To grow your cash surplus, Qonto now offers you term deposits in partnership with My Money Bank.
A term deposit is a savings product, which is characterized by its duration: when opening your account, you determine the duration of your contract and this duration implies an interest rate: the longer the maturity, the higher the interest rate.
What are the proposed rates?
When opening your account, you set the amount and duration of your investment, to which an interest rate is applied. The interest paid is guaranteed and known in advance.
☝️ Keep in mind: The interest rates are the current rates offered by My Money Bank. These rates are subject to change.
What are the characteristics of the Qonto term deposit?
Totally free: you pay zero fees and the rates indicated are the rates you will receive.
A minimum of € 5,000 per account, and a maximum amount for all of your term deposits of € 20 million euros. You may open up to 10 term deposits.
You pay into your term deposit the amount chosen when you created the account. You will not be able to add more money to this account.
You may withdraw your money at any time by closing your account early. You will collect interest on the sum withdrawn, but less than what you would have earned had the account not been closed early.
Your funds will be returned to you within a full approximate delay of 2 or 31 days after My Money Bank has received your notice:
2 days delay:
If your account was opened between 05/05/2022 and 05/24/2023 for an amount less than €1M.
31 days delay:
If your account was opened before 05/05/2022.
If your account was opened after 05/05/2022 for an amount greater than 1M€.
If your account was opened after 05/24/2023, regardless of the amount.
In the vast majority of cases, no additional document is required to open your account.
Term deposit interest payments are subject to taxation and to social security contributions as per the applicable regulations.
Is the term deposit risky?
You know what you earn in advance. This amount is guaranteed as your money is not invested on financial markets.
In addition, the funds are covered by the French Fonds de Garantie des Dépôts et de Résolution (FGDR) for up to € 100,000. This means that in the (highly unlikely) event that My Money Bank declares bankruptcy, the FGDR would reimburse up to € 100,000 per depositor. This is the same protection provided to all French banks.
Where are the funds deposited?
Qonto offers you term deposits in partnership with My Money Bank and Cashbee.
Your term deposit is opened with My Money Bank. My Money Bank is a credit institution specializing in savings and financing solutions. My Money Bank is an independent French bank overseen by the Bank of France. Its liquidity and solvency ratios are significantly higher than regulatory requirements. You can access here more information on My Money Bank.
Cashbee is a payment institution certified by the Bank of France’s ACPR for its payment initiation and account aggregation activities and is registered at ORIAS as an insurance broker and intermediary for banking operations. Cashbee acts as a broker for My Money bank.
What do the funds deposited with My Money Bank finance?
The funds deposited are used for My Money Bank’s activities in metropolitan France and overseas departments. The funds are used to finance its specialized financing activities, in metropolitan France with debt consolidation and professional mortgage loans, and in overseas departments with car loans and consumer credit.
Interested in opening a term deposit? Read our complete guide 👉 here.
How can I receive an account statement ?
My Money Bank provides an annual account statement, sent by postal mail once a year.
Where can I find my opening contract or/and my closure contract?
You can access to your accounts contracts from your web app. To visualise it, go to the section Business Account > Accounts, click on [...] next to the relevant account and select the contract you want.