N26 Review: A Free Euro Account, Fee-Free Card Spending Abroad and Up to 1.5% on Savings With Metal

N26 was one of the first app-only banks in Europe to hold a full banking licence, and it still feels like the template the others copied: open an account from your sofa in a few minutes, get a virtual Mastercard straight away, and watch every payment appear in the app the moment you tap. The Berlin bank now offers four personal plans, from a free account to a metal card with travel insurance. This review sets out what each costs, what you pay abroad, how your money is protected and where N26 has fallen short with its regulator.

This review is information, not financial advice.

N26 Promo Code box

• Offer: a free Standard account with a virtual Mastercard; paid plans from €4.90 a month (US$5.50 / £4.13); up to 1.5% a year on Instant Savings with Metal
• Promo Code: No Promo Code needed
• Who qualifies: adults living in a country where N26 operates, including most of the eurozone, Switzerland and the Nordic countries; not UK or US residents
• Key terms: a physical card on the free plan costs €10 (US$11.23 / £8.43); savings rates are variable; the refer-a-friend reward goes to the existing customer, not the new one

Offer detail	What you get
Promo Code	No Promo Code needed: the free Standard account has no opening or monthly fee
Welcome offer	Free Standard account; Smart €4.90, Go €9.90 and Metal €16.90 a month; Metal pays 1.5% a year on Instant Savings
Who qualifies	Adults resident in an N26 market such as Germany, France, Spain, Italy, Ireland or Denmark; no minimum deposit or income for Standard
Key terms	Physical Standard card €10; 1.7% fee on non-euro cash withdrawals on Standard and Smart; interest rates can change
How to claim	Download the N26 app, choose a plan, verify your identity in the app and start using the virtual card

Get the N26 offer

Key facts

• Owner: N26, founded in Berlin; the account is provided under a German banking licence and supervised by BaFin
• Deposit protection: up to €100,000 (US$112,284 / £84,267) under the German deposit guarantee scheme
• Plans: Standard (free), Smart €4.90, Go €9.90, Metal €16.90 a month
• Card payments abroad: no N26 fee on any plan
• Instant Savings: 0.25% (Standard and Smart), 0.55% (Go), 1.50% (Metal), variable, paid monthly
• App ratings: 4.8 on the German App Store (190,784 ratings); 3.3 on Google Play; Trustpilot 4.2 from 43,319 reviews
• Not available to: UK or US residents

What N26 is and who owns it

N26 is a German digital bank founded in Berlin, which sells current accounts, savings, investing and insurance through a single app. Its Apple listing names the seller as N26 SE. Unlike many app-based rivals that started as e-money firms, N26 is a licensed bank, so the money in your account is a deposit protected by the German statutory scheme rather than e-money held in a safeguarding account.

That licence has come with close supervision. BaFin, the German regulator, ordered special oversight of the bank’s anti-money-laundering controls in 2021 and the bank paid €4.25 million in penalties. In December 2025 BaFin went further: it appointed a special monitor, imposed extra capital requirements, barred N26 from writing new mortgages in the Netherlands and said a 2024 special audit had found serious weaknesses in risk management, complaint handling and lending. None of this touches deposit protection, but it is fair context for anyone choosing N26 as a main account.

N26 left the UK after Brexit and wound down its American business, so the bank is now a European proposition only.

N26 prices and plans: Standard, Smart, Go and Metal

N26 publishes its prices in euros. The dollar and sterling figures below are conversions for comparison only.

Plan	Monthly price	Card	Free euro ATM withdrawals a month	Non-euro cash	Instant Savings rate
Standard	Free	Virtual card free; physical card €10 (US$11.23 / £8.43)	2	1.7% fee	0.25%
Smart	€4.90 (US$5.50 / £4.13)	Physical card included	3	1.7% fee	0.25%
Go	€9.90 (US$11.12 / £8.34)	Physical card in six colours	5	No N26 fee	0.55%
Metal	€16.90 (US$18.98 / £14.24)	Metal card	8	No N26 fee	1.50%

Standard is the free euro account. You get an IBAN, a virtual Mastercard for Apple Pay or Google Pay, two free euro cash withdrawals a month and no N26 fee on card payments in other currencies. There is no opening fee, no monthly charge and no minimum deposit or income.

Smart adds a physical card in the price, up to 10 Spaces (sub-accounts for bills or savings pots) and budgeting automations. For most people it is a convenience upgrade rather than a money-saver.

