Instabank

Experiences, reviews and information about the provider

Oslo

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Details

Pros

Regularly competitive interest rates in call money and fixed-term deposit comparisons
Low entry amounts possible via the interest platform
Purely digital bank with a lean cost structure
Norway as the home state, with very good country creditworthiness

Cons

No German deposit protection, the Norwegian Bankenes sikringsfond is responsible
Access for German customers mostly only via an interest platform
Norwegian protection limit is defined in kroner, therefore dependent on the exchange rate
No German-language direct service from the bank itself

Fact sheet: Instabank

Company name	Instabank
Founded	2016
Headquarters	Oslo
Country	🇳🇴 Norway
BaFin-regulated	No
Deposit protection	€100,000
Type	neobank
Website	instabank.no

About Instabank

Instabank ASA was founded in Oslo in 2016 and is a purely digital bank with no branches, offering savings, consumer credit and financing products in Norway, Sweden and Finland. German savers can generally not access the bank directly, but through interest platforms such as WeltSparen/Raisin, through which call money (Tagesgeld, instant-access savings) and fixed-term deposit (Festgeld) offers in euros are arranged. The legal entity is the Norwegian bank, so supervision lies with the Norwegian financial supervisory authority Finanstilsynet and not with BaFin (the German financial regulator). Deposit protection is provided by the Norwegian deposit guarantee fund Bankenes sikringsfond; as an EEA state, Norway belongs to the harmonised EU framework, and for investors from Germany the protection is stated as €100,000 per customer and bank. Note that the Norwegian protection limit is defined in kroner and that payout in the event of a claim takes place through the Norwegian system.