Our Interest Account, offered by Vivid Money B.V., features a competitive interest rate of 5% for accounts opened on or after May 6, 2024, and 4% for accounts opened before this date. These rates apply for the first two months following account opening.
Subsequently, the interest rate will vary according to your selected tariff plan.
The interest rates for EUR deposits are annualised, meaning your balance earns interest daily, gradually reaching the full rate within a year. However, you can top up or withdraw the interest accrued daily at any time.
How does it work?
First, we need to determine your minimum balance on the Interest Account. We charge interest on the minimum balance on the last working day and disburse the calculated amount the next day.
After calculating the minimum balance, we calculate the interest amount received on the day based on the annualised interest rate offered for each tariff plan. The calculated amount is then rounded to four digits, and we divide this value into two parts. The first part will be accrued to your Interest Account balance, while the leftover will be used the next day.
One thing to note, all deposits and withdrawals made over the weekend are recognised in the balance sheet on the next working day. The minimum balance of the last working day before the weekend is carried over to the weekend.
For example
You were onboarded as our business customer and chose the Enterprise tariff plan, which offers an interest rate of 3.5%.
Your business account was opened on October 23rd, and you opened your Interest Account on the same day. The balance of the Interest Account is 0 EUR.
On October 24th, at 11:00 CET, you deposited 1025 EUR into your Interest Account and withdrew 25 EUR at 14:30 CET. The balance of the Interest Account is 1000 EUR.
We began calculating the interest on October 25th at 00:01 for your balance on October 24th at 00:01 CET, which was 0 EUR. The interest rate applied is 3.5%, and since the balance is 0, the interest accrued on October 25th is 0 EUR.
Later, on October 25th at 10:30 CET, you deposited another 500 EUR into your Interest Account, bringing your interest account balance to 1500 EUR.
On October 26th at 00:01 CET, we calculated the interest for October 25th based on your balance at that time, 1000 EUR (the additional 500 EUR was deposited on October 25th at 10:30 CET). The interest accrued on October 26th is 0.0942 EUR, rounded to 4 digits. This brings your total balance to 1500.09 EUR, with the 0.0042 EUR carried over to the next day.
On October 27th at 00:01 CET, we calculated the interest for October 26th based on your balance on October 26th at 00:01 CET, which was 1500.0942 EUR. However, on October 27th at 01:30 CET, you withdrew 1500.09 EUR, resulting in your Interest Account balance being 0 EUR. Therefore, on October 27th, although you were supposed to receive 0.1413 EUR plus the leftover from the previous day since the Interest Account balance is less than 5 EUR, the amount you will receive is 0 EUR.
*The rates are fixed but may be subject to change based on market conditions or the company's discretionary decisions. Any changes will be communicated three weeks in advance.