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N26 review: we look at their new metal card. Do the benefits stack up?

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EDIT:  Unfortunately, N26 closed its UK operation in February 2020 and it is no longer possible to open an account

This is our updated review of N26, the online bank, focusing on its new metal premium card.  Is N26 worth joining?  Is it worth paying for the N26 metal card?

You will be reading quite a bit about metal payment cards on Head for Points over the next couple of weeks.  Metal credit and debit cards have been very rare in the UK to date but they are about to take off in a big way – if you are prepared to pay the fees they ask.

The standard N26 card is FREE.  What is more interesting about N26 is the travel and other benefits that come with its paid metal version.  In particular, you get free WeWork membership which gives you one day per month of free hot desking and access to the WeWork member network.  This benefit immediately got my interest as I used the WeWork hot desk plan for a year before we took a full time office, and we were paying $45 per month for the privilege.

Review N26 mobile bank app

The N26 website is here.  You can find out about the travel and other benefits of its metal card here.

We have covered Monzo, Revolut and Starling on Head for Points in the past few months.  These are all ‘online only’ ‘challenger’ banks, aimed at a generation used to running their entire life via a smartphone app.  They are morphing into identical businesses offering app-driven current accounts, 0% FX fee debit card transactions, money transfers at interbank rates and analytical spending tools.

N26 is older than Monzo, Revolut and Starling, having launched in Germany in 2013.  It was only in October 2018 that it launched in the UK and a lot of HfP readers may never have heard of it.  It is also active in Ireland, France, Italy, Spain, Austria and Belgium.  Our review of Starling Bank is here for comparison.

What does the free version of N26 offer?

Let’s review the standard N26 card first.

A standard N26 account is FREE for life.  The website claims that you can open an account in just 8 minutes.

N26 offers a range of benefits that will be familiar from other online banks.  You sign up via the website here and then:

You receive a Mastercard debit card – which comes in funky clear plastic, as you can just about tell from the photo above – in the post (free, which is £4.99 cheaper than Revolut)

You get a sort code and account number, allowing you to use N26 as you would a traditional current account

All of your banking is done via the app, including locking and unlocking your card, changing your PIN etc

You receive push notifications of all transactions in and out

You can send and receive money from friends via the app

You pay 0% FX fees on overseas transactions (with no monthly limit and no weekend surcharges, unlike Revolut)

You can pay with Google Pay and Apple Pay

You can set up direct debits against your N26 account

You can withdraw cash for free from UK ATMs

The only charges you are likely to pay are:

Withdrawals from non-UK cash machines: 1.7% fee (Revolut allows one free £200 monthly overseas withdrawal)

14.9% interest rate if you go overdrawn

N26 does offer international money transfers but this is done via a partnership with TransferWise.  If this is important to you then Revolut is probably a better option as it offers £5,000 per month of transfers for free.

There is a £20,000 limit on monthly card payments and a £5,000 daily limit.  These are unlikely to trouble 99% of cardholders.

Review N26 bank account

More interesting for Head for Points readers, however, is the metal version and its travel benefits.

What does the metal version of the N26 card offer?

Let’s move on to review the premium metal N26 card which is potentially of more interest to Head for Points readers due to its travel benefits.

Whilst a standard N26 account is totally free, the metal version of N26 offers a number of premium benefits.  Whether they justify the £14.90 monthly fee is a different question.

The card comes in three different metallic colours.  My favourite is probably the coral version:

Review N26 metal card

….. which I can imagine looks good in the flesh.  There is also a slate version pictured below and a black version.

This is what you get:

Unlimited free cash withdrawals outside the UK

Travel and purchase protection insurance

LoungeKey airport lounge access

FREE WeWork hot desk membership, allowing you to work from one of their offices anywhere in the world for one day per month (you can come and visit us at Moorgate!) – this is usually $45 per month as you can see here 

10% off hotels.com bookings

20%-30% off IHG bookings (I think this is the standard partner discount which can also be accessed via various other routes)

World Elite Mastercard benefits

There are other partner benefits – see the N26 metal website – but I have just focused on the travel ones above.

This is an odd package to value.  One thing is clear – if you can use the WeWork membership, and especially if you are already paying $45 per month for WeWork hot desk membership – this is great value.  You are swapping your $45 fee for N26’s £14.90 fee, which is a big saving.

