Saving for the major or unexpected maintenance plan, is that now possible via a specialised bank: TEN31? That offers certainty and significant advantages, explains Tim Stevens, director of the innovative bank. Vb&t VvE Diensten has already approached TEN31 on behalf of several VvE's.

Sorting out banking matters can be quite complicated for VvE's. This is because a VvE is classified as a business customer within the Dutch banking system. As a result, VvE's face high costs for a payment package.

It has also become virtually impossible to open a savings account purely for building up a reserve fund, while saving for maintenance has been mandatory since 1 January 2008. Some banks even terminate savings accounts without a current account package.

Error-free account

At TEN31, they do things differently. ‘Owners’ associations can open a savings account with us free of charge,‘ says Tim Stevens. 'And we offer a better interest rate than owners' associations get elsewhere; currently, it's an annual nominal rate of 2.25 percent (March 2024).

TEN31 also distinguishes itself through its short turnaround time. Whereas applying for a (savings) account for a VvE can take several months at the average banks, TEN31 arranges it within a few days.

Better protected

TEN31 was founded in Germany in 2016 as a specialised bank. Initially, it aimed to assist German equivalents of HOAs – Wohnung Eigentum Gemeinschaft – with their banking needs, but the bank now supports various types of HOA structures in several European countries with payments, savings, and lending.

‘Because we are based in Germany, we can offer greater certainty,’ explains Director Stevens. ‘In the Netherlands, the money in the VvE accounts is insured according to the deposit guarantee scheme up to €100,000 per bank. In Germany, there is an insured amount of €100,000 per VvE member. That makes a very big difference. If a bank collapses? As a large VvE, you don't have to worry that only part of the money is insured; because we operate from Germany, a much larger amount is insured.’

Borrow faster

‘For sustainability or overdue maintenance, VvEs need money that they don't have readily available. So, they have to borrow,’ says director Stevens. ‘But applying for a loan can take months. It's faster with us.'.

Do you have an account with us? Then, after consultation, you can have a temporary overdraft. But a loan can also be arranged quickly. The short turnaround time for loans is because TEN31 does not ask for collateral, guarantees or pledges, nor does it look at the financial situation of individual VvE members.

‘Also, a savings or current account with TEN31 is not mandatory for a loan,’ says Stevens. ‘We do want the loan to have been voted on by the General Meeting. If that has happened, then it's practically 99 percent certain that you can get a loan through us.’

Vb&t VvE Diensten is ready

We have recently entered into an agreement with TEN31. The online banking package is already available to us. We can therefore open savings accounts for VvEs from our management portfolio easily and quickly at this time. We always ensure the two-signature system.

For more information, please contact us via vve@vbtgroep.nl. We would then be happy to look at the distribution of liquidity within your VvE with you.