01. When does the interest start?
02. What rate of interest do I receive on my Euro-Plus Savings account?
03. What is the difference between the base interest rate and the effective interest rate?
04. How do I open a savings account with Yap? Kredi Bank Nederland?
05. What is a contra account?
06. Is a transfer of money to a contra account free of charge?
07. Do I always have access to my money?
08. How often do I receive a bank statement for my Euro-Plus Savings account?
09. How can I withdraw money?
10. How do I pass on a transaction?
11. How long does it take before the money is in my account?
12. How do I know when there is a change of interest? Is Yapi Kredi Bank obliged to inform its clients of any changes in the interest rates?
13. Can my child withdraw money from his/her savings account himself/herself?
14. I am a grandparent. Can I open a savings account for my grandchild?
15. When do I receive interest over my Euro-Plus Savings account?
16. How do I compare the interest rates that differ in the way these are paid out: per month, per quarter or per year?
17. How do I cancel my account?
18. Can Yap? Kredi Bank unilaterally cancel an account?
19. What happens if an account holder or one of the account holders dies?
01. When does the interest start? top ^
Credit balances become interest-bearing from the day of receipt by the Bank. Transfers to the debit of the Euro-Plus Savings account to the Euro-Plus Deposit and vice versa are considered as internal transfers and therefore become interest-bearing on the same working day.
02. What rate of interest do I receive on my Euro-Plus Savings account? top ^
The interest rate on the Euro-Plus Savings account is variable and may therefore change according to market developments. The calculation of interest takes place over the correct number of days; the year is set at 365 days. Leap years are set at 366 days.
03. What is the difference between the base interest rate and the effective interest rate? top ^
Example: the base interest rate on a Euro-Plus Savings account is currently 2.48% per year. Since we pay out the interest every quarter, you will receive a compound interest effect, as a result of which the effective interest rate is 2.50 % per year.
04. How do I open a savings account with Yapi Kredi Bank Nederland? top ^
You complete and send an application form together with a copy of a valid ID of yourself and any co-account holders/authorised persons. As soon as we have the information, we open the account and send you the confirmation and account number as soon as possible. Your first deposit is subsequently to take place to the debit of the contra account stated to comply with the Identification (Provision of Services) Act. Also any second contra account will need to be identified via a deposit. In case of minors who are unmarried and have not been married, an account can only be opened if the legal representative(s) has/have co-signed the application form and attached a valid ID.
05. What is a contra account? top ^
A contra account is a Dutch bank account to which amounts are transferred from the savings account if you give instructions to do so to Retail Banking. You can state a maximum of two contra accounts. The contra account should (also) be in the name of at least one of the account holders of the savings account opened with Yapι Kredi Bank. If in case of joint account holders the contra account has not been put in both their names, both account holders separately need to state a contra account in their own name and they must separately perform a first deposit from their contra accounts. The contra account can only be a European account. All contra accounts are to be identified via a deposit to the debit of the contra account stated to comply with the Identification (Provision of Services) Act. Therefore, also any second contra account needs to be identified via a deposit. Transfers to contra accounts not yet identified, will not be carried out.
06. Is a transfer of money to a contra account free of charge? top ^
Yes, this is free of charge. You can pass on your instructions by telephone after which they will immediately be carried out by our staff members. If needed, you can also pass on your transfers in writing or by fax. Make sure you sign your instructions. Only in case of urgent orders will we charge you costs: €10.
07. Do I always have access to my money? top ^
In case of a Euro-Plus Savings account you can have the entire balance at your disposal. In case of a Euro-Plus Deposit the amount is fixed for the entire period and therefore cannot be withdrawn penalty free during the term.
08. How often do I receive a bank statement for my Euro-Plus Savings account? top ^
For the Euro-Plus Savings account at the beginning of every month you receive a bank statement over the previous month if there has been at least one transaction. If no transaction whatsoever has taken place, you receive a bank statement once every quarter, in the second week of the quarter, stating the interest crediting. Of course you can always call the Retail Banking department in the interim for a confirmation of a deposit or another transaction.
