Fintech Products in Germany and the UK

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Fintech Companies Focused on Savings Accounts - United Kingdom

Five of the top UK fintech companies that have a focus on savings accounts include Oaknorth Bank, Monzo, Revolut, Atom Bank, and Tandem.

OakNorth Bank

  • A website link to OakNorth is here.
  • OakNorth Bank is valued at $2.8 billion and has raised a total of $1 billion in 8 funding rounds.
  • The company offer two types of savings account, namely, personal savings & business savings account.
  • The personal savings account is categorized into four; the fixed term savings with a 1.25% — 1.70% annual equivalent rate per gross (AER/gross) for (6 – 60) months savings term, notice term account with a 1.36% AER/gross (variable) for 35 days savings term, fixed-rate cash ISA with a 1.39% — 1.48% AER/gross for (12 – 36) months savings term, and an easy assessment account with a 1.36% AER/gross for next-day access.
  • The business savings account is categorized into three; the fixed term savings with a 0.51% — 1.26% AER/gross for 3, 6, and 12 months savings term, notice term account with a 0.70 – 1.20% AER/gross (variable) for 35, 60, 95, and 120 days savings term, and an easy assessment account with a 0.60% AER/gross for next-day access.
  • The personal savings account has a deposit range of £1 — £500,000.
  • The online bank also permits joint accounts for customers.

Monzo

Revolut

  • A website link to Revolut is here.
  • The company is valued at $1.7 billion and have raised a total of £336.9 million in 13 funding rounds.
  • Revolut exclusive savings platform is known as the vault.
  • Features of the vault include saving rounded up spare change, setting up a recurring payment, and the ability to use crypto-currencies.
  • The company has three types of accounts, namely, the standard account with no charges, the premium account with a £6.99 monthly charge, and the metal account with a £12.99 monthly charge.

Atom Bank

  • A website link to Atom Bank is here.
  • Atom Bank is valued at $590 million and has raised a total of £429 million in 8 funding rounds.
  • The company offers a secure, easy to set up, and competitive rate fixed savings account.
  • Customers could save £1,000, £5,000, £10,000, £25,000, and £50,000 for a period of three months to five years with up to 1.50% AER. Deposits into the fixed savings account can not be withdrawn until the incubation period is over.
  • The savings account has a deposit range of £50 — £100,000. Customers can open as much number of account as they desire.
  • A list of the different deposit amount, percentage AER, period, and earnings is here.

Tandem

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Fintech Companies Focused on Savings Accounts - Germany

Five of the top fintech companies in Germany that have a focus on savings account are N26, Raisin, Deposit Solutions, Scalable Capital, and Savedo. Detailed below are the funding, valuation, and a description of each of these fintech companies’ savings account tools or platforms.

N26

  • N26 is valued at $3.5 billion and has raised a total funding amount of $682.8 million over seven funding rounds.
  • With the N26 Savings Account, users can directly open a savings account on the N26 app with a minimum one-time deposit of €2,000 and a maximum of €10,000 and earn an interest of up to 1.48%. Depositors can choose a deposit length between three to 60 months.
  • Money deposited cannot be withdrawn until the selected deposit period ends; however, interest is guaranteed. At the end of the deposit term, the deposit can be withdrawn in one payout with its accumulated interest.
  • N26 claims to show the highest interest rates among several of its European partner banks by default.
  • N26 will soon launch Shared Spaces, a shared banking feature of N26 wherein users get to invite up to ten participants to manage, add, and withdraw money collectively from a sub-account.

Raisin

  • The company is valued more than $550 million and has raised a total funding amount of $206 million over six funding rounds.
  • The company offers a platform that allows users to quickly access and compare online savings accounts with competitive interest rates across Europe. The platform is free of charge and guarantees no hidden charges. All deposits made through the Raisin platform are protected by its corresponding bank's national deposit guarantee scheme.
  • Raisin has three types of savings account—a standard savings account, an account that offers low variable interest rates but allows depositors to save regularly; a fixed-rate savings account, an account with a high fixed rate but requires large one-time initial deposit; and a notice account, an account that requires depositors advance notice before money can be withdrawn.
  • With a standard savings account, deposits can be accessed and withdrawn instantly with no penalties. With a fixed-rate savings account, early withdrawal typically comes with a fee, and adding funds into the account during the deposit term may not be possible. With notice accounts, the notice period is usually 30 to 90 days. Because of this notice period agreement, banks offering this service can offer higher interest rates.
  • Savings accounts from banks across Europe aggregated by Raisin has a deposit term of less than a year to ten years.

Deposit Solutions

  • Deposit Solutions is valued at $500 million and has raised $198.9 million in total funding over six funding rounds.
  • Deposit Solutions offers a platform to help product banks raise deposit funding, client banks to offer third-party deposit products, and depositors to have access to deposit products of various banks.
  • With Deposit Solution's network, product banks can source deposit funding without setting up and operating a retail infrastructure, capture client groups, and have access to new markets. Product bank clients can also choose which channels they want their deposit products to be marketed.
  • For client banks, Deposit Solution's platform allows them to offer third-party deposit products to their customers, which enables them to offer best-in-class interest rates.
  • For individual or corporate depositors, the platform offers them savings options with market-leading interest rates and allows them to manage their accounts in a central location conveniently and flexibly.

Scalable Capital

Savedo

  • Savedo raised a total of $7 million over seven rounds before it was acquired by Deposit Solutions in August 2017. Terms about the acquisition are undisclosed.
  • Savedo aggregates savings and investment products from other European countries and offers them to German investors.
  • For fixed deposits, Savedo offers options with terms that range from six months to ten years, with interest rates as high as 1.75%.
  • Flex Money, Savedo's flexible offers, comes with the advantages of interest-bearing fixed-term deposits as high as 1.40% and the high flexibility of early termination. Like the fixed deposits, their terms also range from six months to ten years.
  • Minimum deposits depend on the selected savings or investment option.
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