Go is the travel plan. Cash withdrawals in other currencies carry no N26 fee, you get 1% cashback on travel bookings, and Allianz Assistance travel insurance is included: up to €1 million of emergency medical cover, baggage cover up to €2,000, trip cancellation and interruption up to €10,000 each, and personal liability up to €500,000. Airport lounge access starts at €15 for the first visit of the year.

Metal keeps everything in Go and adds a heavier card, phone insurance up to €2,000, purchase protection up to €2,500 a claim, one free lounge visit a year, ten free stock trades a month and the best savings rate in the range.

On Standard and Smart, lounge visits cost €33 (US$37.05 / £27.81). Stock and ETF trades cost €0.90 each outside the free allowances.

Free plan, trial and referral offer

The free plan is the main draw: Standard costs nothing to open or keep, and N26’s own FAQ says there is no minimum deposit. There is no free trial of the paid plans and no sign-up bonus for the new customer.

The refer-a-friend scheme pays the existing customer a cash bonus once the friend has signed up through their link or code and made a first card purchase. N26’s page does not state the amount, which is shown in the app, and the friend receives nothing on the public terms. Rewards can take up to 60 business days to arrive, and the scheme runs in 22 countries including Germany, France, Spain, Italy, Ireland, the Netherlands, Denmark, Sweden, Norway, Poland and Switzerland. Go and Metal customers can also enrol in a promotion paying 1% cashback for up to 12 months on qualifying card payments outside the EEA, Switzerland and the UK.

Interest on savings and deposit protection

N26 Instant Savings is an easy-access pot inside the app. Interest is calculated daily and paid on the first day of the following month. The rates, effective from June 2025 and variable, are:

• Standard and Smart: 0.25% a year
• Go: 0.55% a year
• Metal: 1.50% a year

On €10,000 (US$11,228 / £8,427) held for a year, that is roughly €25 on Standard, €55 on Go and €150 on Metal, before tax. Metal costs €202.80 a year, so the higher rate only pays for the plan on its own if you keep well over €10,000 in savings; the insurance and cash perks have to do the rest.

All deposits, including Instant Savings, are protected up to €100,000 per customer by the German deposit guarantee scheme.

FX fees, worked through

N26 accounts run in euros. Card payments in any other currency carry no N26 fee on any plan, and the conversion uses Mastercard’s rate. Cash is where the plans differ: Standard and Smart charge 1.7% on withdrawals outside the eurozone, Go and Metal do not.

A weekend in Valletta. Malta uses the euro, so a couple from Berlin or Dublin spending €400 on dinners, a harbour cruise and a taxi to Mdina pays no conversion at all. If they draw €100 in cash at a Valletta ATM, it counts as a euro withdrawal and comes out of their monthly free allowance (two on Standard). The operator of the machine may still add its own charge.

A Danish freelancer paid in sterling. Picture a Copenhagen illustrator invoicing a London studio £2,000. N26 has no sterling balance to receive into, so the cleanest route is to have the client pay into a sterling account elsewhere, such as Wise, and move the money on in euros. At Wise’s listed starting conversion fee of 0.52%, converting £2,000 costs about £10.40 (US$13.86 / €12.34). Back in Copenhagen, paying in kroner with the N26 card carries no N26 fee. Taking out the equivalent of €200 in kroner from a Danish ATM costs €3.40 (US$3.82 / £2.87) on Standard or Smart, and nothing from N26 on Go or Metal.

The lesson: N26 is strong for spending in other currencies and weak for receiving them.

Key features

• Spaces: up to 10 sub-accounts on Smart, Go and Metal for rent, holidays or tax
• Instant notifications for every card payment, and card locking in the app
• Apple Pay and Google Pay from the moment you open the account
• Investing: stocks, ETFs and ready-made funds, plus crypto with fees of 1.5% (Bitcoin) and 2.5% (other coins) on most plans
• Insurance on Go and Metal through Allianz Assistance

Who can open an account

N26 operates across most of the eurozone plus Switzerland, Poland, the Nordic countries and Iceland. Its referral terms list Germany, Austria, Italy, France, Spain, Belgium, Luxembourg, Greece, Portugal, Ireland, the Netherlands, Finland, Estonia, Slovakia, Slovenia, Sweden, Switzerland, Norway, Denmark, Poland, Iceland and Liechtenstein. You need to live in one of those countries. UK and US residents cannot open an account.

How to open an N26 account

1. Download the N26 app from the App Store or Google Play, or start on N26’s website.
2. Enter your details and choose Standard, Smart, Go or Metal.
3. Verify your identity in the app with your passport or national ID card.
4. Start using the virtual card in Apple Pay or Google Pay straight away.
5. Order a physical card if you want one (€10 on Standard, included on paid plans) and move money in by SEPA transfer.

