Binck Savings is making saving more lucrative

Annual interest rates up to 1.15% via an innovative savings platform

Amsterdam, 15 February 2018 - BinckBank now offers savings in addition to investing and trading services. With the track record of successfully opening up the market for the retail investor, BinckBank aims to repeat this in the coming years for the Dutch saver looking for higher interest rates.

To realise this BinckBank launched 'Binck Savings' today. The first innovative savings platform in the Dutch banking sector which enables savers to deposit their savings secure and easily against higher rates at a select group of European banks via a one stop shop principle at BinckBank.

Responding to the persistent low interest rate environment
BinckBank provides, in collaboration with the German savings broker Raisin, a unique and secure platform for Dutch savers. A group of millions of households that often prefer the more secure saving assets above investing or chooses a combination of both.

However, many of these savers are looking for a high or the highest offered interest rate. A search that is becoming increasingly difficult due to the persistent low interest environment. BinckBank now offers a customer friendly solution by creating saving opportunities at several European banks via one single platform.

In the past two years, the interest rates on Dutch savings accounts have dropped to almost zero. A savings amount of 10,000 euros often yields no more than 5 euros in interest per annum. Binck Savings, on the other hand, now offers an interest rate on deposits with varied maturities that rises to 1.15% on an annual basis.

Vincent Germyns, chairman of the board BinckBank
"Binck Savings is a perfect alternative for the saver struggling with the current low interest rates. Although the number of investors has been growing for years, most Dutch people are primarily real savers in an environment which is still dominated by incumbent banks. With our new savings platform, Binck offers a unique online and easy in its use product for this group that often consciously does not invest this part of their reserves, but which is increasingly looking for a higher interest rate compensation on their savings. We are also broadening the range for our current customers, because also investors who want to keep their savings or their cash part in their investment portfolio can of course use this platform."

European deposits
BinckBank is partnering up with the successful German savings broker and fintech Raisin for the new online savings product, whereby Dutch savers will start with two foreign banks: Euram Bank (Austria) and J&T Banka (Czech Republic). The aim is to add additional banks that meet the BinckBank requirements in the coming period.

The international banking partners co-operating with BinckBank and Raisin are banks with a local banking license and are , like BinckBank, affiliated with the Deposit Guarantee Scheme (DGS) that applies in their country which is based on European legislation. This means that the savings account per bank is protected to 100,000 euros for the account holder.

Savers can directly and simply transfer money into deposits of these partner banks via one online account at Binck Savings. Deposits have a fixed guaranteed interest rate in combination with varying maturities of six months to five years. The deposits can be saved from an amount of 5,000 euros up to a maximum of 100,000 euros per bank.

As soon as the deposit matures, the interest is paid out and the amount can be reallocated once again to one of the affiliated savings banks via the Binck Savings account. The deposits cannot be withdrawn in the period in- between.

Relaunch Binck
For BinckBank, the launch of Binck Savings is an important milestone towards a broader service offering for Dutch retail consumers who are engaged in their financial future. In addition to services in the field of active self-investing (Trading) and online personalized discretionary portfolio management (Investing), savings is a third and essential pillar of the transformation initiated in 2016. With this palette of new solutions and services BinckBank wants to empower consumers to realize their financial future.