N26 Review: Is It Worth It?
N26 Review
N26 has garnered significant attention for its modern approach to personal finance. In the following evaluation, we will delve into the key aspects of N26's services to determine whether it truly stands as a commendable choice in the world of digital banking. From its features to its usability, we aim to provide you with an impartial analysis that helps you make an informed decision about whether N26 aligns with your banking needs. Let's get started.
Background And History
N26 is a German neobank, founded by Max and Valentin in 2013 with the aim to set new standards in an industry that’s remained institutional and dysfunctional for many.
N26 embarked on a mission to revolutionize the way individuals manage their finances through the fusion of cutting-edge technology and the expertise of global talents. This vision has evolved into a reality, with a team of over 1,500 professionals from 80 diverse nationalities. Their presence spans across major cities such as Berlin, Barcelona, Madrid, Milan, Paris, Vienna, New York, and São Paulo.
The core ethos at N26 revolves around the idea that your banking experience should mirror your lifestyle: dynamic, flexible, and mobile. Their commitment to a fully digital banking experience, devoid of complexities and shrouded in transparency, underscores their focus on user-centricity. The N26 app is more than just a financial tool—it's an embodiment of innovative technology aimed at simplifying your life, all while offering the freedom to personalize your banking journey according to your preferences. In the following review, we'll assess whether N26's dedication to simplicity and user-friendliness truly translates into a banking solution that meets the needs of the modern consumer.
Security
When it comes to security, N26 doesn't mess around. With a solid track record and a European banking license acquired back in 2016, they've entered the fintech arena as a legitimate player, bound by the same laws and regulations that traditional banks follow. What does this mean for you? Well, it means that your hard-earned money, up to a reassuring €100,000, is tucked under the protective umbrella of the German Deposit Protection Scheme. In other words, they've got your back.
But it's not just about the regulatory hoops they jump through. N26's security game is strong on the technology front too. They've thrown in a series of measures that create a fortification around your account:
1. Smartphone Pairing: Imagine your account as the cool VIP party that only lets in one guest at a time—the guest being your smartphone. By pairing your account with just one device, N26 is basically saying, "Hey, only you and your trusted device are allowed in here."
2. Biometric Authentication: Fancy fingerprints and friendly faces are your tickets to the N26 show. With biometric authentication, you can glide into your account with a tap or a glance, making access quick and secure. No need to remember a gazillion passwords.
3. 3D Secure Technology: Ever heard of a bodyguard for your online purchases? Well, 3D Secure is just that. This technology adds an extra layer of authentication for your online transactions, throwing hurdles in the way of any potential fraudsters.
4. Discreet Mode: N26 gives you the power of privacy with their discreet mode. With a finger-swipe, you can blur out your account balance, keeping nosy eyes at bay—perfect for those public transport peeks at your finances.
5. Instant Push Notifications: Imagine being updated on your account activity in real-time, just like receiving news alerts. That's what N26 offers with instant push notifications. Every time there's a movement in your account, you're in the know.
6. Customizable Security Settings: N26 gives you the reins to steer your security. Set cash withdrawal and spending limits, add roadblocks to online or international transactions, change your PIN, lock your card if it goes MIA, and then breathe a sigh of relief when you find it—because you can unlock it too.
In a nutshell, N26's security isn't just about ticking the legal boxes; it's about providing a multi-layered fortress to keep your money and account safe. It's like having your personal finance superhero by your side—always vigilant and ready to swoop in when needed.
Free Bank Account
In the dynamic world of modern banking, N26's free bank account emerges as a beacon of simplicity and utility, offering a refreshing departure from the labyrinth of fees and complexity that often plagues traditional options. This approach revolves around streamlining your financial interactions, ensuring that banking is a seamless experience rather than a head-scratching endeavor. So, let's take a closer look at what this offering entails:
At the core of N26's free bank account lies the Free Mastercard, a virtual debit card that exemplifies the spirit of no-cost convenience. This card becomes your gateway to swift payments, thanks to its compatibility with the likes of Apple Pay and Google Pay. Additionally, it brings with it the convenience of up to three monthly cash withdrawals from ATMs that have embraced the NFC technology, all devoid of the typical transaction fees. For those who prefer a tangible card, there's the option to acquire one for a modest €10 delivery fee.
Now, let's dive into the world of Instant Payments, where the concept of time gains prominence. N26 introduces the MoneyBeam feature, a tool that lets you perform real-time bank transfers. This turns the process of fund transfer from a laborious task into an instant exchange, freeing you from the constraints of delayed transactions. But that's not all - the innovation extends to ensuring that your incoming payments are as prompt as you need them to be, thanks to SEPA Instant Credit Transfers that make waiting a thing of the past.
Stepping into the realm of N26 Spaces, you'll find a feature that amplifies your financial aspirations. These sub-accounts provide room for your savings goals to flourish. Whether you're aiming to fund your dream vacation or building a safety net, Spaces lets you allocate money with ease, giving your financial objectives their dedicated spaces within your account. And for those who prefer a hands-off approach, automating the process is a cinch.
And when the need for guidance arises, N26's commitment to customer support shines. With a multilingual support team, encompassing English, German, Spanish, French, and Italian, getting the assistance you require is a breeze. Whether you're seeking answers via the in-app chat or looking to the Support Center for solutions, help is readily available.
