FAQ Advanzia Saving Account

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Can I claim the withholding tax charged on my tax return?

Yes, withholding tax is charged in accordance with Directive 2003/48/EC of 3 July 2003 to avoid double taxation.

Category: Taxes
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Is my tax liability satisfied by paying withholding tax?

You must state your interest income on your tax return. Withholding tax is chargeable for tax purposes. At the start of each year, you will receive a tax certificate for the previous year.

Category: Taxes
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Can I view my account online?

You will receive a confirmation via e-mail for each deposit and withdrawal. You will also receive a monthly statement for your account.

Online statements should be available in 2010.

You can request withdrawals from our homepage www.advanziakonto.com, stating your password. The password required is the password you chose when you applied for your account.

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My e-mail address has changed.

To change your e-mail address, please send us an e-mail from your old e-mail address or contact us by telephone.

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Can I have more than one reference account?

Withdrawals can be made to each account from which a deposit has already been received. However, deposits can only be accepted if they originate from an account held in your name. Deposits will not be accepted from third-party accounts.

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Who is Advanzia Bank?

Advanzia Bank S.A. is a modern European financial services provider registered in Luxembourg, which specialises in standardised financial products as a direct bank. In addition to our range of credit cards, which covers direct sales as well as the launch and processing of individual partner card programs, Advanzia Bank S.A. currently offers an saving account ("Advanzia account").

As a new company, which has been in operation since May 2006, our banking licence was issued at the end of 2005.

For more information, see www.advanzia.com.

Category: General
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Is Advanzia an independent company or subsidiary of a major bank?

Advanzia Bank S.A. is an independent company under Luxembourg law.

Category: General
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What does Advanzia Bank offer?

Advanzia Bank offers its customers two products: An "Advanzia account" saving account and a fee-free MasterCard Gold.

Category: General
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How can I become a customer?

Simply complete an application form for the saving account on our homepage www.advanziakonto.com. This will then be processed by Advanzia Bank.

If you are interested in our fee-free MasterCard Gold, please complete the corresponding application form on the website www.gebuhrenfrei.com. (only for German and Luxemburgish residents)

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What happens once I have applied?

Once you have completed your application on the homepage, you will receive confirmation of your application by e-mail.
In order to open an Advanzia account, you must also provide a copy of your ID card or passport. You can send a copy of your ID document by e-mail to:

id@advanzia.com

or by post to:

Advanzia Bank
Postfach 4108
54231 Trier, Germany

or

Advanzia Bank
9 Parc d’Activité Syrdall
L-5365 Munsbach, Luxembourg

 

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How long does it take to open my Advanzia account once I have applied?

Once we have received your ID document it takes between 3 and 4 working days to open your Advanzia account. As soon as your Advanzia account is open, you will receive an e-mail containing your personal account number.

If you have not received anything after 10 days, please contact us.

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Will a credit check be carried out?

No. The Advanzia account is only a credit account and so no credit check is carried out.

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How much does it cost to open the Advanzia account?

There is no charge to open the Advanzia account and there are no fees to manage and use the account.

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Is the Advanzia account really free?

Yes, the Advanzia account is completely fee-free. There are no annual fees and no charges for deposits or withdrawals.

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Are there any charges for making deposits and withdrawals?

Deposits and withdrawals are completely free of charge. Deposits made within the EU should not cost more than a domestic transfer (ask your bank to find out about the fees for making transfers).

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What are the benefits of the Advanzia account?

  • The Advanzia account is completely fee-free
  • The full credit balance is available on demand
  • There are no transaction charges
  • Your credit balance earns interest on a monthly basis
  • The Advanzia account offers a good long-term interest rate This was confirmed in Finanztest 01/2009
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Do I receive a bank card for my Advanzia account?

The Advanzia account is only for investment purposes. Consequently, there is no bank card connected with the Advanzia account.

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Can I combine my Advanzia account with a fee-free MasterCard Gold?

The Advanzia account and the fee-free MasterCard Gold are two clearly separate products. You cannot therefore debit your credit card bill from your Advanzia account.

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Can I open a joint account?

The Advanzia account can only be managed as an individual account. However, you can issue an account authorisation for your saving account. For an account authorisation form, please click here.

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What are the requirements for opening the Advanzia account?

The Advanzia account is only available to individuals over the age of 18.  Minors are not permitted to open an account.

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Can I open a company/trust account?

Company or trust accounts are not permitted.

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Do I have a right to cancellation?

You can cancel your application for an account without reason within 2 weeks (the cancellation period commences on receipt of this notification). The cancellation deadline shall be deemed to have been met as long as the cancellation notice is sent on time. Please send this document to: Advanzia Bank S.A., Postfach 4108, D-54231 Trier, Germany, or Advanzia Bank SA, 9 Parc d’Activité Syrdall, L-5365 Munsbach, Luxembourg

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Why is the interest rate of the Advanzia account so high?

The use of modern technologies and effective structures reduces costs and allows us to be able to offer high interest rates.

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Why is the Advanzia account fee-free?

