N26 Review 2024 Bank Account, Credit Card, Safety & Fees
Last Update: 24 March 2024
1. N26 Review Germany: Digital Bank for Private and Business
N26 is the largest and one of the first neobanks in the European Union – fully online, with innovative virtual features, and completely branchless. Through its worldwide expansion, N26 has established a strong brand and steadily grown its range of services for today’s “global citizen” who requires banking services anywhere at any time. N26 features free worldwide cash withdrawals, joint accounts, shared spaces, free N26 business accounts, attractive options for students and savings as well as cashback and discount programs. This article reviews the neobank holistically and checks whether N26 is safe and if there is an N26 Credit Card.
Table of Contents
2. Overview: Which bank accounts can customers choose from?
N26 offers four different types of free and premium accounts. All accounts are available as a private account or as a business account for freelancers and self-employed persons:
- N26 Standard is the free current account, including all essential banking features
- N26 Smart includes a free physical card, phone support, and additional features for digital account and expense management
- N26 You provides an insurance package and no transaction fees for withdrawals outside the Eurozone
- N26 Metal comes with a trendy metal banking card, mobile phone as well as rental car insurance
Business accounts are available for freelancers and self-employed persons. They differ very little from the private accounts: these versions have the same monthly fees, offers, and perks. However, business customers enjoy 0.1% cashback (0.5% for Metal customers) on their card turnover. On the other hand, savings and joint account options are not available to business users.
| N26 Standard | N26 Smart | N26 You | N26 Metal | |
|---|---|---|---|---|
| Free Mastercard Debit (incl. Apple / Google Pay) | 10 Euros one-time fee for physical card | |||
| Free flexible savings account "Tagesgeld" | only private users | only private users | only private users | only private users |
| Free joint account "Gemeinschaftskonto" | only private users | only private users | only private users | only private users |
| (Shared) sub-accounts "spaces" | 10 | 10 | 10 |
|
| Free monthly ATM withdrawals in Germany | 3 | 5 | 5 | 8 |
| Unlimited cash withdrawals at retailers in Germany and Austria | ||||
| Unlimited free monthly ATM withdrawals abroad | ||||
| No fees for payments / withdrawals outside of Eurozone | 1.7 for cash withdrawals | 1.7 for cash withdrawals | ||
| Fee for cash deposits at partners in Germany, Austria, Italy, and Spain | 1.5% | 1.5% | 1.5% | 1.5% |
| Free online / mobile banking | ||||
| Cashback on card payments | 0.1% with business account | 0.1% with business account | 0.1% with business account | 0.5% with business account |
| Benefits | partner discounts | partner discounts | partner discounts, experiences |
|
| Travel insurance package | ||||
| Phone / shopping insurance | ||||
| Customer service | Chat | Chat, telephone | Chat, telephone | Chat, telephone |
| Monthly fee | €0.00 | €4.90 | €9.90 | €16.90 |
| Check details | Check details | Check details | Check details |
Please note slight differences between the account features depending on the country of residence. This especially concerns the amount of complementary cash withdrawals. The above table summarizes the features of clients residing in Germany. For further information on other countries of residence, check the N26 website.
N26 Free Account “Standard”
The N26 Standard account is without a monthly base fee. There are no restrictions on monthly minimum transactions or incoming funds. The free N26 account comes with the following features:
- Free (Virtual) Master Card Debit with contactless option is fully suitable for store payments and online shopping. Some hotel or rental car companies may ask for a credit card. A physical card can be requested for a 10 Euro one-time fee.
- Mobile payments and withdrawals (Apple Pay / Google Pay)
- Free card payments worldwide
- Three free monthly domestic ATM withdrawals in Germany or your alternative country of residence
- Unlimited cash withdrawals at retail partners in Germany and Austria (CASH26)
- Free cash withdrawals at ATMs abroad in Euros; for other currencies, a conversion fee of 1.7% applies. With a residence in Germany, the amount of withdrawals abroad is unlimited. However, with other residences, withdrawals abroad will be deducted from your free monthly domestic withdrawal limit.
