If you're looking for an easy way to get passive income through a savings account without too much effort on your part, these digital bank savings accounts are worth looking into:
This digital bank is a great option because there is no minimum deposit amount required and low (or zero!) monthly fees. They also provide incredibly low foreign exchange fees, saving consumers thousands in currency conversion costs over time.
Revolut provides a variety of vaults. There's an individual "Savings Vault," which is a great choice for the aforementioned passive income savings account. This pays interest of up to 0.65% and allows you to withdraw your money at any time. The Revolut "Savings Vault" is an excellent solution if you're going to need your money within a year or two.
You can also set up Group Vaults to build wealth and achieve your financial goals with family and friends. For example, if you're saving for a group vacation, you and your friends can all put money into one vault and see your savings grow.
SweepBank is a promising newcomer to the digital bank platform. As an up-and-coming institution, they provide high-interest rates with consistent income. They're part of Multitude, an international financial group that has served more than 2 million customers since 2005.
Their digital bank savings account option currently offers up to 1% interest rates on a fixed-term savings program.
They pay your accumulated interest every end of the year unless you terminate your term deposit early. This is a good way to offset inflation when you know you're not going to need your money for a predetermined period of time.
Another digital bank that offers a high-yield interest rate is N26. They offer interest rates up to 0.17% and let you access your money anytime!
Like with Revolut, one of the best parts about this digital bank option is the lack of foreign transaction fees, which can result in thousands saved over time when traveling or sending money internationally.
N26 is a fantastic service that offers most of the characteristics of a traditional bank but in a purely digital format. They have a lot to offer travelers, self-employed entrepreneurs, and freelancers, including international money transfers at low exchange rates and ATM cash withdrawals with minimal cost.