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Categories: Tech

Lydia partners with Cashbee to add savings accounts – TechCrunch

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French startup Lydia is healthier often called the dominant app for peer-to-peer funds. However the firm has been including extra options, equivalent to a debit card, account aggregation, donations, cash pots and extra. This week, the corporate is including financial savings accounts due to a partnership with French fintech startup Cashbee.

In the event you aren’t aware of Cashbee, the corporate permits you to open financial savings accounts via a cell app. After connecting your checking account with Cashbee, you possibly can switch cash backwards and forwards between your checking account and a financial savings account.

Proper now, Cashbee companions with My Cash Financial institution for the financial savings accounts. Cashbee doesn’t hold your cash, it simply acts as a center particular person between your checking account and My Cash Financial institution. With these financial savings accounts, customers can count on an rate of interest of 0.6% after an introductory price of two% for a number of months.

Lydia principally presents the identical phrases and situations with a number of variations. As a substitute of incomes 2% curiosity for the primary three months, Lydia customers solely earn extra curiosity through the first two months.

The opposite huge distinction is that Lydia asks you to place a minimum of €1,000 in your financial savings account whenever you open it. In the event you undergo Cashbee’s app, you solely must put €10 or extra. However customers can do no matter they need after that on the subject of placing some cash apart and withdrawing cash from the financial savings account.

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However the truth that Cashbee is seamlessly built-in in Lydia is attention-grabbing. It’s going to reveal Cashbee to much more customers as Lydia has greater than 5 million customers. It’s additionally an vital characteristic if Lydia needs to develop into a monetary tremendous app.

This financial savings characteristic competes with Livret A, probably the most prevailing financial savings account in France. All people can open a Livret A in a retail financial institution. You get an rate of interest of 0.5% web of taxes. On paper, 0.6% is healthier than 0.5%. However Cashbee’s financial savings accounts aren’t web of taxes.

In the event you’re a pupil and don’t pay any taxes, that’s a greater deal. However many individuals pay 30% in taxes on accrued pursuits, which implies that you find yourself incomes 0.42% in pursuits web of taxes with a Cashbee account.

However it’s arduous to beat the simplicity of Lydia’s answer right here. As an illustration, it can save you as much as €1,000,000 in your financial savings account whereas the Livret A is proscribed to €22,950. In different phrases, for those who’re already utilizing Lydia to ship, obtain and spend cash, you would possibly need to take a look at these financial savings accounts.

 

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