Willbe, a service of the Liechtensteinische Landesbank (LLB), has launched a call deposit account that appeals to both new and existing customers. This account offers a competitive interest rate of 3.30 percent per annum on deposits up to 50,000 euros, making it an attractive option for savers seeking flexibility and security.
The account is designed to cater to a diverse clientele, including those with smaller investment amounts, sustainability-oriented savers, and individuals looking for quick access to their funds. The account opening process is streamlined through the Willbe app, available on both the Google Play Store and Apple App Store. Users can initiate registration by downloading the app and following a series of straightforward steps, including personal data entry and identity verification via IDnow. This digital-first approach simplifies the onboarding process and aligns with the growing trend of mobile banking solutions prioritizing user experience.
Interest rates for the Willbe call deposit account are influenced by the key interest rates set by central banks, including the European Central Bank (ECB) and the Swiss National Bank (SNB). While the account offers a robust interest rate for smaller deposits, it is important to note that the rates decrease for larger amounts. For instance, deposits between 50,000 and 150,000 euros earn a reduced rate of 3.00 percent, while amounts exceeding this threshold see a further decline to 0.25 percent. This tiered structure encourages savers to keep their deposits within the optimal range to maximize returns.
Tax considerations are also important for investors using the Willbe platform. As the service is based in Liechtenstein, withholding tax is not automatically deducted, placing the responsibility on investors to declare their interest income in their tax returns. Willbe provides an interest statement at the beginning of the following year, detailing all interest income, which helps customers fulfill their tax obligations. This transparency is crucial for maintaining compliance and ensuring that investors are well-informed about their financial responsibilities.
In addition to the call deposit account, Willbe offers a sustainable Robo Advisor that allows users to engage in impact investments with a minimum investment of 200 euros. This service is particularly appealing to environmentally conscious investors, as it focuses on portfolios that meet strict ethical and ecological criteria. The Robo Advisor charges an annual fee of 0.49 percent of the investment amount, making it a cost-effective option for those looking to align their financial goals with their values.
Customer security is a top priority for Willbe, with deposits protected under Liechtenstein's statutory deposit protection scheme, which safeguards up to CHF 100,000 per person. This level of protection is crucial for building trust among investors, particularly in an era where digital banking and asset management are becoming more prevalent. The partnership with the Liechtensteinische Landesbank, which adheres to stringent European financial supervisory standards, adds an additional layer of security for customers' funds.
While Willbe's call deposit account offers attractive features, it is important to consider the competitive landscape. Other financial institutions, such as Advanzia Bank, Trade Republic, and TF Bank, also provide compelling offers for savers. For instance, Advanzia Bank currently offers a promotional interest rate of 3.76 percent for new customers, while Trade Republic provides 3.50 percent on non-invested credit balances. These alternatives highlight the competitive nature of the market, encouraging consumers to shop around for the best rates and terms.
Investors interested in environmentally friendly options may also explore offerings from institutions like Umweltbank, which focuses on sustainable banking practices. As the financial landscape continues to evolve, the emphasis on sustainability and ethical investing is likely to shape the strategies of both traditional and digital asset management firms.
In summary, Willbe's introduction of a call deposit account is a significant development in the digital asset management space, offering competitive interest rates, a user-friendly app, and a commitment to sustainability. As investors consider their options, the combination of security, flexibility, and ethical investment opportunities positions Willbe as a strong contender in the evolving financial market.