A digital bank provides customers with easy, fast, and affordable access to banking services from anywhere, anytime. It offers services such as account creation and registration, payments, investments, and personal finance management. Myandbank is a 100% digital bank that acts as another branch of Andbank, but entirely online. In November 2024, Myandbank celebrated its second anniversary and it has experienced significant growth during those two years, reaching over 20,000 users. This new digital bank offers innovative services such as Bizum, the possibility to make transfers within SEPA without fees, an account with an interest rate of 2% for up to €50,000 and a free debit card. In addition, the bank allows customers to multiply savings with term deposits and investments in automated portfolios. It also provides access to more than 500 investment funds from the most recognized international managers on the market. We spoke with Myandbank´s Financial Advisor Ignacio Timón Terrén to find out more details about this project.
Interview: Irina Rybalchenko
The Internet as a global network has had and keeps on having a serious impact on all areas of human activity, including economy and business. In practice, this trend has manifested itself in the arrival of digital banking. What are the advantages of digital banking?
Internet banking is focused on improving the quality of customer service and offers many advantages: transaction efficiency with significant time savings, the ability to make any payment online, uninterrupted access (24/7) to a wide range of transactions without the need to visit a bank branch, detailed transaction tracking, and simultaneous management of multiple accounts such as personal, joint, and minor accounts.
Myandbank is the first digital bank to break away from the traditional banking system in Andorra.
Opening a bank account with Myandbank is a very simple process: all that’s required is take a photo of the customer’s passport (take a “selfie”) fill out an application form, and provide the necessary documentation. This account is completely free, which means there’s no administration or maintenance fees. In addition, the customer receives a free debit card.
Another important advantage is that all SEPA transactions, for which traditional Andorran banks charge a fee, are free at Myandbank. Finally, a feature that users really appreciate is that the customer’s account is remunerated – the more savings you have, the more benefits you get.
Clients can make deposits for 3, 6, or 12 months for amounts between €3,000 and €50,000 and an annual interest of 3%. In addition, if the client has an automated portfolio, an additional 0.25% is added, giving a return of 3.25%. It should be noted that when we talk about interest, we mean annual interest—if a client deposited for six months, the pro-rata benefit would be 1.5%.
These conditions, together with the simplicity of use and efficiency of service, make Myandbank an innovative and attractive option in the Andorran banking sector.
What is the compliance process for opening an account? What restrictions does Myandbank have?
Myandbank is, as I mentioned before, another branch of Andbank, but fully digital – it keeps the same structure and its customers are treated with the same requirements.
The question of security is, as always, very important. How does Myandbank protect its customers?
Myandbank’s account utilizes the same security measures as Andbank’s account, including access verification via SMS or other methods determined by the customer.
In addition, the bank implements security measures that are constantly being improved. In case a customer needs to lock their account, they have a public help phone number. Similarly, if you want to cancel your card, you can do so right from the app.
Customers can’t pay by phone yet, can they? When will this service be available?
At the moment, it is not possible to use payment services via Google Pay or Apple Pay in Myandbank as they are not yet developed. This feature is anticipated soon, and when it does, everyone will be able to make payments using their phone.
It is true that this project is already being discussed, but its realization depends not only on the bank, but also on other institutions. For example, Apple needs to recognize Andorra as a country in order to incorporate Apple Pay.
Let’s talk about accounts for young people. What are the conditions?
Special accounts can be opened for children aged 0 to 12 and for young people aged 12 to 18, each with conditions adapted to their needs.
The account “Mini” designed for the youngest ones is mainly centered on savings made by parents, with the aim of forming useful financial habits in the long term.
For young people, the account “Junior” offers various innovative opportunities. One of the latest developments is the inclusion of the Beginner’s portfolio, a low-risk investment opportunity. This portfolio is designed to enhance the financial education of young people and allows, with a minimum investment of 150 euros, to explore investment dynamics and familiarize themselves with basic banking operations. In this way, young people can begin to understand the economic and financial world.
In addition, the Junior Account is remunerated at 2% and includes the “Savings Goals” functionality, which helps young people achieve their goals – such as buying a bicycle, a mobile phone, planning a trip, or saving for a driving license.
In other words, this account not only encourages savings, but also offers profitability under the same conditions as adult accounts, with an annual interest of 2%.
What news should we expect in 2025?
This is a very good question that we are often asked, as the Myandbank app is rapidly progressing. Although we are aware of the excitement generated by the new developments we will be presenting, we are not yet able to reveal any specific details.
We currently have a strong focus on long-term savings and investments. At the same time, we promote financial education initiatives aimed at companies, schools and other groups, as we believe such education is fundamental. Many people want to grow their savings but often don’t know where to start. Therefore, the key question is: How can I increase my savings and make their growth safe?
With Myandbank, you don’t need to be an expert to invest diversified in the world’s best companies. We therefore offer automated portfolios. These are portfolios of investment funds that are not owned by the bank, but by the world’s most prestigious companies, such as Vanguard. Such a portfolio allows clients to invest globally, diversifying and adapting to their individual risk profile.
We believe that today, for those who want to increase their savings and multiply them in the long term, these investments are the best option available on the market.
So, can the client do everything without any help?
Yes, a client can manage everything online independently. There are several investment and savings options in the app and a client can easily select them. He can also access investment funds and automated portfolio as I have already mentioned.
To start investing in one of the portfolios, a client has to take a short quiz to determine his risk profile. He can then choose an automated portfolio tailored to his profile. This option is very convenient, especially for those who do not have financial knowledge but want to multiply their savings and invest for the long term.
In addition, the system guarantees global diversification at a very low cost. Clients can make gradual contributions according to their preferences: monthly, quarterly or at any other frequency convenient for them.
It is also important to emphasize that we want to break the concept that only people with large savings can invest, as anyone can start with as little as €150. In fact, this is a great opportunity to invest in our children’s future! When they turn 20, they will surely be surprised at the savings they have accumulated in their accounts.
