N26 Bank: Is it really that good?

In the world of online banking, one name that has been making waves for expats in Germany is N26.

Popular among the international community, N26 promises to offer a bank account with little to no fees, hassle-free registration, and modern solutions tailored to a younger crowd.

In this N26 review, we will dig deep into the offering of N26 to find out if it’s really worth the hype.

We will dissect the plans, features, and benefits while scrutinizing both the pros and cons of the German virtual bank. Let’s dive right in.     

N26 Bank: Key Takeaways

Comparison Table

N26 Germany Review For 2024

N26 was founded in Berlin by Valentin Stalf and Maximilian Tayenthal in 2013. It operates in 24 countries and has reached over 8 million clients. 

N26 is the first 100% mobile bank to have been granted a full German banking license from BaFin. This means that N26 customers’ funds are protected up to €100,000 by the German Deposit Protection Scheme. 

The online bank offers one free bank account and three paid accounts. Let’s take a closer look. 

Subscription Options 

N26 offers personal and business accounts. You have 4 plans, including a free option: N26 Standard, N26 Smart, N26 You, and N26 Metal. 

a) N26 Standard (Free)

Because of that, you won’t have many extra perks with this bank card, but you can still benefit from free payments worldwide, and 3 free domestic withdrawals a month. 

With this free virtual card, you have no insurance and no additional sub-accounts or shared accounts.

If you withdraw money outside the Eurozone, you have a 1.7% fee. If you want a real card, you have to pay 10€. No phone support is available in this plan. 

b) N26 Smart (€4.90/Month)

You can also have a physical debit card (Mastercard). Withdrawing money in foreign currencies incurs a 1.7% fee. 

In this paid plan, you also have access to “N26 Perks” on the app, where you can get discounts from selected brands. However, there is no insurance included.

c) N26 You (€9.90/Month)

Although you have only 5 domestic ATM withdrawals, you have unlimited withdrawals abroad.

You also have access to sub-accounts, brand discounts, and a free bank card with a choice of color.

d) N26 Metal (€16.90/Month)

The premium card, N26 Metal, offers you fee-free ATM withdrawals worldwide and 8 free domestic withdrawals.  

Like with the other paid plans, you have access to 10 sub-accounts and shared spaces, as well as N26 Perks. 

e) Business Accounts

The remaining conditions are the same as the personal plans. 

However, you can only have either a personal account or a business account. Not both.  

Fees & Charges

Bank Cards

All N26 cards are debit Mastercards with contactless NFC technology.

As a debit card, your Mastercard is connected to your bank account, so the money you spend will be immediately deducted from your N26 bank account. 

Residents in Germany, the Netherlands, and Austria can also order a Maestro card to accompany their primary debit Mastercard.

All N26 bank accounts come with a virtual debit card, which you can also conveniently link to your Apple Pay and Google Pay wallet.

N26 doesn’t currently offer credit cards. However, you can activate an overdraft, which allows you to borrow up to €10,000 through your checking account. The interest rate applied to your overdraft is 8.9% above the ECB rate.

You can also get a loan through the N26 bank, between €1,000 and €25,000, with an interest rate of 5.89% p.a. You can get more information here.  

Perks & Benefits

• Free transactions between N26 users
• Free international transfers
• 100% mobile banking, where you can send money instantly, as well as receive money
• Travel insurance, including medical emergencies, personal liability, baggage coverage, daily insurance, travel delay and cancellation, and trip interruption (“You” and “Metal” plans).
• Phone coverage and purchase protection (Metal plan)
• N26 Instant Savings, where you earn interest on your savings (2,6% p.a. for new members, for 12 months)
• CASH26 feature that allows you to withdraw and deposit funds at N26 partner locations.
• N26 Crypto feature, where you can buy, sell, and manage cryptocurrencies.
• Spaces sub-accounts – you can get up to 10 sub-accounts with unique IBANs to organize and save your money from your main account (premium plans)
• Shared spaces – As a premium customer, you can create a sub-account and share it with up to 10 other N26 users
• Discounts on partner brands
• Specialized accounts for freelancers and students
• On a business account, you have cashback every month on all card purchases of 0,1%
•  You can get personal loans of up to €25,000 with N26 Credit in minutes

Investments

N26 has had some bumps in the road when it comes to offering investment features to its millions of clients, particularly when the plan to buy the Dutch online broker Bux failed.

