• Features: ★★★★☆ 4/5
  • Ease of Use: ★★★★☆ 4/5
  • Fees: ★★★☆☆ 3/5
  • Customer Support: ★★★★☆ 4/5
  • Customer Satisfaction: ★★★☆☆ 3/5
  • Privacy and Security: ★★★★★ 5/5

2022's N26 Review - Is It Worth It?

Fact-checked
  • Features: ★★★★☆ 4/5
  • Ease of Use: ★★★★☆ 4/5
  • Fees: ★★★☆☆ 3/5
  • Customer Support: ★★★★☆ 4/5
  • Customer Satisfaction: ★★★☆☆ 3/5
  • Privacy and Security: ★★★★★ 5/5

Best For

Best for those who want to track expenses and manage their bank account on-the-go

STRENGTHS

  • Easy-to-use online and mobile banking
  • Share an account with up to 10 users through Spaces
  • No-fee entry-level plan (including a free card in the US)
  • Free transactions (including international), payments, and withdrawals (depending on the plan)

WEAKNESSES

  • No credit card option
  • No investment feature (removed in 2019)
  • Limited cashback and reward opportunities

N26 is a neobank founded in 2013 and headquartered in Berlin, Germany. N26 is mainly focused on providing convenient, cross-border mobile bank services for those living in the Eurozone and the US through a variety of debit card accounts. In our N26 review, we’ll take a look at this financial services provider to help you decide whether it’s the right banking service for you.

We’ll cover:

  • What you need to know about N26
  • N26 products and pricing
  • Who N26 is for
  • N26 pros and cons
  • N26 top alternatives
  • FAQ

What You Need to Know About N26

What type of bank is N26? It’s a fintech startup operating as a banking services provider. It’s part of the “neobank” movement that aims to bring cutting-edge technology and great user experience to the field of banking. One of its key features is the option to use convenient modern payment methods such as Apple Pay and Google Pay, as well as an intuitive and accessible mobile app.

N26 is currently available in 25 countries, one of which is the US and most others are in the European Union. It used to be available in the UK but suspended activities there due to Brexit. However, you can use your N26 card and account anywhere in the world and still enjoy many of its benefits. Although there are slight variations in the services offered to US and EU-based customers, our N26 bank account review focuses on the most important common aspects.

While N26 offers free banking services with no fees, it can’t really be considered a low-cost bank as its paid accounts are relatively expensive. However, N26 tries to win customers over through sheer convenience and perks, such as free cross-border and international transactions, excellent user experience, customer support, convenient payment methods, and other unique features.

Support is available in a number of languages which is rare for banks.

N26 Products

While preparing our N26 bank USA review, we found that the main difference between the perks you get in the US and Europe is that the free account includes a physical debit card in the US. N26 most commonly offers a MasterCard with their accounts, although Maestro is available in certain regions.

N26 Personal Account

N26’s range of entry-level mobile banking accounts is aimed at individuals who want to manage their funds and spending. All plans come with 100% mobile banking capabilities and mobile payments, €100,000 deposit protection, and 3D Secure payment technology.

Some of the account’s distinguishing features are the ability to create up to 10 sub-accounts to manage your finances or create a shared money pool with friends. There’s also a feature that helps you save by automatically rounding up the amount of your purchases and putting the difference into a dedicated savings space.

In the N26 card review below, we compare the various accounts and debit cards:

Standard Smart You Metal
Monthly fee €0 €4.9 €9.9 €16.9
Card Virtual card using mobile payments; order a physical card for €10 Colorful debit card Colorful debit card 18-gram metal debit card
Option for additional card No Yes Yes Yes
Maximum withdrawals per month (in the Eurozone) Up to 3 Up to 5 Up to 5 Up to 8
Worldwide withdrawals No No Unlimited Unlimited
Medical, travel, and flight insurance, plus pandemic and luggage coverage No No Yes Yes
Mobility and winter insurance No No Yes Yes
Car rental and phone insurance No No No Yes
Extra features
Statistics Yes Yes Yes Yes
Up to 10 spaces sub-accounts No Yes Yes Yes
Shared sub-accounts No Yes Yes Yes
Round-ups No Yes Yes Yes
Premium partner offers No Yes Yes Yes
Unique experiences No No Yes Yes
Support
Chat support Yes Yes Yes Yes
Live in-app support Yes Yes Yes Yes
Phone support No Yes Yes Yes

N26 Business Account

It might at first be hard to tell the difference between N26’s personal and business accounts since they have similar features and prices. But the business plans come with a few additional perks that will help those looking for a convenient way to manage their small business expenses. In many ways, the offer is similar to employee card plans provided by other banks.

