% and 4.5% AER, including: AIB 2 year, PTSB 3 year, Raisin/Younited 1 and 2 year, CA Britline 1 year. Also, some I have cash spread over the following which allow immediate access and offer reasonable interest: AIB Regular Saver, BOI Goal Saver, PTSB Regular Saver, and a small balance remaining with BUNQ to keep the account active. All of those listed here offer a better return than the 1.56% which BUNQ were offering up to this week.

Yggr of Asgard

https://www.boards.ie/discussion/comment/121474273#Comment_121474273

The multi-currency savings accounts are not covered by the Dutch guaranteed scheme as the accounts are provided by Currencycloud a 3rd party in the UK.

Multi-Currency Savings Accounts 🗺️ - bunq Together

Hibernicis

Articles on BUNQ’s interest rate change in today’s IT and Indo

https://www.irishtimes.com/business/2023/12/09/bunq-puts-it-up-to-irish-banks-with-instant-access-saving-rate-of-246/

https://www.independent.ie/business/personal-finance/banks-under-pressure-as-new-instant-access-savings-account-to-pay-10-times-more-interest/a297208736.html

Gumbo

Will get popular with that article.

I just opened a savings account there but it said it will take a week to verify info

Hibernicis

@Gumbo

Just a heads up for you and anybody else opening an account for the first time. They will send a TFA validation code to your mobile as part of the account opening process. There is (or at least was up to recently) a know issue with some Irish mobile numbers on the system they use, and codes sometimes simply don’t arrive. If this happens to you, you will need to hound them to sort it out - they will put you through all sorts of time wasting crap about switching on and off your phone, reinstalling, re-registering, contacting your mobile operator etc. This issue is a known issue with the service provider they use and you need to get them to escalate this internally.

baldbear

https://www.boards.ie/discussion/comment/121474626#Comment_121474626

Same here. Awaiting verification.

Tried to open with trade Republic a month ago but gave up after verification stalled. Response I received when I had issues "Due to some discrepancies found in your application, we're unable to proceed with opening your securities account. I apologize for the inconvenience caused.

 I'm currently unable to provide you with more information on this matter."

Gumbo

https://www.boards.ie/discussion/comment/121474888#Comment_121474888

It’s a melt. As it could be something simple like an address anomaly or a space or full stop here or there!

Jim2007

https://www.boards.ie/discussion/comment/121474888#Comment_121474888

That is pretty much a the standard response for an MLA exception. And in most cases they will not be willing to discuss it as could be a disciplinary matter for the individual staff member or even a legal matter. For instance here in Switzerland I would face a criminal prosecution if I was to disclose information on how MLA processes are executed.

The obvious things to check:

• You have supplied all requested documents
• Your name is spelt exactly as it is on all documents requested to open the account
• Your address is spelt the exact same way
• There are no appreciations or if there are, they are spelt the exact same way, including punctuation
• You have no reported prosecutions and there are none with a similar name as yours.
• You do not work in or are qualified to work in a hight risk profession
• You are not associated with anyone who might be in such a situation
• You are not a politically compromised person or associated with such a person
• You are not employed by a company or in. sector that is classified as high risk
• You are not a citizen of a state identified as high risk
• You are not a US citizen or Green Card holder

Perhaps by checking you can correct some issue and try again. Otherwise unless you can persuade someone at the bank to discuss it with you, you will be out of luck I'm afraid.

Gumbo

https://www.boards.ie/discussion/comment/121474888#Comment_121474888

If it helps, I opened a TR account last night. Kept failing on drivers licence and passed first go when I used my passport.

pale rider

Opened a Bunq savings account, I can get straight in on my phone by just tapping the App, surely there should be some other authorisation like a Pin number, if there isnt I will be closing it as loss of my phone brings too much risk.

Yggr of Asgard

Go into Settings and than Security and you can determine after what time period you want to be logged out and what authentication you want to be able to log in.

You also can set the maximum transfer amount before you are required to enter codes if you decide not to log out.

onrail

Tried to register for an account on Saturday, entered ID info, still no progress.

Is this normal? No phone number verification seems to have come through at any stage.

Evil_g

Do you have to pay to open a joint savings account? When I try to accept the offer the only option seems to be to upgrade to a paid tier. Unless I'm missing something?

Hibernicis

https://www.boards.ie/discussion/comment/121484925#Comment_121484925

See my post above #322