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 - 2% 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 2% 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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- 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.
- You need to use the card at least once per month to get 1% interrest (or 2% 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 off function is not free.
- Cash withdrawals are free using NyKredit’s ATM’s, but a fee is charged in all others.
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 2% 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 2% 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 off 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. ↩