Security and privacy

As a licensed German bank, N26 is subject to EU banking rules on customer authentication, so payments and logins are confirmed on a paired phone. The app lets you lock the card instantly if it goes missing. The regulatory history above concerns the bank’s internal controls rather than any loss of customer deposits.

Customer service

Support runs through the app and N26’s help centre. Trustpilot shows N26 replying to 92% of negative reviews, usually within a week. Reviewers are split on how quickly a real person picks up.

What users say about N26

On Trustpilot, N26 scores 4.2 out of 5 from 43,319 reviews, with 63% five-star and 22% one-star ratings. Praise centres on how fast the account opens, how clear the app is and the lack of fees. The complaints are concentrated: accounts closed or frozen with little explanation, slow escalation when something goes wrong, and occasional card problems. The App Store rating in Germany is 4.8 from 190,784 ratings; Google Play shows 3.3.

Pros and cons

Pros

• Genuinely free account with no N26 fee on card payments in other currencies
• Full German banking licence and €100,000 deposit protection
• Go and Metal include solid Allianz travel insurance
• Polished, fast app with Spaces for budgeting

Cons

• Euro accounts only: no sterling or dollar balances
• Not available to UK or US residents
• Savings rates on the cheaper plans are low
• Regulator has imposed a special monitor and extra capital requirements
• Complaints about sudden account closures

N26 vs Wise vs Revolut vs bunq

	N26	Wise	Revolut	bunq
Free plan	Standard	No subscription; card £5	Standard	Free (digital card only)
Top paid plan	Metal €16.90 a month	None	Several tiers	Elite €18.99 a month
Card spending abroad	No N26 fee on any plan	Conversion fee from 0.52%	£1,000 a month fair usage on Standard, then 1%; 1% at weekends	Free plan: fee-free up to €1,000 a year; paid plans unlimited
Hold sterling	No	Yes	Yes	Local-currency sub-accounts
Deposit protection	German scheme, €100,000	Not a bank in most markets	Depends on country and entity	Dutch scheme, €100,000
UK residents	No	Yes	Yes	No

If you live in the eurozone and mostly spend abroad by card, N26 does the job for free. If you need to hold and receive several currencies, Wise or Revolut are better tools, and many people run one of them alongside N26. bunq is the closest like-for-like rival: also a licensed bank, with more savings and budgeting options but fewer free perks on the free plan.

N26 FAQs

Is N26 free?
Yes. The Standard plan has no opening fee, no monthly fee and no minimum deposit. A physical card costs €10 (US$11.23 / £8.43); the virtual card is free.

Does N26 charge fees abroad?
Not on card payments: N26 charges no fee for paying in another currency on any plan. Cash withdrawals outside the eurozone cost 1.7% on Standard and Smart and carry no N26 fee on Go and Metal.

Is N26 Metal worth it?
For frequent travellers who would otherwise buy travel and phone insurance, it can be. The 1.5% savings rate alone covers the €16.90 monthly fee only on savings of roughly €13,500 or more.

What interest does N26 pay on savings?
Instant Savings pays 0.25% on Standard and Smart, 0.55% on Go and 1.50% on Metal, variable, calculated daily and paid monthly.

Is my money safe with N26?
N26 is a licensed German bank and deposits are protected up to €100,000 per customer by the German deposit guarantee scheme. BaFin has placed the bank under a special monitor over its internal controls.

Can UK or US residents open an N26 account?
No. N26 serves residents of its European markets, including most eurozone countries, Switzerland, Poland and the Nordic countries.

Is there an N26 referral bonus?
The existing customer receives a cash bonus, shown in the app, after the friend signs up with their link and makes a first card payment. The public terms offer nothing to the new customer.

What is the difference between N26 Go and Metal?
Both include Allianz travel insurance and fee-free foreign cash withdrawals. Metal adds phone insurance, purchase protection, a free lounge visit, more free trades and 1.5% on savings instead of 0.55%.

N26 vs Revolut: which is better?
N26 is a licensed bank with a simple fee-free card abroad but euro accounts only. Revolut holds many currencies but adds fees above its monthly fair usage limit and at weekends on its free plan.

Verdict

N26 remains one of the easiest ways to get a good free euro account, and the fee-free card spending abroad is the real saving for most people. Go and Metal are fairly priced if you would use the insurance. The weak points are a narrow currency offering, low savings rates below Metal and a regulator that is still watching closely. Pair it with Wise or Revolut if you earn in sterling or dollars.

Visit N26

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