Metal Account
At the heart of N26 Metal lies the exquisite Mastercard debit card. Crafted from 18 grams of stainless steel and available in three enchanting metallic shades, this card isn't merely a means of transactions. It's a statement—a fusion of style and convenience, coupled with seamless contactless capabilities.
N26 Metal liberates your financial world from the shackles of foreign transaction fees. Embrace the freedom to make fee-free ATM withdrawals anywhere on the globe. From bustling urban centers to remote corners, your finances remain unburdened by unnecessary charges.
N26 Metal transcends conventional banking by safeguarding not just your money, but also your lifestyle. It extends to protecting your mobile device with comprehensive phone insurance, covering theft or damage up to €1,000*. This coverage applies whether or not you used your N26 debit card for the purchase.
As an N26 Metal account holder, you're invited into a world of exclusive rewards and perks. Hand-picked deals and discounts await you from renowned partner brands like WeWork, Hotels.com, and GetYourGuide. These benefits are meticulously tailored to complement modern lifestyles, enhancing the value of your N26 Metal experience.
N26 Metal empowers you to create up to 10 Spaces sub-accounts, each with its IBAN. Effortlessly organize your finances, allocate funds, and manage recurring payments with a few taps. With features like Shared Spaces and Round-Ups, you can amplify your savings strategies with ease.
Embrace your journey with a sense of security. N26 Metal comes with extensive travel coverage, ensuring peace of mind wherever your travels take you. Additionally, its lifestyle insurance shields you during commutes, rides, and unexpected adventures, providing comprehensive protection.
N26 Metal offers more than just financial assistance—it extends a personalized experience through its Priority Customer Support. Access dedicated specialists via phone or in-app chat, ensuring prompt and reliable assistance whenever you need it.
The Mastercard made of metal is a unique piece, and losing it can be disheartening. To counter this, N26 Metal provides the option to order an additional card from the N26 You color range, providing a backup for your day-to-day use or when traveling.
Perks
Your N26 bank account embodies more than mere financial transactions. Bursting with enticing offers from partner brands, it introduces a world of ever-changing perks designed to stretch your money further and enrich your everyday experiences.
From your travel adventures to your fitness endeavors, skill-building pursuits, entertainment cravings, and shopping sprees, N26 brings you exclusive offers from renowned global brands—all conveniently accessible through your N26 app. Yes, that's right—even if you're an N26 Standard customer with a free account, the perks are yours to enjoy.
Choose from a curated selection of perks that seamlessly integrate into your daily routine. And for those with premium N26 Smart, You, or Metal accounts, the scope of special discounts expands even further. Stay informed about the latest offerings by regularly checking your N26 app.
Subscription Plans
There are three different N26 plans / N26 cards.
-
Transparent Card
- Contactless Payments
- Mobile Payments
- Mobile Banking
- Free Payments Worldwide
- Up to 3 Free Withdrawals in Eurozone
- Up to 2 Sub-Accounts
- Chatbot Support
- In-App Livechat
- €100,000 Deposit Protection
- 3D Secure
- Two-Factor Authentication
-
Colorful Card
- Contactless Payments
- Mobile Payments
- Mobile Banking
- Free Payments Worldwide
- Up to 5 Free Withdrawals in Eurozone
- Unlimited Free Withdrawals in Any currency
- Medical Travel Insurance
- Trip Insurance
- Flight Insurance
- Luggage Coverage
- Mobility Insurance
- Winter Sport Insurance
- Up to 10 Sub-Accounts
- Shared Sub-Accounts
- Partner Offers
- Chatbot Support
- In-App Livechat
- €100,000 Deposit Protection
- 3D Secure
- Two-Factor Authentication
-
Metal Card
- Contactless Payments
- Mobile Payments
- Mobile Banking
- Free Payments Worldwide
- Up to 8 Free Withdrawals in Eurozone
- Unlimited Free Withdrawals in Any currency
- Medical Travel Insurance
- Trip Insurance
- Flight Insurance
- Luggage Coverage
- Mobility Insurance
- Winter Sport Insurance
- Car Rental Insurance
- Phone Insurance
- Up to 10 Sub-Accounts
- Shared Sub-Accounts
- Partner Offers
- Unique Experiences
- Chatbot Support
- In-App Livechat
- Dedicated N26 Metal Line
- €100,000 Deposit Protection
- 3D Secure
- Two-Factor Authentication
Pricing
As we've said, there are three different N26 plans / N26 cards.
-
Free
-
€9.90/mo
-
€16.90/mo
N26 Pros & Cons
N26: Pros
- €100,000 customer protection on all cards
- Travel, Medical and Equipment insurance with some cards
- Good customer support
N26: Cons
- App needs improvement
- Lacks cashback features
- Paid plans are more expensive than average
N26 Review: Verdict
N26 is a good fintech banking option, it has good customer support, it's a reliable well-established company and it backs all your deposits with protection of up to €100,000.
The perks offered with the N26 You card and the N26 Metal card are very appealing, that being said, when compared to other providers like Revolut, these premium cards are a bit pricey.
Also, it would be great to see some cashback perks being offered with these high-tier cards.
If you'd like to get an N26 account with a free card, free delivery, and earn €5 completely free after you've completed your first purchase of €5 or more using your card, simply follow the N26 Referral link below or insert the N26 Referral code: eduardos3463
