Start earning daily returns on your business cash with Qonto's MMF Investment feature. This guide covers everything you need to know about managing your investments: from activation and placing orders, to understanding fees, tracking returns, and accessing tax documentation.
Your funds are invested in the BlackRock ICS Euro Liquidity Fund Core Acc, a Money Market Fund that holds safe, short-term assets. Returns are automatically reinvested to grow your balance, and you can move money in and out 24/7 through your Qonto account.
The service is powered by Concedus and Upvest (providing custody services). Both are BaFin-licensed investment services providers.
Available to:
- Corporate businesses (GmbH, UG) registered in Germany
- Smart, Essential, Premium, Business, or Enterprise plans
- Organisations with an activated Qonto Qonto account
Accessible:
Activation can be initiated by the Owner only and visible by Accountant.
Available on 💻 web and 📱 mobile.
1. How do I activate investments and who can access them?
The investment feature is available only for German organizations that meet all of the following requirements:
Legal & Business Requirements:
This list of eligibility conditions is provided for general guidance only and is not exhaustive. Additional requirements may apply and cannot be fully disclosed for operational or regulatory reasons. Qonto reserves the right to assess eligibility on a case-by-case basis, and meeting the criteria listed above does not guarantee access to the feature.
- Your business must be registered in Germany
- Your legal form must be GmbH or UG (excluding i.G. suffix)
- Your organization status must be activated with an accepted KYB
- Your tax residence must be Germany
- Your business must not operate in financial services sectors
Subscription Plan:
- You must be on Smart, Premium, Essential, Business, or Enterprise plan (Basic plan does not include access)
Permissions:
- Enable investments & Buy/Sell: Owner only
- View investments: Admin, Owner, or Accountant (Accountant can only view after an Owner has completed the activation)
To activate investments:
- Navigate to Business account > Investment in your Qonto account
- Complete the onboarding flow with required information
- Accept the terms and conditions from Concedus and Upvest, our regulated investment partners
Access permissions after activation:
| Action | Role |
|---|---|
| Activate / Enable investments | Owner only |
| Buy / Sell | Owner only |
| View investments | Owner, Admin, Accountant* |
*Accountant can only view investments after an Owner has completed the activation flow.
2. How do I buy and sell MMF shares?
You can move money in and out of your investment 24/7, even when markets are closed. Execution occurs on the next fund dealing day, with settlement typically within 1-2 business days.
Moving money INTO the MMF (Buy orders):
- Go to Business account > Investment
- Click the Buy button
- Enter the amount you want to invest (minimum €1)
- Review the ExAnte report showing fees, estimated shares, and settlement timeline
- Confirm with Strong Customer Authentication (SCA)
- Funds are debited from your main Qonto account immediately
- Units are credited after settlement (T+1 or T+2 depending on cutoff time)
Redeeming money FROM the MMF (Sell orders):
- Go to Business account > Investment
- Click the Sell button
- Choose the amount to sell:
- Up to 90%: Qonto reserves a coverage amount for any fees and taxes that may be incurred
- 100% sale: Any applicable fees and taxes will be deducted directly, and you'll receive the net amount
- Review the ExAnte report
- Confirm with Strong Customer Authentication (SCA)
- Cash is credited back to your main account after settlement (T+1 or T+2)
Settlement timing (based on cutoff time: 13:00 CET / 14:00 Paris time):
| Order Type | Placed Before Cutoff | Placed After Cutoff |
|---|---|---|
| Buy | Executed same day, settled T+1 | Executed next day, settled T+2 |
| Sell | Executed same day, settled T+1 | Executed next day, settled T+2* |
*In rare cases, settlement may take until T+3.
Orders placed at night, on weekends, or on holidays will be queued and executed on the next fund dealing day. The NAV price used will be from the execution date, not the placement date.
3. What fees apply and how are they collected?
Investing through Qonto involves two types of fees: Qonto's service fees and the fund's management fees. There are no trading fees when you buy or sell.
Qonto Service Fees (annual Assets Under Management-based):
- Smart: 1.0% annually
- Essential: 0.8% annually
- Premium: 0.6% annually
- Business: 0.4% annually
- Enterprise: 0.2% annually
Fund Management Fees:
Approximately 0.20% per year, already included in the APY calculation displayed to you.