Advanzia Bank's philosophy is to offer its customers modern and cost-effective products. As a result, Advanzia Bank does not charge any fees.

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Are there any hidden costs?

No. There are no fees charged for the Advanzia account.

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Up to what amount are my deposits protected?

Your deposits are protected by the Luxembourg Deposit Protection Fund (AGDL) up to the amount of €100,000.

Information about the Deposit Protection Fund can be found at www.agdl.lu.

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How can I check my account balance?

You will receive a confirmation via e-mail for each deposit and withdrawal. In addition, at the beginning of each month you will receive an account statement showing all the transactions carried out in the previous month along with any interest earned.

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Can I make deposits from any account?

Deposits can only be accepted if they originate from an account held in your name within the EU/EFTA. Please note that in some cases only one account holder is named on joint accounts. If you are not sure whether or not this is the case, please send us proof of your right of disposal (e.g. copy of a bank statement, confirmation from the bank, etc.) before arranging the deposit.

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Can I make withdrawals to any account?

Withdrawals can only be made to an account from which a deposit has already been received. Withdrawals cannot be made to third-party accounts.

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Where can I find my password?

The password required is the password you chose when you applied for your account.

If you have forgotten your password, please contact our customer service team.

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Why do I need a password?

Your password is used for identification on the telephone and for making withdrawals. Please do not pass on your password to a third party.

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How do I make a withdrawal?

You can request withdrawals from the "Deposits/Withdrawals" section of our homepage www.advanziakonto.com. Unfortunately, we cannot accept withdrawal requests by fax or by e-mail.

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My deposit was returned to me with the message "Money cannot be allocated".

Deposits can only be accepted if they originate from an account held in your name. If this is not the case, we will be forced to reject your deposit.

You can transfer money easily from a German account to your Advanzia account. Deposits can only be made from accounts that are held in your name. Deposits and transfers from third parties to your Advanzia account are sadly not permitted.

Please find the bank details in the welcome letter an in your monthly statements.

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How do I close my Advanzia account?

You can close your Advanzia account at any time in writing (e-mail/post/fax).

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How do I contact Advanzia Bank by e-mail?

Our e-mail address is advanziakonto@advanzia.com.

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How do I contact Advanzia Bank by telephone?

You can contact us from Monday to Friday between 9 a.m. and 5 p.m. on:

  • 00352-26 38 75 75 (from Luxembourg, by mobile and from other countries)
  • 0043-12 530 840 580 (from Austria).
  • 0800-880 21 20 (freephone number from Germany)
  • 0031-(0)20 708  4773 (from the Netherlands)
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Can I make a deposit to my account by direct debit?

Deposits cannot be made by direct debit. A deposit can only be made by bank transfer.

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When will interest be credited to my account?

Interest is always paid on the 28th of the month respectively the last working day before the 28th. Any missing interest days are added to the following month.

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Are there any restrictions on using the Advanzia account?

You can make deposits and withdrawals at any time and have access to your full account balance without notice. The maximum investment amount for the Advanzia account is €1,000,000. The minimum investment amount for the Advanzia account is €5,000.

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Is interest earned on all amounts?

The minimum deposit for the Advanzia account is €5,000. As long as you deposit €5,000 to your Advanzia account, your full credit balance will earn interest from the very first euro.

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What is the difference between nominal and effective interest?

As interest is paid monthly and earns interest in the following month, this creates the so-called compound interest effect. This gives a nominal interest rate and an effective interest rate.

As banks pay interest at different times, you should only use the effective interest rate for comparison.

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How do I calculate my interest?

Interest is calculated using the following formula:

Interest = (deposit x nominal interest rate x interest days) / 365

Please note that interest is always paid on the last working day of the month. As a result, there may in some cases only be 28 interest days in a given month. The remaining interest days are added to the following month.

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What tax profiles are available?

You have the option to choose between two tax profiles:

  1. An anonymous notification is sent to your local tax authorities: 35 % withholding tax is automatically deducted by Advanzia bank and paid anonymously to your local tax authorities. Withholding tax is chargeable for tax purposes. The deduction of withholding tax does not satisfy your tax liability. Your interest income must be stated on your tax return.
  2. Notification to the local tax authorities: Advanzia bank reports your interest income to the tax authorities. With this tax profile, no taxes are deducted by Advanzia bank. If you exceed your annual tax allowance, the tax authorities will contact you directly.

For a form to change your tax profile, please click here.

Category: Taxes
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Can I submit a declaration for exemption from withholding tax?

As Advanzia Bank is registered in Luxembourg, it is not possible to submit a declaration for exemption from withholding tax. However, interest income can be reported to your local tax authorities. No tax will then be deducted. This is similar to a declaration for exemption from withholding tax, but there is no limit on the amount. If you exceed your statutory allowance, the tax authorities will contact you directly.

Category: Taxes
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Where do I find the current interest rate for my Advanzia account?

The current interest rate for the Advanzia account can be found in our fee schedule on our homepage www.advanziakonto.com.

*) Please note our price list

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