Although a trading product seems to be in the works, the German fintech is only offering crypto trading for now. 

You can easily access N26 Crypto from the “Trading” section within the app’s “Finances” tab.  

To open a position, you need to select the coin and the amount you would like to trade, and the cash equivalent of the trade will be deducted from your N26 bank account, while coins will appear in your N26 Crypto portfolio instantly.

Mobile App

The N26 mobile banking app equals hassle-free banking, helping you save money and make your life easier.

In the app, categorized spending insights break down your expenses, giving you a clear picture of your financial habits.

The “Spaces” feature allows you to create virtual sub-accounts for specific savings goals, and you can also share them with other users (with a premium account). This feature helps you budget and save money. 

Making payments is easy with N26’s support for contactless payments and Apple and Google Pay digital wallets. You can send money overseas in 38+ currencies with Wise in your N26 app. 

Through the app, you can instantly buy and sell almost 200 cryptocurrencies, including Bitcoin and Ethereum.

You can also set up direct debits easily for your monthly subscriptions. 

Security Features

N26 prioritizes your security, which is why it puts in place several security features to protect your money:

• Device-Paired Access: Your N26 account is exclusively accessible through your paired smartphone.
• Two-Factor Authentication: you must provide your password, or verify yourself biometrically.
• Fingerprint and facial recognition: This minimizes the risk of unauthorized access even further.
• Instant notifications: You will receive real-time alerts directly to your smartphone about each transaction.
• In-App Card Locking: You can swiftly lock your card or change your PIN directly through the app with just a few taps if you suspect compromised card privacy. 
• 3D Secure Authentication: Before processing online payments, 3D Secure requires authorization through your N26 app. 
• Location Tracking: the system can detect unusual card usage patterns or transactions in different locations.

Customer Support

There are mixed reviews when it comes to N26’s customer support.

Some people have positive experiences with it, while others share a more negative perspective, with unresponsive or unhelpful support. This is not so uncommon for online banks, though. 

You can reach one of N26’s agents through the website, or by using the chat function in the app. They are available from 7 am to 11 pm CET, every day. There is also a phone line, but only for premium members. 

You can also send them an email or reach out to Neon, an automated N26 Chatbot, 24 hours a day. Unlike most German banks, the support is available in English. 

N26 Bank Pros & Cons

How Do You Open An N26 Account In Germany?

To open an N26 account in Germany, you need to follow these requirements:

• Being 18 years old or over
• Living in a country where N26 operates
• Having a compatible smartphone
• Having a valid identification document
• Verifying yourself in one of their supported languages (English, German, Spanish, Italian, or French)

Here are the steps:

• Download the N26 app in the App Store or Play Store
• Enter your email address 
• Enter your personal details (name, address, date of birth, nationality, employment status)
• Create your password
• Choose your plan
• Verify your ID over a video call using your passport or national ID
• Pair your account to your smartphone

In the end, you will have an IBAN, and you can use your account immediately. 

Conclusion

N26, a prominent player in virtual banking, offers a range of plans catering to expats in Germany.

With subscription options like the no-cost N26 Standard and premium N26 Metal, the bank provides modern solutions backed by a full German banking license. Features include travel insurance, shared spaces, and cryptocurrency management.

While N26’s app-centric model and security measures stand out, there are reported challenges with customer support.

However, the bank’s perks, such as no currency conversion fees and a user-friendly app, position it as an attractive choice for those seeking a hassle-free digital banking experience.

Hopefully, this review helped you get all the information you needed!