- Cash deposits at partners in Germany, Austria, Italy, and Spain for a fee of 1.7% (CASH26)
- 0.1% cashback on card transactions with a business account
- Optional flexible savings sub-account with interest for your deposits (only available with N26 personal accounts)
- Optional joint sub-account with two persons as legal account holders
- Customer support by chat
N26 Advanced Account “Smart”
The N26 Smart account offers some more advanced features that facilitate everyday life and banking:
- N26 spaces with ten sub-accounts to organize funds or share access with other users
- Five domestic ATM withdrawals per month
- Discount portal access for partner shops and promotions
- Customer service by phone and chat
N26 Account for Travellers “You”
The N26 “You” account furthermore caters to the needs of international travelers or global citizens. Compared to N26 “Smart,” the “You” account also includes
- Free cash withdrawals outside the Eurozone as no currency-conversion fee is being charged
- Insurance package containing several types of travel insurance:
- Travel cancellation insurance
- Travel and flight delay insurance
- Luggage insurance for loss or delayed arrival
- Travel health insurance abroad covering account holder, partner, and kids
What is N26
N26 You banking card
N26 Smart Account
N26 Metal banking card
N26 Insurance
N26 Premium Account “Metal”
“Metal” by N26 is currently the most premium account offered by the bank. It does not only have the most services and perks but also serves as a status symbol:
- Metal Mastercard Debit
- Eight domestic ATM withdrawals per month
- Phone and rental car insurance
- 0.5% cashback on card transactions with a business account
- N26 Experiences with privileged access to limited events
N26 Business Review
N26 is one particular case, as it allows using its accounts for business-related transactions. This makes it a very appealing option for freelancers or self-employed individuals, who would usually require another bank account for their business transactions. In most cases, business bank accounts come with higher fees and more limitations (check overview of German business accounts). Their N26 Business Standard account is free for business use and offers additional perks, such as cashback for card usage.
N26 Student Account
N26 is also popular among international students thanks to its multi-language support and digital features. N26 does not offer a dedicated student account. Students or apprentices can open a regular free or premium N26 account. Hence, after finishing their studies, they will obtain the same perks and conditions.
N26 Joint Account
In March 2024, N26 started offering joint accounts. Both owners have complete legal access to the funds in the joint account, which has a separate IBAN (European bank account number) and is registered under both names. To open a joint account, you must first open an individual account. Then, you can invite one of your contacts to open a joint account. Opening an additional joint account is free of charge with all membership plans.
N26 also offers “spaces,” sub-accounts that can be shared with other N26 users. However, in this case, only one person will be the legal owner with admin rights to the account. Spaces are a premium functionality and are not available in the free account.
3. N26 Credit Cards in Germany and Europe
An N26 Credit Card is not available. All issued N26 banking cards—from Standard to Metal accounts—are N26 Mastercard Debit Cards. They are perfectly suitable for store and online payments and cash withdrawals. However, if you require features like deferred payment and guarantees for hotels or rental cars, you require a credit card from another bank..
Alternatively, N26 bank supports overdrafts and installment re-payments if you temporarily require an additional budget. Furthermore, you can easily apply for a credit of up to 25,000 Euros via the N26 app with immediate approval. However, interest is due for all these options compared to a credit card with deferred payments.
TIP
Do you require a free credit card for your N26 account?
We consolidate 14 free “real” German credit cards with cashback, insurance packages, and additional perks on our list.
4. N26 Savings Account and Investments
With your N26 current account, you can also open a flexible savings account, “Tagesgeldkonto.” They offer up to 2.6% interest, depending on your membership plan. Please note that savings accounts are only available to personal N26 users and cannot be opened with a business account.
Additionally, you can trade cryptocurrencies like Bitcoin with N26. The minimum amount for trades is just 1 Euro, and N26 fees start at 1.5% per transaction. Discounts for Metal customers are available.
TIP
How high is the interest rate on an N26 savings account?
Check our list of high-yield savings accounts in Germany to compare N26 with other flexible and fixed-term deposits.
5. N26 Customer Support: Multi-language Support, Mobile Banking Experience, and Safety
N26 Customer Support Channels and Languages
The type of customer support you enjoy depends on the kind of N26 account you choose. If you have a Standard account, the only way to get support is via chat online or in the mobile app. Phone support is exclusively available when choosing a paid account.
All services (chat, phone support, app, and website) are available in five languages: English, German, French, Spanish, and Italian.
N26 app features
Overview of balances in N26 app
Cash withdrawals with N26
Card settings in N26 app
N26 instant payments
N26 App Online and Mobile Features
The N26 mobile app is state-of-the-art and the heart of N26’s services. Even though there is an online banking interface on the N26 website, the app is essential for any customer to manage their account. It is highly user-friendly and offers the following features:
- Review of balances and limits (i.e., overdraft, credit card)
- Managing sub-accounts (spaces), joint-accounts, savings accounts, and cryptocurrencies
- Bank Transfers
- Send money in real-time and requests between N26 users (“money beam”)
- (Temporary) locking of bank cards
- Mobile payment (Apple / Google Pay)
- Push notifications in real time to control card usage
- ATM Finder
- Cash withdrawals and deposits in associated shops
- Partner offers and discounts
Is mobile banking safe?
3D Secure Technology
Debit Card Security
Is N26 Safe?
