all about the products and services offered by this “Fintech”

Recently on Andro4All you were able to learn a lot about modern neobanks. Now, on this occasion, it is the turn 100% Spanish company: MyInvestor. This digital financial institution, born in our country and with a wide portfolio of products and services, stands out your savings, financing and investmentsand below we will explain it to you step by step.

Origins of MyInvestor, a neobank born in Spain

MyInvestor is one of the neobanks that, after created in Spain, managed to expand and grow. This entity was founded in 2017 for the purpose of creating an object fintech suitable for every client to manage their assets. Based on this, MyInvestor continued to grow, expanding its portfolio of banking services. mortgage without a backpackpension plans, investment funds, and currently even has a stockbroker and was licensed in 2023 as a full-fledged bank.

Today MyInvestor has more than 160,000 customers in Spain, lured by their services, which are mainly focused on investments and savings. In this sense, MyInvestor does not use its own sector as a benchmark and ensures that the neobank space has services close to those also offered by traditional banks, since they one of the few subjects 100% digital banking which offers loan productssuch as loans, mortgages or credit cards.

Available account types

What makes MyInvestor different is that they wanted to highlight different areas of their business. simplifying the maintenance of your current accounts. Thanks to this, in addition to the fact that the user will not saturate the client with a thousand possibilities, the user will be able to think about Which MyInvestor services and products do you want to rent?without the need for benefits or categories broken down into increasing rates.

Thus, types of accounts that MyInvestor has are:

• Current account. The MyInvestor main account offers savings returns at 2.5% per annum up to €70,000. Plus, it doesn’t charge any opening or closing fees, its transfers are completely free, it doesn’t require direct payroll debits, and credit and debit cards are issued free of charge. In addition, if you have more than €30,000 in your account, MyInvestor offers access to the contents of the Expansión newspaper and legal advice from Meeting Lawyers.
• Junior current account. Since most of the benefits also exist in a standard checking account, the MyInvestor Junior account offers the same yield at 2.5% per annum without any service fees. They cannot issue cards because they are accounts aimed at minors, although they will have access to investments under the guardianship of their parents or guardians. This account can be opened either with a standard account or independently by providing the necessary documentation.
• Savings deposits. If you want to make your savings profitable and profit from them, MyInvestor offers three different options for making deposits ranging from €10,000 to €100,000 without fees. You can make a deposit for 3 months at 2.9% per annum or for 6 and 12 months at 3% per annum. Also, if you want to withdraw money early, you can do so without any problems, but you will not receive interest. However, it is always interesting to have access to your money if necessary.

What are the advantages of MyInvestor

MyInvestor has powerful advantages to establish itself as an attractive option for your target audience. And while many neobanks are created with international use in mind (travel, currency exchange), in the case of MyInvestor this is only one part of its business, and it is not the most important because Your priority is savings, loans and investments.

Its main market square closer to traditional banking than neobanks in certain aspects. This may work against those who already have traditional banking products and services that they are satisfied with, but it also allows MyInvestor to be a one-of-a-kind neobankthat is, the essence fintech which allows you to control products typically associated with traditional bankingbut 100% digitally.

If your priority when looking for a neobank is the opportunity to receive financing through mortgages and loansMyInvestor may be one of your favorite options. However, if you are more interested more traveling approach than other organizationsoffering commission-free currency exchanges or ATM withdrawals, you may be looking for something like what Revolut offers, or, failing that, services with benefits similar to those offered by N26.

Cost of the offered service

Like many other neobanks, MyInvestor stands out because it tries to avoid charging unnecessary fees. You will not pay for opening an account, nor for its maintenance, nor for closing it. Moreover, you will not have to pay any fees for your credit or debit cards, and the company’s main source of income comes from commissions on its financial products and services, which, despite this, also offer attractive and competitive offers.

How does this neobank work?

Although MyInvestor has many services that are considered “traditional”, the best thing about MyInvestor is that you can complete all the necessary procedures. via mobile phone application. All types of services are available in it, and all of them are accessible quickly and intuitively: from mortgages and loans to insurance and investments.

With MyInvestor products and services, you can carry out the following types of transactions:

• Preservation. As we mentioned earlier, MyInvestor finds one of its biggest attractions in the savings services it offers, be it deposits or the high returns offered by its checking accounts. Thus, it is a suitable neobank to increase your savings without any risk.
• Mortgage. Another characteristic service of MyInvestor is the mortgage portfolio, a product that is not so easy to find on the market. fintech From Spain. Whether fixed or variable rate, this organization stands out because it offers no-knapsack mortgages, meaning it won’t ask you for additional services or products beyond the mortgage itself unless you feel it’s necessary.
• Financing. MyInvestor offers all types of financial services, since credit is one of its main activities. Be it the aforementioned mortgage, credit card or loans of various categories (vehicles, education, etc.), you will be able to get financial support thanks to what MyInvestor offers its clients.
• Investments. At MyInvestor you will find all types of investment products designed to help you get the best possible return on your savings. If you have doubts, in addition, this organization also has relevant advice to help you choose investments designed for each type of client.
• Insurance. Together with AXA, MyInvestor offers health and life insurance services. Each of them has different categories that, depending on the amount you are willing to pay, offer you less or more coverage of services and guarantees, focusing on health or death, respectively.

SEPA transfers

As a Spanish neobank, MyInvestor has a full guarantee for services related to SEPA transfers. In fact, this is a banking institution does not charge a commission for making transfers. Other banks may have more advantages over international service, but MyInvestor meets this requirement by offering this service free of charge with transfers up to €50,000. Yes indeed does not have Bizum services nor other types of immediate transfers.

Spanish IBAN and Spanish Deposit Guarantee Fund

MyInvestor, founded in our country, not only has a Spanish IBAN, which is also the case with neobanks of foreign origin, such as Revolut, N26 or Orange Bank; also owns banking license from Spainwhich gives MyInvestor all the rules and guarantees of Spain, such as Deposit Guarantee Fund up to 100,000 euros. The other organizations mentioned also have similar mechanisms since they are European, but the mechanism of this organization is managed in Spain.

Where to withdraw physical money

VISA MyInvestor card will allow you to withdraw money at any ATM in the world thanks to the firm’s wide reach in the debit card market. Of course, unlike other neobanks, MyInvestor will only allow you monthly withdrawal of money without commissionalthough it will allow you to make four withdrawals for free if you have a mortgage or investments of more than €3,000 in its system.

MyInvestor cards

Offering financial services, MyInvestor is a neobank that Offers both credit and debit cards. They do not have any more cards, since this neobank does not adhere to the strategy of creating different categories of payments, so each of them fully offers services prepared by MyInvestor

for your cards that They don’t have shipping costs client.

To be more specific, characteristics of these two cards the following:

• Debit. With the MyInvestor VISA debit card you can safely pay in all types of establishments around the world. You can withdraw money once a month without commission or four times if you have a mortgage or investments of more than 3,000 euros within MyInvestor. If you have exhausted your fee-free withdrawal options, the withdrawal cost will be 1 EUR. Additionally, you can also link your card to virtual card services such as Google Pay or Apple Pay.
• Credit card. It is also from VISA and is characterized by an annual interest rate of 6% and a tax identification number of 5.8%. As expected, in order for MyInvestor to provide you with a credit card, even if it is free, it will ask you for proof of income, be it salary, pension or a source of liquidity you have on a daily basis. It also allows the same conditions for ATM withdrawals without fees, although outside Spain they will be charged according to the rates applied by VISA, as well as credit fees for each withdrawal.

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