N26 is taking the world by storm. It's certainly one of the better new digital banks we've tested out. There are perhaps a few comparable accounts with other providers, but it's hard to beat N26's app that is packed full of features. And if you love travelling the world, there are many benefits.
Formerly known as Number 26, N26 is a digital challenger bank based in Berlin, Germany. After working mostly in the Eurozone since being established in 2016, the bank expanded to the UK recently and has plans to expand into the United States in 2019.
Some of N26’s online services are provided in German, English, French, Italian and Spanish.
N26 Bank Product and Services
Account opening is straightforward – N26 is partnered with IDNow, and new customers verify their identity in a short video chat with a member of the team. Customers must have a valid passport or Government-issued ID card to do this.
N26 customers can open a basic current account – with all the associated features – and receive a debit Mastercard. This account is free.
N26 also offers investment programmes, overdrafts and premium current accounts for which customers pay a monthly fee. The premium Mastercard is currently only available in France, Ireland, Germany, Italy and Spain; it is named N26 Black. A further premium banking service, known as N26 Metal, was launched in Germany, France, Austria, Spain and Italy in June 2018. The bank plans to introduce these services in the UK in the near future.
N26cards are compatible with Google Pay.
N26 services are not available in Cyprus or Malta, but residents of all other Eurozone countries can open an account. Customers in Germany, Austria and the Netherlands can also ask for a Maestro card in addition to the Mastercard.
N26 doesn’t charge fees for basic transactions but has introduced a Fair Use policy covering most countries. This policy limits cash withdrawals to 3-5 free each month; a two Euro fee is charged for additional withdrawals.
Customers with other N26 customers in their phone contacts can use a service called Moneybeam to immediately transfer money to those contacts.
N26 Bank Security
N26 bank accounts are guaranteed by the Compensation Scheme of German Banks up to €100.000. Extensive information and advice on keeping accounts safe, and how N26 works to protect customers, is available on the N26 website.