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.
Pros and cons of N26
- Easy to manage and track your spending real time
- Your account can be accessed on your phone or via N26’s web app
- In-app security features such as card lock/unlock
- All payments, both national and international, completed within one working day
- Fee-free card transactions abroad
- Safe and secure.
- Partnership with TransferWise means seamless transfers from Euros to 19 currencies
- MoneyBeam lets you transfer money to friends and family instantly
- Unlimited cash withdrawals in GBP
- 1.7% surcharge for foreign currency withdrawals, although this is competitive with other European banks
- No bank branches so not for you if you like face-to-face service