Tuesday , July 27 2021

Neobank N26 will tax deposits above 50,000 euros

German neobank N26 announced to its customers that it will now tax 0.5% of deposits of more than 50,000 euros from its new users in 25 countries, including France, we learned from the bank on Tuesday.

The measure should take effect at the end of the month and will be aimed at customers who opened an account from October 1st, that is ”a little part“Of about 1.6 million French customers, a neobank employee, present only on the internet, told AFP. Customers with a “Metal”Billed monthly will be exempt.

«This new rate applies in all markets where we operate, except Spain and Portugal, where this is not legally possible.», Added the person in charge, specifying that he informed his clients before the measure came into force.

This rate of 0.5% is in line with the deposit remuneration rate set by the ECB at -0.5% and which therefore resembles a tax for banks since September 2019.

It is the first time that such a measure has been introduced in France by a public bank in general, the precedent being restricted to private banks, whose activity is focused on large fortunes.

A year ago, private bank Lombard Odier was the first to state that it was officially ready to impose a fine on certain large customers, especially when they had more than one million euros in their current account. In December, UBS bank said it wanted to follow the same policy for its wealthiest customers.

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