How would I value the rest of the package?

Value of a cool metal card in your wallet – up to you!

Unlimited free overseas ATM withdrawals – value depends on your travel patterns

LoungeKey membership – this is equivalent to a basic pay-as-you-go Priority Pass which costs £69 per year

Travel insurance – I haven’t seen the policy document so it is difficult to say how ‘strong’ it is, although many HFP readers will be covered via other sources

Hotels.com / IHG benefits – no real value as these can be found via other sources

For me, the package is driven by the WeWork benefit but obviously that is only relevant to a segment of our readers.

N26 metal card reviewed uk

Conclusion – should you get the N26 metal card?

N26 is an interesting addition to Monzo, Starling, Revolut etc, all of which have launched very similar products in recent years.  N26 gives the impression of being a slightly more grown-up and simpler package than some of its competitors, but at the end of the day the features are similar.

If I was still using WeWork on a hot desking basis I would have jumped on N26 Metal.  For everyone else, £14.90 seems steep – even if the travel insurance is suitable for your needs – and I think I’d want to try the free version for a few months before I thought about upgrading.  As it is free to sign up with N26, there is no harm in trialling it.

Of course, if you have always wanted a metal payment card for your wallet then this is an easy way of getting hold of one.  The only question is whether coral, grey or black is slicker …..

You can find out more about N26, and sign up, on its website here.

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Comments (190)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Roger says:
    22 Jan22 January 04:57

    N26, Monzo, Starling, Revolut – Can any of these cards be topped up using Amex fee free?

    • Alan says:
      22 Jan22 January 05:04

      Afraid not.

    • Kier says:
      22 Jan22 January 07:06

      You don’t really “top up” N26. It’s a bank account like any other so money goes in by bank transfer

    • MD says:
      22 Jan22 January 08:33

      You can certainly top up Revolut fee free using Curve. Amex use via Curve depends on if you’re in the beta, or willing to pay the subscription for the soon to launch full versions.

  • Alan says:
    22 Jan22 January 05:10

    I’ve had and N26 account for a few years – moved across when Metro Bank started charging for overseas ATM withdrawals. Mine is actually a German account in EUR (with the card posted to a friend that lives in Germany!). App is slick and works well, card looks nice in the translucent plastic. Overall I didn’t think there was sufficient benefit in the metal version (similarly for the other metal offerings, including Curve) so I’ve stuck with the standard account. Given the weakening in the GBP over the years it’s actually been good having kept a decent balance in EUR!

    • Thomas Howard says:
      22 Jan22 January 09:30

      You still get fee free ATM withdrawals and debit card payments within the EU with Metrobank. The free version of N26 available in the UK says you only get free payments in any currency, not free ATM use, while the free German account says you only get free ATM withdrawals in Euros (not GBP, CZK. RON, SEK, CHF, etc).

      • RussellH says:
        22 Jan22 January 10:50

        These decisions are down to Eurozone rules, not the bank.
        Eurozone banks are required to operate the same charging regime for debit cards throughout the Eurozone.
        Most German banks only grant free ATM use to a subset of all ATMs in Germany, but charge for all other ATMs. But if N26 does not charge for any German ATMs, then it may not charge for EUR withdrawals anywhere else.
        My own German bank has a rule that use of its own ATMs are free – except that it does not have any ATMs AFAIK. Use of its debit card in retailers, though is free throughout Germany, and therefore free for any tranaction in EUR. Sensibly, they also do not charge for debit card use in SEK or RON, because Swedish and Romanian governments have banned their banks from charging for EUR-SEK / EUR-RON transactions.
        It was, of course, open to our government to do this as well, but one really does not expect UK governments to lay down such consumer-friendly ideas to UK banks. And shame on the Danes, Czechs, Poles etc as well for the same behaviour.

        • Alan says:
          22 Jan22 January 14:01

          N26 offer 5 free German ATM withdrawals in my (German-based) N26 account.

        • RussellH says:
          23 Jan23 January 15:53

          Presumably 5 ATM withdrawals per month, not in the lifetime of the a/c?

          So that should be the rule that applies not just to Germany, but to anywhere in the Eurozone.

          I had a similar deal on an HSBC France a/c, but closed that a/c 6 or 7 years ago.