To manage finances, you can request transaction lists and in-depth statistics for insights into your spending patterns. As a bonus, you get a 0.1% cashback on all purchases. While some banks offer more, they usually limit cashback rewards to certain participating brands.

Below, you’ll find an N26 account review comparing all of the bank’s business products:

Business Business Smart Business You Business Metal
Monthly fee €0 €4.9 €9.9 €16.9
Card Virtual card using mobile payments; order a physical card for €10 Colorful debit card Colorful debit card 18-gram metal debit card
Option for additional card No Yes Yes Yes
Maximum withdrawals per month (in the Eurozone) Up to 3 Up to 5 Up to 5 Up to 8
Worldwide withdrawals No No Unlimited Unlimited
Medical, travel, and flight insurance, plus pandemic and luggage coverage No No Yes Yes
Mobility and winter insurance No No Yes Yes
Car rental and phone insurance No No No Yes
Extra features
Statistics Yes Yes Yes Yes
Up to 10 spaces sub-accounts No Yes Yes Yes
Shared sub-accounts No Yes Yes Yes
Round-ups No Yes Yes Yes
Premium partner offers No Yes Yes Yes
Unique experiences No No Yes Yes
Support
Chat support Yes Yes Yes Yes
Live in-app support Yes Yes Yes Yes
Phone support No Yes Yes Yes

N26 Moneybeam

Moneybeam is N26’s money transfer service launched in September 2019. It allows you to instantly send up to $3,000 a day in the US and €1,000 in Europe in an unlimited number of transactions to other N26 users. While testing for the N26 banking review, we found this to be one of the most convenient features, although its impact is limited by how many of your contacts also use N26.

You can list other N26 users as contacts within the mobile banking app and send them money with just a few clicks. If you want, you can add a short personal message so that they know what it’s about. If an N26 user is not in your contacts, you can still send them funds by entering a phone number or email.

N26 Online Platform

N26 was launched with a strong focus on delivering an easy-to-use mobile banking platform. As such, you can expect a modern and simple interface to manage your accounts. We carried out an in-depth N26 online bank review, so you know what to expect.

The features and capabilities were deliberately toned down to keep the user experience as straightforward as possible. Creating new sub-accounts is as easy as tapping the “+” icon under “Spaces” and entering a name.

In terms of security, you can set up two-factor authentication to prevent account fraud. There’s also a live chat for support, a message feed for notifications, and a simple transactions breakdown. If your card is lost or stolen (or you just want to limit spending), it’s as easy as switching a toggle to “locked.”

All of these features are built into the desktop banking platform, which is also easy to use. But the mobile app is the true star from a usability perspective.

N26 with SEPA Transfer

SEPA stands for Single Euro Payments Area. It’s a pan-European network that allows transactions between bank accounts from two different countries in the Eurozone. There are 36 participating countries from the EU, the European Free Trade Association, several microstates, and the UK (even after Brexit). N26 reviews by European customers say this is one of the most useful features.

There are four types of SEPA transfers:

  • Credit transfer
  • Instant credit transfer
  • Core direct debit transfer
  • B2B direct debit transfer

N26 allows you to make free instant credit SEPA transfers from and to participating countries. Limits are €999,999,999.99 for credit transfers and €100,000 for instant transfers.

N26 with CASH26

CASH26 is another handy, everyday feature we found while preparing our N26 bank review. It allows you to make cash deposits or withdrawals to and from your N26 account at participating brick-and-mortar stores. However, CASH26 is only available in Germany, Austria, and Italy at the moment.

It works by generating a barcode for the transaction. The cashier at the store then scans the code to facilitate the transfer. The service is completely free, and you can withdraw up to €900 (€200 per transaction) every 24 hours. For deposits, the limit is €999 (minimum €50 per deposit) or €2,999 a week.

