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EU based digital bank N26 has chosen to stop operating in the UK in early February due the UK’s decision to leave the EU. Read our guide for alternatives to N26.
On February 11th 2020, N26 issued the following statement: “With the UK having left the EU, we will in due course be unable to operate in the UK with our EU banking license, so we will be leaving the UK and closing all accounts. We’ve made careful plans to support customers, and we are sorry to have to leave.”
Like most challengers, it’s good for people who are looking for a fresh, mobile first approach to banking.
We’ve highlighted the key features, pros and cons of N26, to help you decide whether it’s the option for you.
N26 is a digital-only current account, with a modern banking app that shows spending insights and gives you control your finances.
N26 is already operating in Ireland, France, Germany, Italy, Spain, Austria, Belgium and a wide range of other European countries. It has more than 3 million customers and has recently launched in the US, too.
When you sign up with N26 you will be sent a cool, clear, contactless Mastercard.
The three of them all operate on the same app, whose features include:
N26 does have some rates and limits that you should be aware of.
Travelling with N26 is cheaper than using most cards from traditional banks, as it doesn’t charge any fees for foreign currency transactions.
However, while cash withdrawals in pounds are free of charge, for ATM withdrawals in other currencies, N26 makes a surcharge of 1.7% of the withdrawal.
Also, be aware that at the moment N26 does not support international money transfers. You can only send and receive money from other UK accounts.
Every N26 bank account has deposit protection: the compensation scheme of German banks guarantees up to €100,000 (about £85,000 – the same amount as the UK equivalent scheme).
N26 also offers a Bug Bounty programme. This means cash rewards to encourage security researchers to track down bugs or vulnerabilities.
The app itself has a three-tier security procedure protecting your account and transactions. Your account can only be paired to one smartphone at a time, you must log in to your account using your password or fingerprint, and you must verify all online and offline transactions with your PIN.
If compared to traditional banks, N26 is really competitive, especially for travelling abroad. You can use your card anywhere without being charged any fees, apply quickly online and enjoy a really slick banking app that’s packed with features.
However, it’s no longer operating in the UK. For a UK-based digital bank check out the likes of Starling.
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