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Managing your account from a mobile app is the promise of N26. Holder of a European license, the neobank is distinguished by its flexibility of use and the quality of its services. Focus on N26 You, one of its three premium offers.
When it comes to foreign neobanks, it is often the German N26 which is among the first mentioned. In France, this online bank deployed its app in January 2017. Today, the French market represents a third of fintech activity with 2.5 million customers out of the 7.5 million acquired in Europe. Launched by Valentin Stalf and Maximilian Tayenthal, N26 has developed its approach characterized by the promise of opening an account in 8 minutes from a smartphone.
© N26
Account Features
Today, N26 offers four offers in France: Standard (free), Smart (€4.90/month), You (€9.90/month) and Metal (€16.90/month). The last three are premium proposals. With the exception of the basic Standard offer which only includes a virtual card (unless you request a physical model for €10), all offers entitle you to a physical Mastercard Debit card.
Benefiting from a European banking license, N26 assigns a German IBAN to its French customers whose account is therefore domiciled across the Rhine. Each French customer is therefore required to report this in their tax return, otherwise they will attract the attention of the tax authorities.
To open an account, N26 does not require any proof of income, payment of a minimum sum on it, and does not charge fees in the event of inactivity. The funds deposited are guaranteed up to €100,000, like traditional banks. However, the German neobank was faced with a bad buzz in France, with hundreds of customers denouncing the arbitrary closure of their account, according to an RMC investigation.
Particularity of the N26 cards, they are immediate debit and systematic authorization. Concretely, this means that the bank queries the user's account for each transaction. If the latter does not have sufficient funds, the transaction is then rejected. No overdraft is therefore accepted by N26 in France.
© N26
All N26 offers provide access to the same current account and mobile payment with Apple Pay and Google Pay. It is therefore at the level of the advantages linked to the bank card and the ancillary services that the premium offers make the difference. These are particularly attractive in terms of foreign bank charges. In the wake of Metal, the most high-end offer, N26 You, however, stands out. Replacing N26 Black, it allows unlimited withdrawals in all foreign currencies unlike the Standard and Smart offers whose withdrawals are commissioned at 1.7%.
Like the Metal offer, N26 You, which involves a 12-month commitment, also includes various insurances primarily intended for travelers (medical coverage in the event of an emergency, trip cancellation, flight delay, loss of luggage, mobility insurance, etc.), provided of course that you have paid for the services of the stay (transport, accommodation, etc.) with the card of the German neobank. Finally, N26 You, like the two other premium offers, allows you to benefit from exclusive offers and discounts from partners (Booking.com, Gorillas, Adidas, FlixBus, Cafeyn, etc.).
© N26
Application
The main asset of the German neobank lies in its application. With a sleek design, it offers the usual features of traditional mobile banks, as well as more innovative services. N26 thus offers the possibility of configuring the account (modification of the PIN code and of the spending limit, instant deactivation of the bank card, etc.), of monitoring expenses in real time and of carrying out banking operations (money transfer by SMS , mobile payment, classic transfer, etc.). Very elegant, the app has a dark mode that makes it more pleasant to use. Overall, the interface is distinguished by very neat modern graphics.
In addition to a rather well-optimized homepage for accessing essential services, the application has a Spaces tab which offers the possibility of creating sub-accounts dedicated to different projects (holidays, works, etc.). The N26 application is however not as complete as its main rival Revolut, which notably offers the purchase of cryptocurrencies or shares.
© The Digital
After-sales service
All N26 proposals give access to a chatbot and a livechat to exchange with an advisor. Unlike the basic offer, You allows you to reach customer service by telephone, a means of assistance also offered by the Smart and Metal offers. As a last resort, it is possible to alert the Berlin online bank on social networks (Facebook, Twitter and Instagram).
Strong points
Neat mobile app and web platform.
Quick registration.
Flexible and transparent account management.
No deposit or income requirements.
Moderate bank charges.
Weak points
Current account not domiciled in France.
Lack of remunerative account.
12 month commitment.
Conclusion
Global mark
Updated on 04/20/22
How does grading work?
After an express online registration in just 8 min, N26 You offers an international card and competitive services such as free payments abroad or money transfer with a moderate commission. This offer is a good compromise to attract the main target of N26: travellers. With the many services available, N26 You is thus similar to a Mastercard Gold or a Visa Premier at a more affordable price (€9.90/month) than Metal (€16.90/month).