Who Is It For?

More than one N26 bank account review online attests that this is a superb option for individuals. There are no hidden fees for transactions, maintenance, or anything else. You also get unlimited free withdrawals from AllPoint ATM locations and two free withdrawals from all other networks.

European users will have to do without the free withdrawals or a card if they get the free plan. Monthly fees apply to all other packages, so you’ll have to decide whether the perks outweigh the cost. However, accounts can be shared by up to 10 people, so if you have family or friends that want to join in, the price can be much lower.

Because there’s a limit of 10 sub-accounts, the Business plans are only really suitable for small businesses or startups. Although you get detailed report spending, you don’t have the same controls as some other higher-level employee cards, as noted by many N26 reviews online. But the yearly cost is lower than most other options, and the cross-border capabilities are great for remote work.

N26 is among banks that don’t use ChexSystems if this is something you’re concerned about.

Pros and Cons

Below are the main pros and cons we identified in our N26 bank review:

Pros

  • Easy-to-use online and mobile banking
  • Share an account with up to 10 users through Spaces
  • No-fee entry-level plan (including a free card in the US)
  • Free transactions (including international), payments, and withdrawals (depending on the plan)

Cons

  • No credit card option
  • No investment feature (removed in 2019)
  • Limited cashback and reward opportunities

N26 Customer Reviews

N26 reviews by customers are primarily positive, especially in Europe. The company has a 3.8 rating on TrustPilot from nearly 21,200 reviews. As for the US, N26 is not yet BBB accredited. There are some complaints from American users, mostly due to growing pains after the recent launch in the US. The good news is that they have addressed 107 out of 113 complaints, showing their willingness to deal with issues.

Positive reviews mainly focus on the platform’s usability, no-fee transactions, and convenient features.

Privacy and Security Policy

Our research for this N26 banking review didn’t find any issues with their security or privacy policies. They only collect and use personal information to perform their services, promote new ones, and comply with regulatory requirements. Information sharing is also limited to these aspects or if it’s otherwise required by law.

For security, the platform is encrypted with SSL certificates. As a user, you can also set up two-factor authentication to protect your account. Locking lost or stolen cards is very easy. N26 hasn’t experienced any significant security incidents or data breaches as of yet. All deposits up to €100,000 are insured.

Alternatives

While preparing our N26 bank review, we found some worthy competitors that you may want to consider.

N26 vs Chime

Chime is similar to N26 in that they offer a modern, mobile-banking focused service. But Chime is only available in the US. A basic spending account with a debit card is free, and fees are minimal. You can also get a secured credit card as part of their Credit Builder account, making it one of the best credit repair companies.

For more details, you can read our full review of Chime

N26 vs Transferwise

Transferwise aims to provide cheap international transfers with no exchange fees and exceptional exchange rates. Transferwise is available in a lot more countries than N26. While it acts mainly as a transaction service for personal account holders, it also works as a full-fledged bank account with debit cards and a business account option.

Conclusion

Our N26 review determined that the bank’s top benefits depend on what you want and where you are situated. It’s a leading low-cost bank for US users with no fees and a free debit card. But for Europeans, the main benefit is the convenience and affordability of doing cross-border transactions.

That said, everyone will enjoy how easy it is to bank with N26 and use its mobile payment capabilities.

FAQ

Is N26 a safe bank?

Yes, N26 uses a secure online banking platform for both browser and mobile users. You can further secure your account with two-factor authentication. All deposits are insured up to €100,000, and basic spending controls are available

How reliable is N26?

In Europe, where N26 is well established, there are no concerns about its reliability. In the US, where it’s still relatively new, there have been some problems with its services and support, although N26 actively addresses issues. Overall, we didn’t find any significant shortcomings while preparing our N26 review.

Can I receive my salary on N26?

Yes, US and European customers can have their salaries debited to their N26 accounts. If you sign up for a direct deposit, you may even receive your compensation faster. All you need to do is provide your employer with your IBAN.

ABOUT AUTHOR

I learned a lot about finance after working for a digital marketing company specializing in investing and trading stocks, forex, etc. After that, I got exposed to other verticals such as wealth management and personal finance, which further improved my understanding of the financial world.