N26 BANK GMBH

N26 Bank GmbH is a German direct bank headquartered in Berlin that operates under a full German banking license and is supervised by the Federal Financial Supervisory Authority (BaFin) and the European Central Bank; customer deposits are covered by the German statutory deposit guarantee scheme (Entschädigungseinrichtung deutscher Banken) up to €100,000 per depositor. The bank offers app‑based current accounts for individuals and freelancers/sole proprietors in a range of EU/EEA markets, with a free standard tier and several paid tiers (Smart, You, Metal) that add features such as additional sub‑accounts (“Spaces”), higher free cash withdrawal allowances, and insurance packages provided by third parties; monthly pricing and entitlements vary by country. Accounts come with a Mastercard debit card (virtual by default on some plans, physical card available) and support Apple Pay and Google Pay; card payments generally use the scheme’s exchange rate without an added foreign transaction markup, while foreign‑currency cash withdrawals on lower tiers incur a fee. Product set includes SEPA transfers (including SEPA Instant where available), domestic ATM access with a limited number of free euro‑area withdrawals depending on plan and usage, cash deposit/withdrawal via retail partners in selected markets (fees and limits apply), sub‑accounts with shared access options, interest‑bearing savings features with variable rates by market, and in certain countries an overdraft or consumer loans subject to credit checks. N26 also offers crypto trading in selected markets through a partner, with separate fees and eligibility; availability of investments and insurance varies. Service is provided primarily through the mobile app and web interface with in‑app chat support; phone support is limited and more readily available on premium tiers. The bank exited the UK in 2020 and the US in 2022 and continues to focus on EU/EEA markets; it issues German IBANs and provides local IBANs in some countries (e.g., ES, FR, IT) for eligible customers. The institution has been subject to BaFin anti‑money‑laundering remediation measures in recent years, including enhanced controls and previously a temporary cap on new customer onboarding; monitoring and compliance requirements remain an operational focus. As with other mobile‑only banks, there are constraints around cash handling, no branch network, eligibility limited to supported countries, and occasional account reviews that can restrict access while compliance checks are completed.