Scalable Capital launches call deposit account with 2.50 percent interest

The Munich-based financial services provider Scalable Capital is expanding its banking offering and introducing a new call money account. Existing and new customers will now receive 2.50 percent interest per year on their balance. The interest rate is variable and there is no limit to the deposit.

According to the company, customers can deposit or withdraw their money at any time. Interest is credited monthly. A minimum investment is not required.

Monthly interest credited and daily availability

The new call deposit account can be opened completely digitally via the Scalable Capital platform. Customers receive their own IBAN and can make deposits from their reference account.

Balances can also be transferred between the call deposit account and the broker clearing account at any time. This means that the money is immediately available for investments.

Interest rate above the current ECB deposit rate

At 2.50 percent, the interest rate on the new account is currently higher than the European Central Bank's deposit interest rate, which currently stands at 2.00 percent per year.

Interest is calculated on a daily basis and paid out monthly. According to the company, this results in a small additional interest effect in the long term compared to an annual credit.

Interest is the clearest commitment a bank can make to its customers

Erik Podzuweit, founder and co-CEO of Scalable Capital

The company wants to further expand its savings offering with the separate call money account.

Deposit protection across several banks

According to the company, PRIME Plus customers can spread their deposits across several banks. This means that up to five times 100,000 euros are legally protected. Deposits are held at Scalable Capital Bank and partner banks, among others.

Additional funds can be secured via banks with voluntary deposit protection. In the FREE model, deposits are held at partner banks and partly in money market funds.

Savings offer for children too

In addition to private accounts, parents can also open call money accounts for their children with Scalable Capital. These can be managed together with custody accounts via the app.

This is the company's response to the high demand for traditional forms of savings for children. According to a survey, many parents continue to rely on savings accounts to put money aside for their children.

Expansion of the banking offering

With the new call money account, Scalable Capital is expanding its range of savings, investment and financing products. In addition to interest rate products, the company also offers ETFs, shares, savings plans, bonds, cryptocurrencies and derivatives.

The provider also operates the European Investor Exchange, an exchange platform for private investors with extended trading hours.