Berlin, November 09, 2023 – Mobile banking and investment app Vivid, that let’s your money grow, fights inflation and today introduces a new Pocket: the Interest Rate Pocket. It allows Vivid customers to earn up to 5.38% interest on their deposited money per year. The new Pocket can be conveniently created in just a few taps for free in the Vivid app. Both deposits and withdrawals are possible 24/7 without fees* - even for users of the free Vivid plan. The interest earnings are accumulated within the Interest Rate Pocket every business day. Long-term blocking of savings as with old-fashioned savings products with a fixed term is thus a thing of the past.
Higher interest rates and directly available money
With the Vivid Interest Rate Pocket, customers invest conveniently and easily at one of the best interest rates on the market. Customers invest their money directly in money market funds and benefit from higher average interest rates compared to regular overnight deposit accounts1).
In addition, customers can not only deposit money at any time but also withdraw it directly to their Main Pocket at any time of day and access it directly. This means that there are only a few seconds from investing money and earning interest to use the money paying with the Vivid VISA card.
Investing money in euro and US dollar
At the start, customers can save their money in euro currency funds with a current interest rate of 3.7% and U.S. dollar currency funds with a current interest rate of 5.38%.
Vivid customers can deposit as much money as they want, starting at €2, Therefore, customers can even benefit from high interest rates if they invest €100,000 and more. The money is fully invested in money market funds , which makes the investments secure independently of Vivid Money B.V., part of the Vivid Group.
The interest rates of the Interest Rate Pocket are variable and can therefore change upwards or downwards over time. They are based on a 30-day yield calculated in real-time. The development of the interest rates as well as the performance of the funds can be accessed in real time in the Vivid app at any time.
More information about the Interest Rate Pocket can be found here:
Vivid is the first financial service platform that combines all your daily money needs in one app. Whether it’s spending, saving or investing – Vivid offers an easy, flexible and transparent solution to grow your money. The company's mission is to provide its more than 500,000 customers throughout Europe with a superior banking and investment experience and to offer a wide range of financial services (including savings accounts, multi-currency accounts and investments in stocks and crypto) without unnecessary fees. Vivid was founded in 2019 in Berlin and consists of an international, highly qualified team of 200 employees. Vivid has already raised over 200 million euros from renowned investors, including Ribbit Capital, Greenoaks Capital and the SoftBank Vision Fund 2, and is valued at 775 million euros.
The Vivid Interest Rate Pocket is offered through Vivid Money B.V., part of the Vivid Group. This is authorized and regulated as an investment undertaking by the Netherlands Authority for the Financial Markets (AFM).
Investments are always associated with risks. There is a risk that customers may lose (part of) the money invested. There is no guarantee of growth. In addition, taxes - such as capital gains tax - may be payable on the returns.
*Exchange rate fees may apply for deposits and withdrawals in U.S. dollars, depending on the Vivid plan.
For more information, please visit https://vivid.money/