  • Benylin says:
    22 Jan22 January 05:12

    “20%-30% off IHG bookings (I think this is the standard partner discount which can also be accessed via various other routes)” – can someone elaborate on this? Would be interested. Thank you!

    • Claire says:
      22 Jan22 January 06:14

      I’d like to know too! I have a friends & family discount link that gets similar but turns bookings into non-qualifying stays for points, accelerate etc. It’s personal to someone I know or I’d have posted it. If there’s a generic way of getting those prices without losing qualifying status on the booking I’d love to know!

  • Benylin says:
    22 Jan22 January 05:42

    OT: Trying to send some money to India for a tour trip in Rupees. Any ideas best way to transfer, only £150 equiv or so. Rupees bank transfer was on Revolut app few days ago but seems to have disappeared?

  • Nigel the Pensioner says:
    22 Jan22 January 06:09

    It would be interesting to know who the clearing banks are for these “novel” pop up banks as it would be necessary to pay in cheques via these banks to avoid paying in charges – eg First Direct and HSBC, sort code beginning 40- etc etc.
    I appreciate that 90% of HfP readers will never see cheques and probably 75% of you have never heard of them, but they do remain a legal way of paying money securely to someone you don’t know (nor mobile numbers) and will never meet to swap over cash! It remains an essential although declining part of banking for several scenarios and is (unless its a bank business account you are paying in to), free of charge!
    If the clearing bank is not on the high street, then its not in a great position of get my business.
    Rob – you get one hot day at a desk per month; if one only works 12 days a year at a desk then yes save your $45 x 12, but the monthly card fee only gives you 1 day…..

    • Alan says:
      22 Jan22 January 06:20

      It’s extremely easy with Monzo – it tells you in app what number to write at the top left on the back of the cheque and then you just pop it in the post to FREEPOST MONZO! The app notifies you once received and being processed.

    • RichS says:
      22 Jan22 January 06:21

      Most of these banks (and many of the legacy banks) allow you to pay in a cheque by taking a picture of the cheque in the app.

      • Andrew says:
        22 Jan22 January 06:46

        I don’t believe any of these banks support cheque imaging yet. Starling certainly require you to post cheques to them. I feel very uneasy posting a cheque of any sort of value so still maintain an account with first direct where you can pay in over the counter at hsbc.

        • Am says:
          23 Jan23 January 09:23

          HSBC do and it clears in teo days too. Put it in on mon and its cleared by weds

          • Rob says:
            23 Jan23 January 10:17

            HSBC does not support it for a Basic Bank Account, note. Perfectly fine for regular current accounts.

      • Alan says:
        22 Jan22 January 06:47

        Interesting, I know it’s quite common in the USA but had only heard of (I think) Bank of Scotland offering it so far. Which ones offer it that you know of? Most articles I find are from 2017 talking about how it’ll launch in 2018! Would he even less hassle to just take a photo!

        • Jake Mcloughlin says:
          22 Jan22 January 06:50

          Lloyd’s. Did it the other day. Worked seamlessly.

          (Except the fact I forgot you could do it and walked into a branch anyway only to be told in the queue that I was wasting my time!)

        • Andrew M says:
          22 Jan22 January 07:20

          Barclays via App – been open to all since year end. Previously pilot.

        • MrHandBaggageOnly says:
          22 Jan22 January 08:30

          Halifax also allows you to pay in cheques via their App with a photo. Very useful for us. (We also use our local Post Office counter to pay in other cheques).

      • Alex W says:
        22 Jan22 January 07:02

        Revolut does not accepts cheques or cash.

    • Kier says:
      22 Jan22 January 07:14

      N26 has its own banking license and doesn’t accept cheques as far as I know. I probably just suffer from a lack of imagination but I’m struggling to think of scenarios where cheques beat a bank transfer!

      • Alan says:
        22 Jan22 January 07:25

        Sadly Gov’t agencies like DVLA still make payment by cheque – would much prefer bank transfer too!

        • BP says:
          22 Jan22 January 10:22

          The sceptic in me thinks this is because they save a significant sum each year from people not cashing the cheques.

        • Russ says:
          22 Jan22 January 11:45

          You may be right BP. Have at least 5, now outdated, cheques for refunded car tax.

      • David says:
        22 Jan22 January 09:02

        Just to clarify, whether you use an agency sort-code or not has nothing to do with licence.

        Equally, just because you have a sort code, does not mean your bank or bank account accepts cheques.

