N26 Review

N26 UK Bank Review - Your Top 10 Questions

N26 is a digital only, mobile-based bank that operates throughout Europe and the United States. The company have attracted more then 3.5 million customers to open a bank account with them across 24 countries.

The bank was founded by Valentin Stalf and Maximilian Tayenthal in 2013 and has raised hundreds of millions of dollars in funding and now employs more than 1,300 staff.

1. Is N26 a bank?

Yes. They are a German licensed bank and officially registered as N26 Bank GmbH. They have their headquarters in Berlin, Germany but also have offices across the world including in London. They opened their UK operations in 2018.

2. Is it safe to put my money in N26?

All accounts are covered by the German Deposit Protection Scheme which insures all deposits up to €100.000 (or the equivalent amount in GBP for UK account holders).

Secure access

According to N26, they operate a three-tier security system, which means that you can only pair your account to one smartphone at a time. Logging in requires your fingerprint or password key and you must confirm all transactions with your PIN number.

Instant notifications

Whenever there is activity on your account, a push notification is sent out to you in real-time. In addition, you have the ability to restrict how your debit card can be used e.g. foreign payments abroad, withdrawing money and online purchases. You can even block the use of your card completely - useful if you've lost it or it's been stolen.

Find a bug, get paid!

Uniquely, N26 offer cash rewards through their Bug Bounty Program that encourages security experts to find and report and vulnerabilities in their software, which it calls a 'Treasure hunt for hackers'.

3. What is the cost of having an account?

In the UK, N26 offer three different plans:

Account NameMonthly FeeUK ATM & PurchasesAbroad Card PurchasesAbroad ATM WithdrawalsPocketRate Partner Link
N26
Current Account
£0.00FreeFree1.7% of amount drawnVisit Site
N26
N26 You
N26 Metal
includes exclusive benefits
£4.90FreeFreeFreeVisit Site
N26
N26 Metal
includes exclusive benefits
£14.90FreeFreeFreeVisit Site

Free account option

The free account includes all the functionality you need plus zero fees on UK ATM withdrawals and purchases. It's also free to make purchases with your card abroad. The only downside is that you get charged a fee for ATM cash withdrawals abroad.

Features and Benefits:
  • 3D Secure by Mastercard Securecode
  • Push notifications for all account activity
  • Web access - Use the desktop big screen feature with all the same functionality
  • Instant, real-time bank transfers
  • Send or receive money from your contacts list
  • Automatic categorisation of spending - artificial intelligence shows your spending habits
  • Spaces - create sub-accounts to help you reach your savings goals
  • Overdraft (Coming soon) - check your eligibility in just 2 minutes, no penalty fees, use slider to personalise overdraft amount and control your spending within the app
  • Free card payments in any currency

The monthly fee accounts may prove very useful if you plan to use your card abroad to withdraw cash. These transactions would normally attract a charge but are completely free on the You and Metal account options.

N26 You Account

The ‘You' account is the latest offering and gives you a choice of five colours for your debit card. The big advantage here is that it gives you free ATM withdrawals worldwide and up to 10 Spaces sub-accounts for your savings goals. Read our latest review of the N26 You account.

N26 Metal Account

The more expensive ‘Metal' account is aimed at the world traveller and includes a host of exclusive features including LoungeKey membership, travel insurance, purchase protection, dedicated customer support and exclusive partner offers. The etched steel metallic card comes in three colours.

N26 Cards

4. How do you open an account?

You can open an account in just minutes. Simply click the button below, enter your details, select the type of account you want, go through a quick identity check and you're done.

5. Can I use Apple Pay?

Yes. You can use Apple Pay with your debit card through the app by clicking the '+' sign and selecting your debit card. You can start using it immediately in-store, online and in apps.

6. Can I use Google Pay?

Yes. You can use Google Pay with your debit card by adding your card in the Google Pay app. Google Pay will work anywhere where contactless payment is accepted including in stores.

7. How long does it take for the debit card to arrive?

In the UK, N26 state that you need to allow up to 10 days for your new card to arrive. However, this should be much quicker once they get express delivery up and running. Remember that you can only get your card sent to a residential address.

The bank also provide a useful online chat facility if you need to enquire as to the status of your card delivery.

8. How do I transfer money to my UK account?

You can send money to your account in the UK using your sort code (all N26 UK accounts have the same sort code, 04-00-26) and your account number, which you can find under the 'My Account' section of the app.

9. Can I withdraw cash using an ATM in the UK?

Yes. You can make an unlimited number of cash withdrawals with a limit of £500 a day. For card purchases in-store and online there is a purchase limit of £5,000 within a 24-hour period.

10. Can I use the debit card abroad?

Yes. You can make payments with your card for free in any currency. The cost of making cash withdrawals at an ATM abroad is 1.7% of the amount withdrawn if you have the free account. However, both the ‘You’ account and the ‘Metal’ account give you free ATM cash withdrawals worldwide - worth considering if you travel regularly.

N26 vs. other mobile banks

Check out the PocketRate comparison table below for how other competitors stack up.

Account NameMonthly FeeUK ATM & PurchasesAbroad Card PurchasesAbroad ATM WithdrawalsPocketRate Partner Link
N26
Current Account
£0.00FreeFree1.7% of amount drawnVisit Site
N26
N26 You
N26 Metal
includes exclusive benefits
£4.90FreeFreeFreeVisit Site
N26
N26 Metal
includes exclusive benefits
£14.90FreeFreeFreeVisit Site
Monzo
Current Account
£0.00FreeFree£200 Free first 30 days
3% fee after
Monese
Simple
£0.00ATM - £200 Free monthly
2% fee after
£2,000 Free
2% fee after
£200 Free monthly
2% fee after
Visit Site
Monese
Classic
£4.95ATM - £800 Free monthly
2% fee after
£8,000 Free
2% fee after
£800 Free monthly
2% fee after
Visit Site
Monese
Premium
£14.95FreeFreeFreeVisit Site
Starling Bank
Personal Current Account
£0.00FreeFreeFree
Revolut
Standard
£0.00ATM - £200 Free monthly
2% fee after
£5,000 Free monthly
0.5% fee after
£200 Free monthly
2% fee after
Visit Site
Revolut
Premium
includes exclusive benefits
£6.99ATM - £400 Free monthly
2% fee after
£5,000 Free monthly
0.5% fee after
£200 Free monthly
2% fee after
Visit Site
Revolut
Metal
includes exclusive benefits
£12.99ATM - £600 Free monthly
2% fee after
£5,000 Free monthly
0.5% fee after
£200 Free monthly
2% fee after
Visit Site
Cashplus
Activeplus
£5.95ATM - £2.00Free
with Euro/USD travel card
£3 or Free
with Euro/USD travel card
Visit Site
Cashplus
Deluxe
£9.95FreeFree
with Euro/USD travel card
£3 or Free
with Euro/USD travel card
Visit Site
Cashplus
Flexiplus
£0.00ATM - £2.00
Purchases - £0.99 each
Free
with Euro/USD travel card
£3 or Free
with Euro/USD travel card
bunq
Premium
€7.99 EurosFree ATM in Euros
ATM non-Euro - (Mastercard exchange rate)
Purchases - Free (non-Euro at Mastercard exchange rate)
Free
Mastercard exchange rate for non-Euro
Free
Mastercard exchange rate for non-Euro
Visit Site
bunq
Joint
€9.99 EurosFree ATM in Euros
ATM non-Euro - (Mastercard exchange rate)
Purchases - Free (non-Euro at Mastercard exchange rate)
Free
Mastercard exchange rate for non-Euro
Free
Mastercard exchange rate for non-Euro
Visit Site