Thanks to a new partnership with Raisin, N26 clients can now open fixed term deposits at very attractive rates at several European banks with only a few clicks. With almost 400.000 customers between them across Europe, mobile banking platform N26 and deposit marketplace Raisin are among the leading FinTech companies in Germany. Currently, the offering is only available for clients in Germany, but will be launched in other European countries later this year.

All over Europe, interest rates on savings accounts are low and steadily decreasing. N26 account holders will now have access to several of Raisin’s European partner banks, which offer significantly higher interest rates. Depending on the amount the customer wishes to deposit and the chosen term, the customer gets an overview of the best available interest rates at the selected partner banks. As with all N26 offers the savings accounts can be opened in a few clicks and customers instantly receive a summary of the interest gains they will receive at the end of the term.

All deposits are 100 percent guaranteed up to 100,000 euros ($109,000; £84,444) per saver and bank by the National Deposit Guarantee Scheme in accordance with EU directives.

“With N26 Savings we offer our clients a new, innovative savings product at very attractive conditions. Thanks to our partnership with Raisin, our clients can benefit from the highest interest rates available, with only a few clicks and directly on their smartphones“, says Valentin Stalf, founder and CEO at N26.

“This solution is not only very comfortable for the clients, but it is a real innovation“, says Tamaz Georgadze, founder and CEO at Raisin: Thus, it is the first time that a savings service is processed within another provider. The data is exchanged through a modern API interface and can be integrated within only a few weeks into an app, an online banking or an online portal. „We are delighted to have N26 as a first partner for this new product“, says Georgadze.

With N26 Savings, N26 now also digitizes term deposit offers. As with checking account, credit, investment and international transfers, N26 combines attractive conditions with a very easy user experience. Instead of developing all products themselves, N26 collaborates with selected innovative FinTech companies as well as with traditional providers. Later this year, overnight savings will be added to the savings offering. N26 is also currently developing new initiatives to enable customers to manage their insurance policies online.