N26 Review: Checking

N26 is a mobile banking platform with some perks. It is currently unavailable to new customers.

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Overall bank rating

N26

at N26, Deposits are FDIC Insured

  • Checking

4.0

NerdWallet rating 

The bottom line:

N26 is a mobile banking platform that offers a checking account backed by Axos Bank. This means customers receive FDIC insurance on their deposits. N26 currently has a waitlist and is unavailable to new customers. The fintech banking platform is part of the Allpoint ATM network, so customers can withdraw cash for free at more than 55,000 ATMs, plus two additional out-of-network ATM fees are covered per month. The account doesn’t offer interest, but customers can earn cash-back rewards with certain retailers with their N26 debit card.

 

What to know about fintech banking platforms: These can be solid options for consumers who prefer online-only banking. Funds deposited in these accounts are usually FDIC-insured through sponsor banks, which will also typically receive customers’ money if a fintech closes, so customer funds are safe. Fintech accounts often have low monthly fees and earn strong rates. However, they may also lack traditional banking features, including in-person customer service and access to personal or cashier’s checks (often required for large purchases, such as buying a home) or wire transfers. Consider these details before opening an account. (Learn more about neobanks.)

 

Best for: Consumers who want the perks of a widespread ATM network, don’t care about having branch access and don’t mind staying on top of where they can get cash back on purchases.

 

» Want a higher interest rate? Check out NerdWallet's favorite high-yield online savings accounts

Pros

  • No monthly service fee or minimum balance.
  • Access to more than 55,000 Allpoint ATMs.
  • Cash back offered for purchases at certain retail locations.
  • Get your paycheck up to two days early via direct deposit.
  • Option to use “Spaces” subaccounts to manage your money.

Cons

  • No overdraft program.
  • No branch access.
  • No interest rate.

Full review

N26 Account

at N26, Deposits are FDIC Insured

4.0

NerdWallet rating 

at N26, Deposits are FDIC Insured

Monthly Fee

$0

The N26 Account doesn't charge any monthly, overdraft or foreign transaction fees. It also doesn't require a minimum balance. You'll earn cash back for using your debit card at select national businesses, including Lyft, Walmart and Blue Apron, as well as participating local businesses.

N26 Account

at N26, Deposits are FDIC Insured

4.0

NerdWallet rating 

at N26, Deposits are FDIC Insured

Monthly Fee

$0

The N26 Account doesn't charge any monthly, overdraft or foreign transaction fees. It also doesn't require a minimum balance. You'll earn cash back for using your debit card at select national businesses, including Lyft, Walmart and Blue Apron, as well as participating local businesses.

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.