N26
Pros & Cons
Pros
- Deposit protection: DGS €100k (DE)
- German IBAN treated as domestic
- mobile-first UX
- interest on cash
Cons
- —
Rating breakdown
Why this score
Good fit for
- you want yield on an idle balance (up to 1.3%)
- you receive SEPA transfers
May not fit if
- you need to hold USD
- you need crypto in or out
This is a licensed bank, so eligible deposits are protected by the deposit guarantee scheme (DGS) up to €100,000 per customer. That's a key safety factor when choosing.
- Licence
- Bank · BaFin
- IBAN
- DE
- SEPA Instant
- Send & receive
- Verification of Payee (VoP)
- Rolling out
Deposit & savings rates
Compare all deposits →DGS €100k protected DGS €100k (DE)
Editorial review
Data reviewed by Ilya ChernetskiyFounder and editor, nomonedaUpdated: 2026-08-15
N26 is a licensed bank (BaFin), so eligible deposits carry DGS €100k (DE).
It is a global fintech licensed in DE supporting EUR. FX model: Mastercard network rate, no markup.
It tends to suit clean german iban, mobile-first banking, eur savings.
Fees & terms
- Exchange rate
- Mastercard network rate, no markup
- Card cost
- Free / paid tiers (Smart, You, Metal)
- Local-currency withdrawal
- Not disclosed
- USD withdrawal
- Not disclosed
- Withdrawal fees
- Not disclosed
- Limits
- Not disclosed
- USD yield
- Not disclosed
- Cashback
- Not disclosed
- Currencies
- EUR
- Cards
- Global Physical, Global Virtual
- Transfers
- SEPA in/out, SEPA Instant in/out
- Payments
- Apple Pay, Google Pay
- Licence
- Bank — BaFin
- IBAN
- DE
- SEPA Instant
- Send & receive
- Verification of Payee (VoP)
- Rolling out
- FX model
- Mastercard network rate, no markup
- Opening requirements
- No local address needed
- English support
- Yes
- Remote opening
- Yes
- Headquarters
- Germany
Transfer routes
One row per direction, rail and currency — with what we hold on fees, speed and limits. A blank fee is not a free transfer; it is a fee we have not collected.
| Route | Fee | Speed | Limits |
|---|---|---|---|
| SEPAincomingEUR | Not published | Not published | — |
| SEPAoutgoingEUR | Not published | Not published | — |
| SEPA InstantincomingEUR | Not published | Instant | — |
| SEPA InstantoutgoingEUR | Not published | Instant | — |
Who holds your money
The name on the app is not always the company holding the balance, and deposit protection follows the licence rather than the brand.
| Role | Organization | Answerable for | Applies to |
|---|---|---|---|
| Licence holder | N26BaFin | Operating under regulatory permission | All currenciesDGS €100k (DE) |
| Deposit guarantee | DGS €100k (DE)BaFin | Paying out if the deposit holder fails | EURDGS €100k (DE) |
Recent updates
- 2026-08-15checked11 facts about N26 re-checked against their sources
- 2026-06-23checked2 deposit rates at N26 re-checked
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|---|---|---|---|
| Sumeria (ex-Lydia) | 73/100 | No local address needed; FR-focused | Compare → |
| Trade Republic | 71/100 | No local address needed | Compare |
| Monzo | 79/100 | Needs Irish address | Compare → |
User reviews
User score
No reviews yet.
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FAQ
- Is my money protected?
- Yes. N26 holds a full bank licence (BaFin), so eligible deposits are protected by DGS €100k (DE).
- What IBAN and transfers?
- N26 issues a DE IBAN. SEPA Instant: send + receive.
- Can I open remotely, in English?
- Opening is remote. English support is available. Requirements: No local address needed.
Data provenance & verification
Every fact is checked against an official source and stamped with a date. We re-check fees quarterly and document requirements twice a year. Fields not yet independently verified are labelled honestly.
Independently corroborated, rated on the full model and checked within the year. This service can appear in our ranked picks.