N26 is a real bank account at an online bank with a German banking license. Hence, the national German banking scheme secures all funds up to 100,000 Euros. In case of bankruptcy, the fund will pay you amounts stored at N26 up to this limit within seven days. The solvency of the national deposit insurance scheme is indirectly linked to the solvency of the German state. Germany’s credit rating is “AAA,” the highest grade possible.
In everyday transactions, N26 has also implemented some security measures:
- For online payments, N26 uses 3D Secure and two-factor authentication: 3D-Secure by Mastercard “SecureCode” is designed to make online payments safer by confirming the payment process again through the N26 app. This helps prove that the card owner is actually behind the online payment.
- The physical card can be flexibly activated or deactivated in the mobile app. Once deactivated, payments in stores or online are no longer possible. If you activate the card only before a payment, you will be safe in case of card loss or fraud.
In 2021, N26 was warned about loose safety measures regarding money laundering and risk management by the German federal financial supervisory authority “BaFin.” As BaFin is known for its strict regulations, the supervisory authority also implemented further measures, such as a limit on the monthly customer growth and closer observation following these claims. Since then, N26 has heavily invested in these areas; meanwhile, some claims have been withdrawn. However, in single cases, these measures have – especially in 2022 – led to some unexpected account closures. N26 justified them with infringements against the money laundering rules and general terms and conditions. Also, in all cases, N26 claims to have reimbursed the residual funds to the affected account holders.
TIP
Are you not sure about opening an account at N26 yet?
In our overview, you can check a wide variety of licensed banks in Germany that offer free accounts that you can easily open online.
6. N26 Account Opening: How Does it Work?
Requirements: Opening an N26 Account in Germany as A Foreigner or Non-Resident
Age and Profession
You need to be at least 18 years old to open an account. There are no pre-conditions regarding the profession: Anybody, from pupils, students, and employees to freelancers, can open accounts for private or business purposes.
Residence, Nationality, and Language Skills
N26 accounts can already be opened by people living outside of Germany from a large number of European countries (list of supported countries). Some account conditions (e.g., currency, number of free cash withdrawals) may vary depending on the location. You can open an account with almost any nationality with a supported form of ID for this country.
For remote identification, basic knowledge in one of the accepted languages (English, German, Italian, French, or Spanish) is compulsory.
Creditworthiness
In some countries, N26 may perform credit checks (e.g., SCHUFA in Germany); however, they are also famous for being very welcoming to new arrivals with no credit history. Hence, they are a renowned option for individuals who have just moved to Germany.
Technical requirements
You require a compatible smartphone with iOS (Apple devices) or Android to open and maintain your account.
How to open an account with N26?
How to get a free N26 account?
What Steps to Follow To Open an Account with N26?
N26 prides itself on having one of the quickest and easiest account opening processes of all German banks. They claim that it takes at most 8 minutes. Opening an account is possible entirely online: Fill out the online form with your data and then identify yourself via video identification. You will then receive your bank details and can start financial transactions instantly. A digital banking card is immediately available. In case you purchase a physical card, it will be shipped to you in the following days.
7. Conclusion: Is N26 a Good Bank?
N26 is the largest and most popular neobank based in the European Union. It has over 4 million customers. It is trendy because of its straightforward online account opening process, no fees for its standard account, innovative digital application, and multi-language support. N26 is a licensed bank in Germany. All funds at N26 are secured according to the German deposit insurance scheme.
- The N26 Standard Account is without monthly base fees. There are no conditions on minimum transactions or incoming funds. It includes a virtual Mastercard debit (a physical card is available for a one-time fee of 10 Euros) and worldwide cash withdrawals without ATM fees. Additionally, N26 offers three different premium accounts with additional perks and insurance packages.
- The N26 Joint Account can be opened free of charge after enlisting for an individual account. It has a separate IBAN and grants all account holders equal legal rights to the funds.
- There is no N26 Credit Card for deferred payments, hotel, or rental car bookings. All cards are debit cards, so transactions are immediately deducted from your current account. However, you can connect your N26 account with a free credit card from another bank.
- The N26 business account is available to freelancers and self-employed people. It has the same membership plans as the private accounts but even comes with additional perks like cashback on card transactions.
- An N26 Savings Account with flexible interest is available to all current account holders.
7. Frequently Asked Questions about N26
Disclaimer:
- The information provided in this post is non-binding and for informational purposes only. It does not represent a complete market overview. We do not take responsibility for the accuracy and up-to-dateness of the information provided on the list. Please re-check the final conditions and prices on the providers’ websites (§18 ZKG).
- We do not intend to provide financial advice. All investments involve risks of loss.
- Some of the links in this article are promotional links. We gain a commission if you purchase an item or open an account following this link. It helps us keep this site running and does not come at any cost to you.
