N26 – Everything you need to know

N26 is currently available for residents of the following countries:

Belgium, France, Germany, Netherlands, Spain, Austria, Denmark, Estonia, Finland, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Norway, Poland, Portugal, Slovakia, Slovenia and Sweden and Switzerland

As a fully-authorized financial institution, N26 operates as a fully lincensed German Bank. That means having the same security regulations as any other bank. It also means your funds are protected up to €100,000 by the German Deposit Protection Scheme.

In fact, N26 policies are designed to ensure the protection of personal information. The company stores and processes data hosted in the cloud and also use artificial intelligence and machine learning to protect your account.

Vivid differs from your bank in several significant ways, particularly in its approach to banking, customer experience, and the use of technology:

1. Digital-Only Platform

• N26: Operates entirely online, with no physical branches. All your banking is done through a mobile app, making it convenient for those who prefer managing their finances digitally.
• Your Bank: Likely has physical branches where you can go for in-person service. This can be beneficial if you prefer face-to-face interactions for certain transactions or advice.

2. Customer Interaction

• N26: Interaction is primarily digital, using in-app chat, email, and a customer service hotline. They also provide online resources like FAQs and blogs.
• Your Bank: Offers a broader range of customer service options, including in-person support at branches, phone support, and online assistance.

3. Technology and Innovation

• N26: Leverages the latest technology to offer innovative services like integrated investments, multi-currency accounts, and advanced budgeting tools. It is typically faster at introducing new features and responding to customer feedback.
• Your Bank: Uses more traditional banking systems and may adopt new technologies more slowly. While it may offer digital services, these might not be as advanced or user-friendly as those from fintech companies like N26.

4. Cost and Fee Structure

• N26: Often has lower fees or fee-free options due to its digital-only model. You might benefit from free ATM withdrawals, no foreign transaction fees, and better interest rates.
• Your Bank: May have higher fees due to the costs associated with maintaining physical branches and a larger staff. You might encounter fees for account maintenance, overdrafts, and other services.

5. Product Offerings

• N26: Focuses on simplified, user-friendly banking products, such as basic checking and savings accounts, cashback rewards, and easy investment options.
• Your Bank: Offers a wider range of financial products, including loans, mortgages, insurance, and business banking services. This might be more suitable if you need a comprehensive suite of banking products.

6. User Experience

• N26: Prioritizes a sleek, intuitive user experience, with features like real-time notifications, instant money transfers, and easy management of finances through their app.
• Your Bank: While it may offer online and mobile banking, the experience might not be as seamless or modern as what N26 provides. Complex transactions might still require branch visits.

7. Regulation and Security

• N26: Is operated as a fully licensed bank in Germany,  so it means your funds are protected up to €100,000 by the German Deposit Protection Scheme.
• Your Bank: Is fully regulated and insured by local financial authorities (e.g., FDIC in the U.S.), offering comprehensive security and a long-standing reputation.

8. Innovation and Flexibility

• N26: Being a fintech, Vivid is more agile and can quickly introduce new features based on customer feedback.
• Your Bank: Larger and more bureaucratic, making it slower to innovate and adapt to new trends.

N26 provies multiple services to personal users and also to businesses in 24 countries, some of those services are:

Free bank account: Regardless of the type of account you open, you will receive an account based in Germany that benefits from the protection up to €100,000 by the German Deposit Protection Scheme.

Convenient payments: Paying with N26 is fast, simple, and it is also possible to schedule payments, recurring requests, and direct debits through the app.

Diversified investment opportunities: Seamlessly invest in a wide range of assets, including cryptocurrencies, stocks, and ETFs, all from a single platform.

Automatic purchase categorization: Whenever you make purchases with N26, the payments are automatically organized into categories, making it much easier to manage your finances.

Budgeting tool: Set spending limits for each category, and you will receive an alert notification whenever you approach the established limit.

Interest rates available: Enjoy an interest rate from 1.7% up to 3% for yout money (depending on your plan).