        And even if you have an agency sort code, that does not mean that your banks agent will accept you paying in cheques over their counter.

        • Lady London says:
          22 Jan22 January 10:23

          Metro told me Barclay’s do their clearing but Barclay’s said cannot do Metro transactions direct with Barclay’s.

        • David says:
          22 Jan22 January 18:12

          Lady London – indeed, perfect example of my final point

        • Mr Dee says:
          23 Jan23 January 00:43

          Well you can put Metro bank cheques in at Barclays but you need to set this service up first and I think it cost £20 a cheque!

  • Jake Mcloughlin says:
    22 Jan22 January 06:44

    Worth noting that your deposits are currently protected by a German banking licence up to €100k in case of bankruptcy.

    No expert in the matter but I imagine in a no deal Brexit this will not be the case and without a separate British banking licence your cash will be unprotected.

    • Andrew (@andrewseftel) says:
      22 Jan22 January 09:16

      I would guess that, in a no-deal scenario, the FCA would re-open its interim permissions regime that it used for the FSA-FCA transition, for previously-passported entities.

  • Neil says:
    22 Jan22 January 06:54

    I’ve had an Italian based N26 Metal account for a while now. Initially I was excited about having a metal card but now I just find it heavy and I don’t really get it. I hope when Amex metal lands in the UK that it’s optional.

    • Genghis says:
      22 Jan22 January 07:02

      But do people not think how amazing you are for having one? 🙂 personally I don’t see the attraction as I’d be happy to hand over an Asda credit card if its earnings rate was decent.

      • Anna says:
        22 Jan22 January 08:06

        +1. I used my Amex gold in Aldi yesterday and it felt frankly flashy darling, but I have a sign up bonus to trigger!

        • Lady London says:
          22 Jan22 January 10:27

          I’d have looked daggers at you in the queue from behind you and wondered what you were doing there. I even got screamed at by another customer for being ‘posh’ in an Aldi – can’t remember why – but hauling out your Gold Amex would trump that @Anna!

        • Anna says:
          22 Jan22 January 11:10

          Lady London, I had a trolley full of 50% off ready meals, saved a fortune 😂

        • RussellH says:
          22 Jan22 January 13:36

          +1. Spent £2.48 in Aldi last night on my Gold Amex.
          Always (almost) use one Amex or another there. Contactless, who is going to notice what card?

          Anna, we never see 50% stuff in Aldi. Very occasionally 25%, but only two or three times a week But Tesco, or Morrisons, we expect 75%-90% off.

        • Anna says:
          22 Jan22 January 14:52

          RussellH – the Aldi discount is 50%, are you confusing it with Lidl or similar? This is odd as I think we live in roughly the same area! Anyway, Monday & Friday mornings usually yield the best results IME. Look out for the red stripe stickers on the items, they will be in their usual location, not on a special mark down shelf!

        • RussellH says:
          23 Jan23 January 15:58

          Thanks Anna! Very roughly the same area, yes. at least in weather forecast terms! But I would guess around 120 miles further north.
          Interesting timing for the Aldi offers as mornings are the last time I would expect offers. But neither of us is ever shopping at those times, normally.

      • Alex W says:
        22 Jan22 January 09:26

        +1 I’d rather pay lower fees for a plastic card with better benefits.

        • Jon says:
          22 Jan22 January 09:36

          +1. If you need this sort of “status” in your life you need a long hard look at yourself. Just done my (last ever) Gold -> Plat Amex upgrade and one of the minor benefits is that the card looks less flash!

  • Will says:
    22 Jan22 January 07:07

    How’s WeWork working out for you Rob? Are there many “hidden” extras?

    • Rob says:
      22 Jan22 January 08:49

      No extras at all. It is very difficult to spend extra money – colour printing is the only thing we ever go over our limit on occasionally. Apart from that, you’re sorted – internet, cleaning, office furniture, office decoration, reception, meeting rooms, coffee, beer, social events, scanning, BW printing all included (or with usage caps we never get near).

      • Jon says:
        22 Jan22 January 09:30

        If there’s beer and you’re not going near the “usage cap” then you’re not trying hard enough 😀 😀

        • Peter King says:
          23 Jan23 January 00:13

          I don’t believe the beer has a usage limit,

          That said, i also hear the Manchester office taps ran dry after New Year.

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