Where to keep EUR cash?

I have a few tens of thousands of EUR on a DKB account producing a ridiculously low 0.2%/year. I need the money in the next couple of years, that’s why I don’t want to invest them.

Any ideas for another bank with a savings account that I could try to get a bit more interests? I am fine locking the money for 6-12 months. I opened an N26 account but realised they offer the savings account only to people in Germany and Austria (I am Swiss resident).

You guys know something? Thanks!

G

I’m currently trying IbanWallet, so far so good. 2.5%/year with immediate liquidity. It does not seem a scam although support via chat is rubbish.

Isn’t that basically p2p lending?

Looks totally like P2P, but even worse returns :slight_smile:

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the difference I see is that you get money back immediately and will not be locked for x months.

Does the money need to be accessible at all times? If not, I would look at medium-term notes or fixed deposits available through Savedo. It lets you invest in European fixed deposits in euros. Fixed interest rates range between 0.5% p.a. for 3 months to 0.85% p.a. for 1 year. In any case better than 0.2% p.a.

You can compare their offers and find detailed info here:
https://www.moneyland.ch/en/fixed-term-deposits-comparison

Savedo fixed deposits definitely beat Swiss euro savings accounts. There are banks in eurozone countries (i.e. Malta) which offer up to 0.6% p.a. at the moment. But I would consider Savedo a safer bet because they work with the Hypothekarbank Lenzburg and have a local presence and reputation to maintain in Switzerland.

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Hi Daniel, your message seems to be of someone working for Savedo. Anyway, I tried to withdraw money (any amount) at anytime with IbanW and it works. As I said, I’m testing, so far so good.

Hi Lorenzo, sorry about that. I don’t work for Savedo. It’s just the highest-yield fixed deposit solution for short-term euro investments available in Switzerland, as far as I know. Hence the recommendation.

P2P lending platforms are obviously an option. I’ve never used Ibanwallet, but it looks legit and it seems you’ve had good experiences with it. There are quite a few p2p lending and crowdinvestment platforms which have similar offers. Security isn’t quite the same as fixed deposits with a bank, but for short terms that isn’t as big an issue. The interest is definitely attractive.

Agree, risk of p2p is greater. The immediate availability of liquidity caught my curiosity with IBANW. It is unusual.

Not so unusual Bondora Go and Grow is up to 6.75% and complete liquidity. Mintos Invest & Access around 10% and partial liquidity. But thosr products are not without risks. You still invest in P2P loans, the liquidity will only be there as long as the market conditions are good. If shit hits the fan you will be holding P2P loans with the full risk (platform risk, risk of loan default etc) that comes with them.

Indeed. Can we please stop writing about P2P lending? I am looking for savings accounts or at most fixed deposits, like the ones offered by Savedo.

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Can someone explain here, how you can trust in a company that does not even have an address on their website? They do not even explain in which country they have their offices?
I am shocked how you can directly compare savedo (which does not accept more cash than the respective government protection would refund) to ibanwallet which starts the faq section about lenders protection with «diversification»
They say somewhere that they are a «e-money company regulated by the ECB» how could I check if it is true? How would this help me in case of bankrupcy.
If I would wakeup and discover that I had paid money to IBW, I would immediately withdraw and run.

I mean, you and me we could clone this website, hire a call center and start accepting cash tomorrow.

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To be fair, they do have one on their website. And it’s not hard to find (took me some 10 seconds) if you’re used to this practice of fintechs putting it (sometimes exclusively) on their terms and conditions. Whether a company with head office in Berlin but registered in Latvia seems particularly trustworthy, is of course a different matter.

…in this case anyhow, they seem to operate only as a service platform of sorts: “services provided to you under this Agreement which are regulated as e-money and/or payments services are exclusively provided by the E-Money Provider (and never by Iban Wallet)”.

Other services are provided by so-called “collaborating providers”, whose “Terms and Conditions (…) as well as their respective Policies will be in force” once “receive(s) registration confirmation from Iban in the form of an email sent by the Iban team”.

Neither of these providers can I readily find or determine from the T&C or anywhere on their website. So it remains questionable if and how they (and their T&C) are disclosed during the signup process.

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Funny you should say so, cause your messages, on the other hand, seem to be just like that of someone working for IbanWallet.

funny to say, right? read them again, with emphasis on “I’m trying”, “I’m testing”, etc. and then once again. Cheers Panda

The OP specifically asked about a short-term bank savings account for euros, which is why I recommended Savedo. Sure, there are other dozens of other investment options with varying levels of risk, but those are not euro savings accounts at banks like fixed deposits are.

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