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– The entity has paid out nearly 100,000 euros in interest to customers on its no-fee account, which currently earns 2% NIR/APR on balances up to 50,000 euros.
– It already has 350 Vanguard funds managed portfolios showing average returns of 3% since its launch in March.
– Myandbank recently launched its Salary Campaign. Customers whose salary is paid into Myandbank, have a minimum balance of 150 euros and apply for a debit card will receive 30 euros gross into their account. They will also be entered in a monthly draw of one thousand euros.
Escaldes-Engordany, 20 June 2023.
Myandbank, Andbank’s 100% digital bank, has signed up more than 10,000 customers since its launch on 28 November 2022. In just seven months, the entity, which allows the account to be opened entirely online and was the first bank in Andorra to implement instant payments through Bizum. It has become the leading digital bank in Andorra.
Myandbank offers no-fee domestic and international transfers for free, a no-fee debit card at no cost and a no-fee current account which earns 2% NIR/APR on balances up to 50,000 euros. In this regard, the bank has already paid out almost 100,000 euros to customers in interest.
In line with its strategy of offering products and services aimed at democratizing the advantages of savings and investment, in March the Bank launched 4 indexed portfolios with funds from international fund managers Vanguard and iShares, with minimum investment of just 150 euros and with the lowest charges on the market: 0.30% management and 0.20% custody (including IGI Tax). Currently, there are more than 350 managed portfolios with average returns of 3%.
Last week, Myandbank launched its Salary Campaign, in which it will give customers 30 euros in the first month when they arrange for their salary to be paid into the bank, apply for a card and have a minimum balance of 150 euros. In addition, the organization will draw 1,000 euros per month among all customers who have a direct debit and meet the three requirements. The draw will take place on the 7th of each month until December 2023.
Myandbank has decided to extend its “friend” campaign until 30 June, whereby customers can receive up to 200 euros by distributing a “friend code” to a maximum of 10 friends or relatives who then register and activate Bizum for their accounts. Any new customers who use the code will receive 20 euros.
Myandbank runs a helpline in case a user needs help or has any doubts about any part of the registration process. There is an e-mail address to which anyone interested can send their queries outside office hours. The address is hola@myandbank.com and the phone number is +376 881 960.
Myandbank is the first Fintech solution based in Andorra that belongs to a large Andorran financial group. It’s intended for all kinds of users residing in Andorra, customers of Andbank or otherwise, whose investments and savings in Myandbank are protected by the Andorran Deposit Guarantee Fund (FAGADI).
The new digital bank is the only financial institution in Andorra that incorporates Bizum. Bizum is a digital solution that allows its users to make instant payments from mobile to mobile. It also provides the options of commission-free domestic and international transfers, an account paid at 2% up to 50,000 euros and a free debit card.
The website (www.myandbank.com) and the app, available in the Apple Store and Google Play, are designed to enable users to navigate quickly and intuitively. Myandbank has Twitter, Instagram and LinkedIn accounts on which customers can follow its latest news and updates. (@Myandbank).
