Hi Guys, I’m new to the DN life.
I’ve read the banking article about setting up online accounts N26, Monzo etc. Problem is, the author failed to mention there are no savings options with these banks. I set up an N26 bank trusting the article, and have set up an account based on that. I’m fuming!!!
How the hell are you meant to transfer your savings if none of these online banks offer savings accounts?
Hi Victor!
Personally I prefer investing my savings as traditional savings accounts provide next to no interest anyway.
If you’re EU based, check out Degiro or Trading212.
If you’re not looking to get any return (interest) on your money, N26’s Spaces feature works well as a way to separate savings/emergency fund from your day to day spending money.
Thanks Thomas.
Good advice. I’ll check those out.
Hiya Thomas, I have DeGiro and have been investing in EU-based ETFs, but I can’t seem to find the option for plain ole’ money market/savings type. In fact, whenever I had some cash leftover, they would simply send it back to my bank account due to the negative interest rate. If you have tips as to how to find this, I would greatly appreciate it, as you’re aware, N26 isn’t allowing interest-bearing accounts for certain countries. (FATCA…cough cough…FATCA)
Thx!
Jim
It’s near impossible to find any good EUR interest rates in the EU at the moment. In fact, many banks will charge you interest for keeping large balances there.
That’s why I prefer strong government bonds and similar for the fixed income part of my portfolio these days. There are some more specifics in the in my investment article:
If you really want a savings account (cc @rbairoid) you can check out MeDirect in Malta. They allow remote account opening for EU residents. The interest rate is only 0.02% for EUR at the moment, though, so I really don’t see the point.
Thanks Thomas,
Just a quick question. If you were to buy investments via Derigo, do you need to pay any taxes. For example, As a DN or PT we tend to move around a bit. If you open a derigo account in Holland, then move to Portugal, would it get messy?
Pardon my ignorance, I’m a complete newbie with investing.
Degiro won’t withhold any taxes on your behalf, so you simply include it in your tax return wherever you’re tax resident.
There are more details in my savings and investment article linked above.
Thanks Thomas. Just wondering what tax you are talking about?
Thanks for the info on retirement & savings. Plenty of info there