Aoin is a Belgian-based neobank that provides debit cards, personal accounts, and business accounts. All transactions are managed through an iPhone or Android application. Residents of Belgium are currently eligible to open mobile bank accounts with Aoin. The Banca Monte Paschi branch in Belgium now goes by the name Aion. This name change followed the acquisition by an American investment fund in 2018. Aion, despite its resemblance to the neobanks N26 or Révolut, is a traditional banking organization with a registered office in Belgium that provides the option of obtaining credit and opening a (regulated) savings account.
Aion’s digital banking app
The digital banking app for small and medium-sized businesses has been released by Belgian challenger bank Aion, which solely accepts subscription payments (SMEs). The company’s Basic Plan costs €9 per month and has a few features, while the Premium Plan costs €39 per month. The latter grants customers unrestricted use of BusinessMax, a set of AI-powered tools designed especially for enterprises. The tool package enables companies to submit loan applications, including those for state-sponsored COVID-19 awards, and receive approvals via an app. Additionally, it provides complete digital bookkeeping, the development of sales invoices, administration of costs and VAT, and file generation compatible with accounting software like Winbooks, Exact online, and Yuki.
Four currency savings
EUR, USD, GBP, and CHF may all be stored in Aion’s business accounts. A free trial period of three months will be available to all new users before membership fees apply. Additionally, they will have access to Aion advisers both in person and through the app.
Aion current account
Two current accounts are available from Aion, both of which are advantageous for tourists and people who often deal in foreign currencies. These are Aion Light ($22.80/year) and Aion Premium ($228/year) accounts. The Extended Savings Account is accessible through the Premium Account.
Extended savings account
The most rewarding extended savings account in Belgium is only available to Premium members. The Extended account offers a lower base interest rate (0.10%) than the Standard account, but a higher fidelity premium (0.90%) for deposits made for at least a year, for a total return of 1%. The Premium Current Account Contribution, which increases to 228 euros each year, must be paid. However, given that you will receive € 228 in interest from your investment of € 22,800 at the end of the year, it is not necessarily a terrible deal. Aion also provides its Premium users with methods to make money and commits to repaying the difference if they do not save at least 228 € by the end of the year. Finally, the Premium account has several benefits which include no charges for international transfers or cash withdrawals across international borders.
Savings protection
Through Belgium’s deposit guarantee, deposits made at Aion Bank are covered up to €100,000 or the equivalent amount in the deposit’s currency for a single depositor. A limit of €100,000 applies to the sum of all deposits made with Aion Bank. The money of the saver is safeguarded up to €100,000 in the event of bankruptcy or potential insolvency of the financial institution.
Tax system
On the first €980 of interest earned in 2021, there is a 15% withholding tax exemption for individuals.
Aion Neobank account opening
Here is how to open an account step-by-step:
- Get the app from Google Play or the Apple Store
- Choose the kind of account you want to establish
- Enter your contact information – email and phone number
- Get a confirmation SMS on your phone.
- Create and verify your passcode – PIN code
- Verify Touch ID and the location settings
- Select your ID card or passport (or Belgian Residence Permit)
- Scan your paper
- Verify your details again after successful verification.
- Enter your address
- Indicate where you pay taxes
- Include information about your job
- Choose between Light and Premium memberships and accept the terms and conditions
With your Aion bank account, you can now start saving time and making money.