When and how fees are collected:
Fees are calculated daily based on your invested balance but collected quarterly during the first week of the new quarter. You'll receive a treasury report showing the exact amount collected.
- Fees are deducted by selling a small portion of your investment assets and will be visible in your Investments orders list
- In rare cases where investment assets are insufficient, fees may be collected from your main account
- If you redeem all your investment before the end of a quarter, any accrued fees will be collected at that time
- Should taxes and fees arise in connection with the investment products that Qonto and/or Upvest are obligated to pay, these will be covered by selling a portion of your portfolio. Any residual cash will be credited to your main account.
4. What returns can I expect and how is yield calculated?
The investment uses the BlackRock ICS Euro Liquidity Fund Core Acc (ISIN: IE0005023910), which is an accumulating Money Market Fund. This means all income is automatically reinvested rather than paid out as cash dividends.
Understanding yield displays:
- Gross Yield: The yield before deducting fund management fees (e.g., 2.10% as of 17 Apr 2026)
- Net Yield: The yield after deducting the ~0.20% fund management fee (e.g., 1.90%)
The yield is updated daily based on the fund's performance. The displayed rate shows the fund's income pace over the last 30 days, annualized as a percentage.
☝️ Important: The yield is variable and not guaranteed. It can fluctuate based on market interest rates and economic conditions.
How accumulation works:
The fund uses an accumulating structure, meaning earnings are automatically reinvested. Your return appears as a steady daily increase in the fund's Net Asset Value (NAV). As the NAV increases, your shares gradually become worth more. The fund's NAV is updated daily when the daily addition is ≥€0.01.
Calculating your actual return:
Your net effective yield = Fund net yield - Your Qonto service fee rate
Example with €10,000 on a Smart plan:
- Fund gross return: €10,000 × 1.09% = €109.00
- Qonto service fee: €10,000 × 1.00% = €100.00
- Your net return: €190.00 - €100.00 = €90.00
- Your net yield: ~0.90% per year (final balance after 1 year: €10,090.00)
Tracking your gain:
- Monitor the increase in your total asset value in the Investment section
- Your gain = Current Total NAV - Total amount invested
- All fees are transparently displayed in your Investment dashboard
- Quarterly fee collection is shown as separate transactions
Tax note: Depending on German tax rules, you may owe tax on accumulated income even though it's reinvested and not paid out as cash.
5. Where can I find tax documents and investment statements?
All investment-related documentation is accessible through the dedicated Documents Section in your Investment Cockpit, ensuring you have complete records for tax and accounting purposes.
How MMF transactions appear in your account:
MMF transactions appear in your Qonto account's transaction history under a dedicated Investment transaction type:
- Buy orders: Displayed as debits from your main account when you purchase MMF shares
- Sell orders: Displayed as credits to your main account when you redeem shares
- Service fees: Deducted directly from your investment assets and not displayed as separate transactions in your Qonto account
All investment-related transactions can be filtered in your Transactions section using the investment transaction filter, allowing you to easily track and export your investment activity.
Documents available in your Investment Cockpit:
| Document | Produced by | Where to find |
|---|---|---|
| Terms & Conditions (T&C), KID, Cost Disclosures | Concedus / Upvest | Investment Cockpit - Documents Section |
| Tax Certificates (Jahressteuerbescheinigung) | Upvest (as custodian) | Investment Cockpit - Documents Section |
| Account Statements | Upvest | Investment Cockpit - Documents Section |
| Qonto Terms & Conditions | Qonto | Investment Cockpit - Documents Section |
| ExAnte Reports | Upvest / Concedus | Available as downloadable PDFs per transaction |
Note: All documents are currently available in German only.
Important information
⚠️ Deposit protection does not apply to MMF investments. Qonto's payment account deposit protection (Einlagensicherung) does not cover Money Market Fund (MMF) units. Unlike bank deposits, MMF investments are not covered by deposit guarantee schemes.
Qonto acts as distributor only and does not issue investment or tax documents. Legal responsibility for investment and tax documentation lies with Upvest and Concedus.