The digital nomad lifestyle can be ideal for you if you enjoy traveling but want to maintain your work.
Living abroad in several nations may seem like fun and games until you realize how many bank accounts you need to manage in each country you visit. Here are four best savings accounts for digital nomads that you can choose from.
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The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.
1. Monese
Interest Earnings: 2.20% AER on their savings accounts
Monese is a leading bank for digital nomads in Europe and has a number of qualities that make it a good option.
Monese also has the highest interest rate among the best savings accounts for digital nomads.
The business is situated in the UK, however, anybody in the EU can register an account.
Like N26, Monese offers a variety of programs in addition to a dependable method for handling foreign payments.
On their convenient app, you can monitor payment activity, get notifications when payments are made, check exchange rates, and utilize a variety of budgeting tools to keep your finances on track.
Simple account creation is possible from your phone. Additionally, you may transfer funds worldwide in over 19 different currencies.
The maximum amount for card payments is €2000, which is a drawback. There is a 2% charge after that. If you withdraw more over €200 per month on their free plan, you will be charged similar costs. But these restrictions are reduced if you upgrade to their premium services.
Additionally, because they lack a banking license, they are not recognized as a legitimate bank. This indicates that the European Deposit Scheme is not protecting your money. Having said that, Monese is unquestionably of taking into account given its user-friendly mobile app, first-quality customer support, and incredibly low savings interest rate.
2. N26
Interest Earnings: Up to 1.15% interest on their savings accounts
One of the best savings accounts for digital nomads and most well-liked digital banking services in Europe is N26; more recently, they have expanded to the United States.
The firm, which was formed in Germany, is among the best savings accounts for digital nomads since it is very simple to use, can be operated entirely through a smartphone, and can be accessed from any location that takes Mastercard payments.
To accommodate everyone’s demands, N26 provides a variety of options, as well as a fully metal card for their most expensive tier (which costs €16.90 per month).
Aside from providing complete travel insurance (including pertinent pandemic coverage), N26 also offers mobile, sport, auto, and phone insurance, customized expenditure reports, and the option to effortlessly round up your spare change and keep the difference.
However, the 1.7% ATM withdrawal charge might add up quickly if you’re visiting a non-EU nation that prioritises cash transactions over credit or debit card transactions.
3. Citibank
Interest Earnings: 0.05% gross p.a./AER
For digital nomads, Citibank solves the online versus in-branch banking conundrum. A multinational bank, they have locations all over the world.
There are no overseas transaction fees. No additional fees will apply when you use their debit card to make purchases online or in most other places in the world.
Additionally, you won’t be charged by Citibank to send money abroad. It’s possible to visit a bank in person in some nations because they have branches all over the country. Also available are fee-free withdrawals from their international ATM network.
Plus, when you eat at one of their chosen dining partners, they even throw in a complimentary bottle of wine.
However, you are compelled to open a checking account as well as a savings account; you cannot choose just one.
Additionally, they have fairly poor savings rates, and they will charge you 10% for each transfer you make to pay off an overdraft.
Even though they have ATMs and branches all over the world, finding them can be difficult in reality.
4. Charles Schwab Bank
Interest Earnings: 0.05% on savings account
The cheap rates and fees of this bank have made it a favorite among many US digital nomads.
For those of you who are considering acquiring a more versatile account, Charles Schwab Bank also offers checking and savings accounts. However, its main usage is as an investing platform.
Compared to other banks, Charles Schwab Bank offers slightly more reasonable costs. They reimburse your ATM costs worldwide and do not impose international transaction fees. Both monthly fees and minimum balance requirements are absent.
The drawback of CSB is that you can’t truly deposit money immediately and that the savings accounts’ interest rate is relatively low.
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