09. How can I withdraw money? top ^
Withdrawals to the debit of a Euro-Plus Savings account can only be made via a transfer to the contra account(s) stated by you upon opening the account(s) or another bank account with Yap? Kredi Bank Nederland. Therefore, you cannot make any cash withdrawals!
10. How do I pass on a transaction? top ^
You can simply ‘manage’ a Euro-Plus Savings account by contacting the Retail Banking department, which can be reached on telephone 0900- 9274 (€0.10 p.min.), or by sending a letter to our freepost number. You can download the transfer forms from our website, or these may be sent to you on request.
11. How long does it take before the money is in my account? top ^
The money that you transfer from or to your contra account, is debited from your account immediately, but is underway from two (from bank to bank) to sometimes five (from bank to Postbank and giro) working days.
12. How do I know when there is a change of interest? Is Yap? Kredi Bank obliged to inform its clients of any changes in the interest rates? top ^
Banks are not obliged to personally inform their clients of any changes in interest rates. Yap? Kredi Bank adjusts its internet site at least one working day before any change (www.yapιkredi.nl). Furthermore, the most up-to-date Euro-Plus Savings account interest rate is found on the bank statements and you can always call the Retail Banking department for the current interest rates. We recommend you often consult the information channels in order to keep abreast of any changes.
13. Can my child withdraw money from his/her savings account himself/herself? top ^
A minor only has access to the balance in his/her account with the permission of his/her legal representative.
14. I am a grandparent. Can I open a savings account for my grandchild? top ^
Because youngsters are only entitled to manage their account from the age of 18, only their legal representatives (usually their parents) can open a Euro-Plus Savings account and/or Deposit. Grandparents or others must ask the legal representatives for permission. The legal representatives are also fiscally accountable for the account of the minor. As grandparents, you can each year donate an amount to your children tax-free.
15. When do I receive interest over my Euro-Plus Savings account? top ^
The interest on the Euro-Plus Savings account is credited to this account at the end of each quarter – in March, June, September and December.
16. How do I compare the interest rates that differ in the way these are paid out: per month, per quarter or per year? top ^
Below, you can see the effect of the various ways of payment and calculation of the interest.
Per quarter, per year. With most of the savings accounts the interest is calculated and paid out in arrears. Suppose for a year you have €25,000 in a savings account and you receive 4.5% interest. The interest paid out is: 4.5% over €25,000 = €1,125. The balance on your savings account is increased by this amount and the bank sends you a bank statement.
If, for example, you have your money in an account with this bank for 7 months, you receive 7/12 x 4.5% = 2.63% interest.
But it can also be that the bank pays out the interest each six months, each quarter or each month. In that case there will be a difference between the nominal (real) interest rate and the effective interest rate. The nominal interest rate is always lower than the effective interest rate.
In the example of the Euro-Plus Savings account which pays out per quarter, the nominal interest is for example 4.4%. Each quarter, you receive 4.4/4 – 1.1% interest. Because the interest is added to the account each quarter, after the first quarter you will receive interest over the deposits + interest over the interest of the first quarter, et cetera. At the end of the year in fact you will have received 4.47%.
17. How do I cancel my account? top ^
You can put a written request to Yapi Kredi Bank to cancel a Euro-Plus Savings account. Yapi Kredi Bank will then transfer the balance plus interest to the contra account. In case of a joint account, this written instruction is to be signed by both account holders. The account holder(s) can request Yapi Kredi Bank in writing at the end of the term of a Euro-Plus Deposit to transfer the balance including interest to a contra account or to a Euro-Plus Savings account.
18. Can Yapi Kredi Bank unilaterally cancel an account? top ^
If in Yapi Kredi Bank’s opinion a Euro-Plus Savings account is used improperly, it will unilaterally cancel the account and transfer the balance including interest to the contra account.
19. What happens if an account holder or one of the account holders pass away? top ^
If an account holder passes away, Yapi Kredi Bank is to be informed of this as quickly as possible. The heirs and/or entitled parties are subrogated to the rights of the account holder under submission of a certificate of inheritance. If one of the account holders of a joint account pass away, the other account holder continues to have access to the account and the account is put in his/her name.