Challenger bank N26 launches Black option in the UK
Consumers in the UK can now subscribe to N26’s premium option N26 You.
Challenger N26 is making N26 You available to UK customers. N26 You is the second N26 premium option to be introduced in the UK after N26 Metal was launched in December 2018.
German challenger N26 landed to the UK in October 2018. Offering a free app-based current account available to everyone, it has gained more than 2 million customers across Europe since its product launch in 2015.
However, in the UK, N26 faces fierce competition coming from other digital banks that offer free digital current accounts, such as Monzo and Starling.
To get N26 You, consumers will have to pay a £4.90 monthly subscription, and in return, they get all the benefits of a basic N26 current account plus free ATM withdrawals everywhere in the world (N26 normally charges a 1.7% fee for withdrawing cash overseas). Fee-free card payments abroad are included in all N26 account options.
“The majority of UK customers are being hit by high transaction fees every time they use their card overseas. At N26, we don’t believe that spending abroad should be any different from spending at home. N26 is simplifying the daily financial decisions that customers face and N26 You is the perfect fit for UK travellers,” says Alexander Weber, head of international markets at N26.
When it comes to ATM usage abroad, Monzo and Revolut limit it to £200 a month, after which they charge a 3% and 2% fee respectively. With Starling, withdrawals are free and there’s a limit of £300 a day.
N26 You also comes with the possibility to use up to 10 Spaces. Spaces are separate N26 sub-accounts that you can use to set money aside and to save for a specific financial goal. A basic N26 account only allows up to two Spaces at a time.