Banks serve as an integral part of society. They help people store money, feel safe, and access several financial features. However, not all banks have a focus on sustainability. bunq is a Dutch fintech company with over 9 million users. The neo-bank uses sustainable practices to minimize its impact on the environment while letting consumers choose how their money is invested.
What is bunq?
bunq is a fintech company that was founded in 2012 in Amsterdam. Dutch-Canadian entrepreneur Ali Niknam founded the company. He previously founded TransIP, a web hosting company. bunq is the second-largest neobank in the European Union. It serves digital nomads and makes money easy for location-independent people and businesses. The company caters to digital nomads and recently applied for a U.S. banking license.
bunq has free personal and business banking accounts. Some of the extra perks are included in monthly subscription plans, but every user receives a high-yield savings account with no fees.
How Does bunq Work?
bunq allows consumers to create bank accounts that are secured by up to €100,000. The company has several plans available for personal and business banking. You can use a free option called Easy Savings, but the other types of accounts have monthly subscription plans. You can start a 30-day free trial with any of the subscription plans and then decide if it is right for you.
What Products Does bunq Offer?
bunq offers several products that give consumers and business owners more financial flexibility.
Business
Business owners can select several types of plans based on their preferences. You can get started with free business banking and decide if you want to pay for a monthly subscription. Business owners can open bunq bank accounts in as little as five minutes. Business owners have the flexibility to open multiple business credit cards and create up to 25 sub-accounts for easy budgeting. You can easily freeze cards, request new ones, and modify PINs from the mobile app.
Security
Security is critical for any bank. You want to feel confident that your cash is secured and your online information is safe. bunq takes every member seriously and has several protocols in place to protect your information and cash.
bunq offers full coverage of the Dutch Deposit Guarantee and gives you flexibility with your bunq cards. You can change your PIN, freeze your card, or get a free replacement with a few taps on your screen. You can use security features like fingerprint I.D., face I.D., and two-factor authentication to increase your account’s security.
Sustainability
Protecting the environment can help current and future generations. bunq allows its users to play a role in sustainability while growing their wealth. Every €100 you spend allows bunq to plant another tree. These trees can lower CO2 emissions and help the environment—bunq partners with Veritree and Eden Reforestation Projects to plant trees. Any eco-conscious consumers will enjoy seeing the company’s commitment to sustainability.
Mortgages
A mortgage is the largest loan most people borrow. It makes homeownership more attainable, and bunq is ready to help. You can receive a mortgage proposal in days instead of weeks and receive competitive rates. Any Dutch national or an individual with an EER passport or Dutch residence permit can apply for a mortgage.
bunq Plans, Pricing, and Details
bunq offers several personal and business plans. These are the plans you will find on the fintech company’s website.
Personal
- Easy Green: A sustainable bank account that can become CO2 free in two years with no effort. The plan costs €17.99/mo.
- Easy Money: Receive multiple EU IBANS in over 15 different currencies. The plan costs €8.99/mo.
- Easy Bank: Set up a bank account in just five minutes. The plan costs €2.99/mo.
- Easy Savings: You can open a high-interest savings account with no fees or monthly subscription payments.
Business
- Easy Green: This account offsets your CO2 emissions and can help with your company’s sustainability. The plan costs €22.99/mo.
- Easy Money: Businesses receive EU IBANS in over 15 different currencies. The plan costs €12.99/mo.
- Easy Bank: You can open a business bank account within five minutes. The plan costs €6.99/mo.
- Easy Savings: You can open a high-interest savings account with zero fees and no monthly subscription payments.
What are the Pros and Cons of bunq?
Wondering if bunq is right for you? These are the pros and cons to consider.
Pros
- Eco-friendly
- More accessibility to mortgages
- High-interest rates for savings accounts and no fees
- Choose how your money gets invested
Cons
- Monthly subscriptions
- The free account is very basic
- Other neo-banks have more features
How Does bunq Compare?
bunq is one of the top neobanks that is committed to environmental sustainability. The company thrives in the European Union, as its banking services are available in all E.U. markets. bunq completed the largest ever Series A funding and received €193 million in the process.
Who is bunq Best For?
bunq is best for environmentally-friendly consumers and business owners who want to transfer money in 15 different currencies. The fintech company lets you decide how your money gets invested and has mortgages with competitive rates.
Should You Open an Account with bunq?
Opening an account with bunq lets you access a high savings rate and no fees. Over 9 million people have already opened accounts. It’s optimal for consumers and businesses that are eco-friendly.
How to Get Started with bunq
You can get started with bunq by visiting the company’s website and hitting the Join Us Now button. Following that process will prompt you to create a bank account in just five minutes.
