N26 is one of the new “challenger banks” that is growing at a fast rate in Europe .
We have already written about N26 in Ireland , but we are aware that some of our visitors are from Northern Ireland and other parts of the UK.
N26 was not originally available for UK residents … but since November 19th 2018 it is now available in the UK.
N26 fully launched in the UK on Nov 19th after an invite only “beta” launch in October. UK residents can join here
N26 in the UK has most of the features that are available to Irish/ EU residents:-
Account holders get a U.K. account number and sort code – and will be able to receive payments and share banking information with their utility providers just like they would with a “regular” bank account.
Direct Debits and BACS payments were enabled for UK customers on January 7th 2019.
Sending money to other N26 users is instantaneous (they call it MoneyBeam).
N26 also has a feature called “Spaces” that lets you create sub accounts and put some money aside.
N26 is app-based but it has the option of using a web interface on laptop or tablet if you choose. It comes with a Mastercard debit card which you can use in the same way as any other debit card – but with no fees.
You can carry out everyday banking tasks from any location. Transfer money, make contactless payments, change your PIN, lock and unlock your card and visually keep track of your spending in just a few taps.
You can set daily payment and withdrawal limits and enable or disable online or overseas payments. You’ll get push notifications on every transaction.
There are No fees on ATM withdrawals with the N26 debit card for UK residents.(Irish residents are charged €2 per withdrawal if they exceed 5 in a month)
There is a 1.7% charge on non Sterling ATM withdrawals ( same charge as for Irish residents taking out non Euro currency)
For UK residents – there are also no transaction fees when using the N26 Mastercard to spend in currency other than Sterling. (Online or in store)
N26 Bank is authorised and supervised by the German Federal Financial
Supervisory Authority – so and any funds you have with it are covered by the German Bank guarantee (up to €100,000)
N26 in the UK is subject to limited regulation by the UK Prudential Regulatory Authority and the Financial Conduct Authority.