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N26 Business review

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What you need to know about the popular digital banking app in Germany.

N26 were one of the first in Europe to provide a digital banking service in which everything can be managed via your mobile phone. It may be an innovator, but is a business account with N26 the best option for your company?

This review looks at the key features, and costs, of N26’s business accounts to make the process of comparing that little bit easier for you.

€0

Monthly fee

10

Number of users

Unlimited

Local transfers limit

Details

Product NameN26 Business
Monthly fee€0
Number of users10
Fee for additional users€14
Local transfers limitUnlimited
Limit for free international transfersUnlimited
Currency conversion fee€0
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More Info

What is N26?

N26 is a German digital bank, founded in 2013 and currently headquartered in Berlin. N26 is available in a number of countries throughout Europe and has an estimated 2.5 million customers across the continent. N26 currently offers a number of personal and business bank account options, the N26 app and cards.

What are the main business accounts offered by N26?

There are two business accounts offered by this online-only bank: N26 Business and N26 Business You. These accounts are aimed specifically at freelancers and the self-employed – your account can only be registered in your name, not your company.

Here are some of the pros and cons of choosing N26 Business:

  • Free to open and manage your account
  • No minimum deposit
  • Free Mastercard debit card
  • Get 0.1% cashback as you spend
  • Five free ATM withdrawals in Euros per month
  • No fees for foreign currency transactions
  • All payments are completed within one working day
  • Make fee-free card transactions abroad
  • Transfer money into 19 currencies using TransferWise
  • 3D Secure – giving you an extra layer of security in helping to prevent fraud
  • Google Pay and Apple Pay payments are accepted
  • Range of in-app security features, such as card freeze/unfreeze
  • Free planning and budgeting tools
  • Push notifications for payments and transfers
  • 1.7% charge for foreign currency withdrawals, although this is competitive when compared to many
    banks in Germany
  • €2.00 fee for each ATM withdrawal in Euros after your monthly allowance ends
  • It costs €6.00 to get a replacement card if you lose yours
  • Travel insurance cover with Allianz
  • Unlike N26 current accounts, you can’t make foreign currency transfers in the app
  • Existing N26 users can’t switch to a business account
  • You can’t have your company’s name on the account or card
  • No access to an overdraft
  • No physical bank branches

Meanwhile N26 Business You, which costs €9.90 per month, includes the following pros and cons:

  • Free to open and manage your account
  • No minimum deposit
  • Free Mastercard debit card
  • Get 0.1% cashback as you spend
  • Free foreign currency withdrawals from ATMs in other countries
  • Five free ATM withdrawals in Euros per month
  • No fees for foreign currency transactions
  • Travel insurance cover with Allianz
  • All payments are completed within one working day
  • Make fee-free card transactions abroad
  • Transfer money into 19 currencies using TransferWise
  • 3D Secure – giving you an extra layer of security to help prevent fraud
  • Google Pay and Apple Pay are available
  • Range of in-app security features, such as card freeze/unfreeze
  • Free planning and budgeting tools
  • Push notifications for payments and transfers
  • €2.00 fee for each ATM withdrawal in Euros after your monthly allowance is used up
  • It costs €6.00 to get a replacement card if you lose yours
  • Unlike with N26 current accounts, you can’t make foreign currency transfers in the app
  • Existing N26 users can’t switch to a business account
  • You can’t have your company’s name on the account or card
  • No access to an overdraft
  • No physical bank branches

Compare the banking products from N26

Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
N26 Business
€0
10
Unlimited
A convenient business account for freelancers. Benefit from cashback, spending categorisation and free foreign currency payments.
N26 Business You
€9.90
10
Unlimited
A premium business account with free foreign currency payments, cashback and a complimentary insurance package.
N26 Business Metal
€16.90
10
Unlimited
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Is my money secure with N26?

You can feel confident that your money is secure with N26. Since 2016, the organisation has been a fully licensed bank by the European Central Bank meaning it must comply with the rules of the German financial regulatory authority. Essentially this means that all customer deposits of up to €100,000 are held in the member states of the European Union.

How do I open a business account with N26?

Opening a business account with N26 can take just eight minutes, according to the bank. The paperless application process can be started from either your phone or computer. After confirming your email address and downloading the app to your smartphone, you’ll have to complete an ID verification. This is done by taking a selfie and a photo of your ID through the app. You’ll then have to pair your smartphone with your new account. After these steps, you’ll be able to add funds to your new business account.

You can then start using your account immediately, there’s no need to wait for your card to arrive in the post.

Compare N26 against other business bank accounts in Germany

Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
N26 Business
€0
10
Unlimited
A convenient business account for freelancers. Benefit from cashback, spending categorisation and free foreign currency payments.
Fidor Smart Business Account
€5
1
N/A
A mobile business account with real-time notifications on your transactions. Includes a digital Mastercard with mobile payment and a Smart Banking app.
N26 Business You
€9.90
10
Unlimited
A premium business account with free foreign currency payments, cashback and a complimentary insurance package.
N26 Business Metal
€16.90
10
Unlimited
Commerzbank GründerAngebot
Commerzbank GründerAngebot
€24.90
1
75 per month
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Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
NetBank Business Account Basic
NetBank Business Account Basic
€4.85
10
Unlimited
An affordable business account designed for freelancers and self-employed people with mobileTAN, sub accounts and more.
Commerzbank KlassikKonto
€4.90
1
10 per month
A full-service current account with no monthly minimum payment. Includes two Mastercard debit cards and a starting bonus.
NetBank Business Account Premium
NetBank Business Account Premium
€4.85
10
€2,50
A business account where you can arrange business travel payment, use mobileTAN, open sub-accounts for your employees and more.
Commerzbank PremiumKonto
€12.90
1
75 per month
A premium account with travel benefits and insurance coverage. Free transfers, free cash withdrawals and up to four premium credit cards.
Penta Business Advanced plan
Penta Business Advanced plan
€9
2
100
A German IBAN and current account for startups and small businesses that gives you convenient account management, international payments and multi-user support.
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Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
bunq Business
€9.99
20
N/A
Benefit from multiple accounts, the ability to link your bookkeeping software, receipt linking, employee access, and simple payments.
Penta Business Premium plan
Penta Business Premium plan
€19
5
300
A top-tier business account for startups and companies with accounting integrations and international payments. Access it all through a smart mobile app.
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Please note these products are not licenced as banks. Check our product review pages for details.
Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
Qonto Solo
€9
1
20
Self-employed account including 1 user and 1 physical one card. It allows up to 20 free transfers
Qonto Standard
€29
5
100
A low-cost business account solution for small businesses and freelancers. Get 2 physical cards and 5 users included along with a number of features.
Holvi Starter
Holvi Starter
€0
Unlimited
500
An online account ideal for new businesses with €0 monthly fees and unlimited SEPA transfers. Includes a Holvi Business debit Mastercard.
Holvi Grower
Holvi Grower
€12
Unlimited
Unlimited
A full online business account with unlimited SEPA transfers, unlimited invoicing and up to three Holvi Business Debit Mastercards.
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Frequently asked questions

Bottom line

N26 stands out against other digital banks in Germany is with its offer of 0.1% cash back on purchases. This might not sound like much, but it can add up quickly, especially if your company has a lot of outgoings a lot each month. For example, you’d get €100 in your company’s coffers for each €10,000 you spend. N26’s business accounts have lots of other things going for them; including its easy-to-use app with handy features that can help you stay on top of your finances. However, it’s a good idea to look into a range of different accounts, including all their benefits and costs, before settling on one that meets the needs of your business.

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