It occurred to me recently to see what kind of savings plans are available on the market in Ireland at the minute. After some research it seemed that “Bunq” was one of the most popular, offering Irish customers an attractive annual equivalent rate (AER) of 2.46% on a free, no fees Bunq account which is about 10 times more than the next best traditional Irish bank. I hadn’t heard of Bunq but apparently it’s similar to Revolut and is regulated, deposit protected and legit.
But what does 2.46% AER mean for your potential earnings? It’s hard to get a grip on the actual savings you can accrue but after some experimentation with Google Sheets and a chat with Bunq support who kindly (possibly via an AI chat bot!) offered me some formulas, I managed to get a fairly rough idea of the kind of money you could earn from a sample payment of €500 per month for one year and with an initial opening balance of €1000:
My figures possibly underestimate the interest you receive because Bunq calculate interest daily and pay it out to you weekly so it’s damn complex trying to calculate everything! If anyone can improve the calculations let me know!
You can download the spreadsheet HERE and have a play with your own figures.
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