Lunar Way is what I would call a “banking light” experience. You get a Visa debit card with no fancy features or tricks, an app to administer your account and - the killer feature - 4% interest up to 50.000 DKK which ain’t too bad in these times!
How it works
With Lunar Way you get a standard debit card with a nice app to keep track of saving goals and spendings. You can setup recurring payments to other accounts or to your goals. You can pay bills normally (GIRO kort) or by taking a picture of your actual bill and Lunay Way will pay it for you. You can setup automatically payments using PBS and you can receive payments from the government.
If you move you Easy Account (NemKonto in Danish)1 and use the card at least once per month you get 4% interest up to 50.000 DKK. Protects depositors’ savings by guaranteeing deposits of up to €100.000 since they have partnered with a regular bank (Nykredit).
If you use their online support, be prepared for an informal communication style with kindness, emojis and GIFs. As a 38 year old I might be on the outer edge of their target group! But they are quick to resolve my issues.
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- Withdraw and insert money at most ATM’s for free at Nykredit, Spar Nord and Handelsbanken ATM’s. Especially the insert money option has been very useful for me.
- Manage your money using goals which is a nice way to subdivide your Lunar Way account. Using automated rules in the app I set aside money automatically in goals every month.
- No fees as long as you do not use top-up, travel card or overdraft subscription… 3 things I would not recommend using anyway.
- 4% interest per year up to 50.000 DKK by just using the VISA card once per month and moving your Easy Account.
- Overdraft is an expensive subscription - even if you do not use it.
- You can receive international payments, but not send them. You can only send to Danish accounts. Use Revolut or some other way to send internationally for free.
- You need to use the card at least once per month to get 1% interest (or 4% if you moved your Easy Account).
- The Travel Card is a waste of money since Revolut, N26, Transferwise or Curve offers much better deals.
- The top-up function is not free, but you can get around this by transfering money for free using a standard SEPA bank transfer.
- Cash withdrawals are free using NyKredit, Spar Nord and Handelsbanken ATM’s, but a fee is charged in all others. Withdraw using Curve plus an underlying DKK card for 10 fee free withdrawals per month to get around this.
How I am using the card
I use Lunay Way as my cash reserve and where I receive på paycheck and pay my bills. The 4% interest and the way I can setup goals is the main purpose of me using the account. You can get higher interest elswhere, but not without any strings attached.
The card is nothing special on itself so I have set up a reoccurring donation to my favorite podcast each month to get the 4% interrest and not keep the card with me.
To get around the limitation of not being able to make international transfers I just use the Lunar Way card to do a top-up to my Revolut card, exchange the money and then transfer it for free to anywhere in the world!
If I need to withdraw cash from an ATM I simply do not use this card directly. Using Curve I can make 10 free withdrawals per month on any card - including Lunay Way - in any ATM.
All citizens and companies registered in Demark are required to have a NemKonto (Easy Account). A NemKonto is a normal bank account that you assign as your NemKonto. Most Danish citizens and companies occasionally receive payments from the public sector. These payments can be TAX or VAT refunds, child subsidies, pensions, student loans, unemployment benefits, housing support or social welfare payments ect. All payments from public institutions will be transferred directly to this account. Some private enterprises are able to make payments to your NemKonto as well. It can be enterprises such as insurance and pension companies. ↩