What is the N26 bank account anyway?
Girokonto, checking account, current account, or all of the above.
One of the questions we get asked the most at N26 is whether our bank account is a real account, just like the one you may already have at a traditional bank. People are especially curious about this when they see different names for what’s essentially the same thing. In Germany, it’s called the Girokonto. In the US, it’s checking account. In the UK, it’s current account. Let’s clarify once and for all exactly what you’re getting when you join N26.
A bank account for every day
The N26 bank account is a fee-free “deposit account” that you can open in under 8 minutes, directly from your phone or computer. You can deposit money with cash or transfer money from another account at any time, as many times as you want. You can also withdraw money from the account at an ATM, transfer money to other accounts, or spend money using your bank card, or by direct debit. Your account has a unique IBAN (International Bank Account Number), which makes this all possible. It’s your everyday bank account that allows you to store and spend money.
A Mastercard that goes with it
Along with the N26 bank account, you also get a Mastercard “debit card” that arrives just 2–3 days after completing signup. You can do everything described above with this card — withdraw cash from any ATM in the world that accepts Mastercard, and make purchases from any merchant in the world that accepts Mastercard. It’s really that simple. Your card will obviously have a unique card number and CVV, plus all the security features of Mastercard built in. Every time you spend money with your Mastercard, the exact amount will automatically and immediately be debited to your bank account. It’s not a prepaid or credit card; it’s just your everyday bank card that allows you to get cash and buy stuff.
A quick summary
The N26 bank account and Mastercard can do everything you can do with a traditional bank, except easier, and from everywhere. Every account is protected by the Compensation Scheme of German Banks up to €100.000 in all the countries where N26 is available. See all the details here if you’re interested in learning more.
