N26 (EU) Reviews

N26 (EU) Reviews: Mobile Banking and Financial Services

ByAcademyFlex Finance Consultants

60% of N26 users give it a perfect 5-star rating. But, 24% only give it 1 star. This big difference shows how people feel about N26, a European neobank.

N26 started in Berlin in 2013. It now has over 7 million customers. It’s a leader in mobile banking, offering digital services that some love and others don’t.

N26 makes banking easy with instant account setup and real-time alerts. But, it’s not perfect. Some users like the app’s simplicity and travel features. Others are unhappy with customer support and account checks.

Key Takeaways

  • N26 has a 3.7 out of 5 star average rating in the Bank category
  • The bank offers 3 free ATM withdrawals monthly, down from 5 previously
  • Account opening takes just 10 minutes via video chat verification
  • Push notifications provide instant transaction alerts
  • N26 Mastercard offers fee-free transactions in over 40 countries
  • Customer support speed and responsiveness remain areas for improvement
  • The free account has no monthly fees, a rarity in today’s banking landscape

Introduction to N26: Europe’s Leading Digital Bank

N26 is changing online banking with a new way of handling money. It started in 2013 in Germany and has grown fast since 2016. Now, you can manage your money on your phone with N26.

What is N26?

N26 is a digital bank that offers free accounts and virtual debit cards. You can use it all through your phone app. It lets you apply for credit, open savings accounts, and even get insurance.

Users get a debit Mastercard that works with Google Pay and Apple Pay. It’s easy to use and pay with just a tap.

N26’s Growth and Market Presence

N26 has grown fast in Europe and even started in the US. By 2021, it had 7 million customers. Its success comes from being easy to use and offering new banking features.

Key Features of N26 Mobile Banking

N26 has many useful features:

  • Instant account setup for EU and US residents
  • IBAN number for receiving payments
  • Free ATM withdrawals (3-5 in Germany, unlimited in Eurozone)
  • No fees for foreign transactions
  • Automatic transaction categorization
  • Integration with Transferwise for low-cost international transfers
Feature N26 Standard N26 You N26 Metal
Monthly Cost €0 €9.90 €16.90
Free ATM Withdrawals 5 per month Unlimited worldwide Unlimited worldwide
Foreign Currency Fee 1.7% 0% 0%
Insurance Package No Yes Yes
Airport Lounge Access No No Yes (1,000 lounges)

N26 Account Options and Pricing

N26 has accounts for everyone, from free to premium. They offer various options to fit your needs and budget. Their fee structure and features are designed to meet different preferences.

Standard N26 Account Features

The N26 Standard account is free for everyday banking. It has basic features without monthly fees or minimum balance. It’s great for beginners or those wanting a simple, affordable option.

N26 You and Metal Premium Accounts

For more services, N26 has premium accounts. The N26 Smart costs €4.90 monthly, and the N26 You is €9.90. The top N26 Metal account is €16.90 monthly for a year.

Premium accounts offer extra benefits:

  • Higher interest rates on savings (up to 3% p.a. for Metal customers)
  • Free stock trades (15 per month for Metal, 5 for You)
  • Access to over 200 cryptocurrencies
  • Travel insurance and extended warranties

Fees and Charges Comparison

Account Type Monthly Fee ATM Withdrawals Foreign Transactions
Standard €0 Free within network Standard fees apply
Smart €4.90 Free within network Reduced fees
You €9.90 Free worldwide No fees
Metal €16.90 Free worldwide No fees

N26’s fees are clear, with no hidden costs. All accounts are protected up to €100,000 through the German Deposit Protection Scheme. This gives customers peace of mind.

N26 (EU) Reviews: User Experiences and Ratings

N26 is a top digital bank in Europe, but it gets mixed reviews. People have different opinions on its banking app. App store ratings don’t always match what users say on other platforms.

In app stores, N26 stands out. It has over 6,400 5-star reviews in Apple’s App Store and Google’s Play Store this year. The N26 app has 3,244 5-star reviews in Apple’s App Store and 6,274 in Google’s Play Store.

Many in the press praise N26. TechCrunch calls it a bank for today’s world. Forbes sees it as the future of finance. IBS Intelligence notes N26’s growth from a startup to a mobile banking leader.

But, user experiences on other platforms are different. On one site, N26 (EU) got 1.5 out of 5 stars from 30 reviews. People complained about security, customer support, and fixing problems.

Some users had bad experiences:

  • A user lost €870 to hackers, but N26 didn’t help after following the usual steps.
  • Another faced 39 fake charges over €1,000 on their card, with slow help from N26.
  • Many were upset about their accounts being blocked and not getting quick help.

These mixed reviews show why it’s key to look at all feedback when judging banks. N26’s cool features draw many users. But, it must fix security worries and improve customer service to keep users happy.

Mobile App and Online Banking Interface

N26’s digital banking interface is a top-notch money management app. It has a 5-star rating from 60% of users. This fintech star raised $40 million in 2016. Let’s explore what makes N26’s mobile app special.

App functionality and user experience

The N26 app has a sleek design with dark themes that users adore. It makes electronic transfers easy and has a user-friendly layout. The desktop version is just as smooth, perfect for those who like bigger screens.

This focus on detail helps N26 compete with traditional banks like Bank of Ireland. These banks often fall behind in mobile technology.

Security features and account management

N26 puts security first without making it hard to use. Users can manage their accounts easily, setting spending limits and controlling international usage. The N26 Black account, at €5.90 monthly, offers extra benefits like a 1.7% fee waiver on foreign cash withdrawals and travel insurance up to €5,000 per trip.

Real-time notifications and spending insights

N26’s real-time, categorized transaction alerts are a highlight. These financial insights help users track spending and budget better. One user saved nearly $1,000 in fees over eight months.

Despite some issues with account validation for new users, N26’s innovative banking attracts many. It offers a modern financial solution that customers love.

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Author

  • The AcademyFlex Finance Consultants team brings decades of experience from the trenches of Fortune 500 finance. Having honed their skills at institutions like Citibank, Bank of America, and BNY Mellon, they've transitioned their expertise into a powerful consulting, training, and coaching practice. Now, through AcademyFlex, they share their insights and practical knowledge to empower financial professionals to achieve peak performance.

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