Vivid Bank Germany: A Review of Germany's Newest Online Bank
This page takes a close look at Vivid Money, an online challenger bank that is new on the scene and taking on more established disruptors in the German banking market. We cover who Vivid are, what they offer and why they are a good choice when choosing a banking solution in Germany
Watch out N26, there is a new kid on the block in the form of Vivid Money! Founded in 2019, Vivid Money is a 100% online bank that builds on the work of current players to create a competitive product offering minimal fees and an exciting cashback package.
Headquartered in Berlin, Vivid is rapidly gaining a foothold in the German banking sector. Having just secured a cool €15 million in Series A funding for expansion and product development, early signs are that the company will quickly become a force among Germany’s challenger banks.
As a young start-up, Vivid Money looks in great shape and is ambitious in its vision of being the first full-service solution for day-to-day banking, savings and investments.
But what are the benefits of opting for this newcomer? Will Vivid Money meet all your daily banking needs? Below, we’ve taken a deep dive into the pros and cons of Vivid money - we hope our review helps clarify if this is the German bank for you!
Vivid Money in Germany: The Basics
If the intro above has piqued your interest in Vivid, then the next logical step is to get an overview of some of the features of this new, exciting bank account.
When it comes to Vivid Money, you currently have two account options:
Vivid Standard – this account is completely free to open and maintain.
Vivid Prime – 3 months for free, after which the account costs €9.90 per month.
In this post, we’ll primarily focus on the free Vivid Standard account, but will highlight where there are notable differences/benefits of the Prime account.
Vivid Money savings features
By signing up with Vivid, you get a free German bank account that comes with a free metal Visa debit card. As with all modern online banks, Vivid’s full suite of products and services is managed through a user-friendly and intuitive mobile app. So far, so good!
Within your Vivid account, you have so-called Money Pockets, which allow you to split your money into 15 free sub-accounts each with their own IBANs.
A really nifty feature of Vivid’s Money Pockets is that you can add different currencies to different sub-accounts, which effectively transforms your account into a multi-currency account. While the Vivid Standard plan allows you to save your money in 40 different currencies, the Vivid Prime account offers a whopping 107 currencies.
Better still, when freely moving currencies between Money Pockets, you’ll be offered a live exchange rate and no exchange limits. When overseas and paying in a foreign currency, the funds will be automatically drawn from the suitable Money Pocket – and you will incur no fees for payments made globally. This is a fantastic feature if you are someone who travels a lot and often makes payments in foreign currencies.
Vivid Money earning features
A big selling point for Vivid is its extensive cashback programme. On paper, this programme looks to be a winner, giving you up to 10% cashback at some popular companies and brands, including Lieferando, REWE and HelloFresh as well as subscription services such as Netflix and Amazon Prime Video.
While this cashback programme is not limitless, you can receive up to €20 a month with the Vivid Standard account and €100 a month with the Vivid Prime account. With Vivid, you’ll get a little back for many of your routine monthly payments.
As well as cashback opportunities, Vivid is also integrating trading and investment functionality into its app. This will allow you to use the Vivid app to invest in US and EU stocks or ETFs either commission-free or at a very low cost.
If you’ve always been intimidated by investment platforms and high trading commissions, then Vivid may be a great starting point for building a personal investment portfolio including some of the biggest companies in the world.
Vivid is undoubtedly one of the most modern banking solutions on the market. This is further exemplified by the company’s recent entry into the cryptocurrency sphere. Through your Vivid account, you can now invest in cryptocurrency, including all the major coins such as Bitcoin, Ethereum, Litecoin, etc.
Investing in cryptocurrency via your Vivid account is again commission-free and there is no minimum investment amount to get started. So, if you have a fear of missing out on the cryptocurrency wave, Vivid is a great solution for ensuring you get a piece of the crypto pie.
Vivid Money security features
An integral feature of any bank is its approach to security. When it comes to keeping your money safe, Vivid appears to be keeping pace with industry best practices – and even going further with respect to certain security features.
Notably, Vivid offers a free, extra-secure Visa debit card with every account. Vivid cards have no personal data on them – no card number, no expiration date, no CVV security code, absolutely nada. All this info can be found in the app, meaning your account is fully secured in the event that you lose your card.
Your account can also be instantly frozen and unfrozen in the Vivid app, which has a wide range of integrated login protection technologies (fingerprint, face recognition, etc.). You will also receive notifications of any account activity, giving you a full overview of funds coming and going out of your account.
But while these security features are great for keeping your money safe, you also want to ensure your hard-earned savings are protected. Vivid ensures your money is stored in a fully regulated European bank and is protected by the German Deposit Guarantee Scheme (up to €100,000).
Additional features of Vivid Money
If the impressive array of features listed above is not enough to seal the deal, then here are a few additional benefits of opting for a Vivid account:
They offer 24/7 personal support in English and German. Better still, you’ll be speaking to a real customer representative, not some chatbot.
Vivid is keen to protect your privacy and will not sell your data.
They offer handy analytics, tracking and budgeting functionality so you have a clear overview of how, where and when you spend your money.
You can add your Vivid card to Apple Pay and Google Pay, allowing you to make secure payments through your device.
Drawbacks to Vivid Money?
On the face of it, there appear to be very few drawbacks when considering whether to open a Vivid account.
However, if you are a heavy cash user, then it’s worth noting that the Vivid Standard account only gives you up to €200 in free cash withdrawals per month (€1000 per month for the Vivid Prime account). Once you’ve exceeded this, you will incur a 3% fee on withdrawals. It is not a major factor, but something to keep in mind given the fact that Germany is quite a cash-intensive country.
I hope this has been a useful overview of Vivid Money – it is an exciting start-up with an exciting product that I am confident will become a mainstay amongst the challenger banks that are making waves in the German banking sector. Follow the link to sign up for your free Vivid Money account today!