Vivid Money, the most interesting alternative to N26, now even improved their product: Two more languages, up to 15% cashback and now even a €25 welcome gift. And of course, it’s still free.
(If you prefer watching a video, here’s the summary in 5 minutes. But don’t forget to come back, if you want to open the account: It’s the link from here that will give you the €25 welcome gift.)
What is Vivid?
Vivid Money is a free bank account, founded in 2020 in Germany. It is supported by solarisBank, which holds a German banking license, so your money (up to €100,000) is protected by the German Einlagensicherung. It means that even if the bank goes bankrupt, your money will be safe by the German state.
Which card do I get with Vivid?
With opening an account, you get a free VISA debit card (made from metal), sent to you home by mail.
Additionally, you get a virtual Visa card for free. And both cards, you can “freeze” (=block) and unfreeze in the app with one tap. This makes the virtual card an ideal tool for online payments: Keep it always frozen, and only unfreeze it when you make an online purchase. This way, even if the card number gets stolen/hacked, it cannot be used.
What does Vivid cost?
Opening and keeping the account is always free. (So even if you stop using it, you can keep it, without paying anything.)
Withdrawing cash at bank machines is free up to €200 per month. You can use any machine, in Germany or abroad. If you withdraw money, it must be €50 or more per withdrawal. If you withdraw more or less than these limits, you pay 3% (but not less than €1).
Paying with the Visa card is always free, no matter if in EUR or another currency. Even better, when paying abroad, the will show you immediately the price in the foreign currency and in EUR, too. So you can see better how much you paid.
What transactions can I make & receive?
You get a regular German IBAN number, so you can make and receive any SEPA transactions. For example, with Vivid you can receive the salary from your job or pay the rent to your landlord.
In which language can I use Vivid?
The app and the customer support are available in: English, German, French, Spanish.
Customer support is available via chat in the app. Their first reply comes usually after 5 to 30 minutes.
Can I deposit cash?
No. To top up your account, you can only send SEPA transfers.
How does Cashback work?
Basically: You buy something, and part of the price you get paid back (cash back).
With Vivid, you only need to use your VISA card. For example:
- You buy something for €10 at your supermarket and pay with the Vivid Visa card.
- Right after the payment, Vivid will give you back €1 (if the Cashback is 10%).
There are very different Cashback rates depending on the shop, and they also change very often! The screenshot shows a part the current offer.
How do the Stock Rewards work?
Your cashback arrives into special pocket, called Stock Rewards. If you want to spend it immediately, you can cash it out into your main pocket, by tapping Redeem.
But you can also keep it in the Stock Rewards pocket, and set up a share from the stock market, for example Tesla or Apple.
Then, Vivid will buy (virtual) shares with your cashback money. If the share price grows, your cashback money in the Stock Rewards pocket will grow, too.
Even better: If the share price drops below the price at which you bought it, your cashback money will not fall below it. So you can only win money but not loose any.
There are many different shares to pick, for example: Apple, Zoom, Tesla, Moderna (vaccines).
See the screenshot for a few more (but still not all) of of them.
Can I also save money / invest into shares & ETFs?
Yes, kind of. You can buy fractional shares from more than 1000 US and EU companies and ETFs, without any transaction fees and no minimum investment.
However, different than at actual brokers, you do not directly own your shares & ETFs. They are bought by a partner of Vivid (called CM Equity AG) and then linked to your investment pocket. (That’s how Vivid can offer this without any transaction fees.) Also, should their partner go bankrupt, your money is still protected (90% of it, up to €20,000).
Who can open a Vivid account?
- You need to be reachable by an address in Germany, France or Spain.
- You must have an ID or passport of a country listed here.
What alternative bank accounts are there?
How do I open a Vivid bank account?
- Click Open an account* and enter your e-mail address (important to get the €25 gift).
- Download the app (Android or iPhone).
- Open the app and create a new account with the same e-mail address.
- Do the video identification in the app. You will have a video call with an agent and during the call you will need to show your ID card or passport. To check which type of document is accepted for your country, see this list.
- Put at least 20€ on the account (e.g. make a SEPA transfer to you IBAN account number).
- Wait until your Visa card arrives per mail. It should take around 3-5 business days.
- Spend at least 20€ in the next 30 days by paying with the Visa card.
- Your €25 gift should arrive in max. 3 business days.
Do you still have questions? Write a comment below, or contact us.
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