Alternatives to N26
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
30th November 2020
3 minute read
On February 11th 2020, N26 announced that they would be leaving the UK market due and closing their current accounts, meaning existing customers will have to switch to another provider. If you are an existing customer, or were previously considering opening an N26 bank account, we’ve put together a useful guide so you can find alternatives to N26 prior to the deadline of April 15th 2020.
Our guide includes plenty of information and support for existing N26 customers, along with alternative providers that are comparable so customers can make an easy switch. Read on to find out how to make the switch and get your questions answered prior to the deadline in April.
What happened to N26?
- They are leaving the UK market due to Brexit and other ongoing issues
- They only have an EU banking licence so are unable to operate in the UK without one
- They will be closing their UK accounts and app functionality on April 15th 2020
The announcement of N26 closing their accounts means that N26 have decided to stop operating in the UK, but they will be carrying on their services in the rest of Europe. Their company statement indicated that Brexit is partly to blame for this decision but it is also because they have an EU banking licence, which up until this point allowed them to operate in the UK.
Since they have decided not to get a full UK banking licence, they will therefore be unable to carry on providing their services to UK customers. In comparison, competitors such as Starling, Revolut and Monzo already have a licence to operate in the UK, so they will remain unaffected by Brexit.
What do I have to do?
- As an N26 customer. your account will be closed by 15th April 2020
- Switch to another bank or simply transfer any money to another account
- Switch direct debits and standing orders to another current account
- N26 will no longer open any new accounts after the deadline
If you are an existing customer of N26, you will need to withdraw or transfer any money currently in the account before the deadline. You will also need to replace any direct debits or standing orders you may have in place by setting them up in a new account and cancelling the ones currently on your N26 account. All this will need to be done prior to the deadline.
Were you thinking of opening a new N26 account? That option is still available, but you will no longer be able to access it after the deadline. Instead, choose another current account provider from our panel listed here.
What if I miss the deadline?
- You will not be able to access your account any more so will not be able to withdraw your funds
- Get in touch with N26 if it is past the deadline and they should be able to organise a way to transfer the remaining funds left in your account
On April 15th 2020 N26 will close down all remaining UK accounts and you will not be able to use the app as a UK customer. If you still have money left in your account after this time, you will have to get in touch with N26 in order to retrieve it.
Thankfully, N26 will still be operating outside of the UK so aren’t closing down completely. This means if you have forgotten to withdraw remaining funds then you will still be able to contact them to arrange for the remaining funds to be transferred.
You can find more information about contacting N26 on the N26 Support and FAQ page here.
What alternatives are there for N26 customers?
- Starling – one of the most popular challenger banks in the UK, offering Spending Insights, savings through ‘Goals’ and an interest rate of 0.5% on your balance. Read our review here
- Monzo – scoring high for customer satisfaction and hugely popular in the UK, Monzo offer a versatile current account which even gives you the option to receive your pay 24 hours early. Read our review here
- Monese – touted as the most accessible challenger banks, Monese offer current accounts with an easy application process that are ideal for those working in the UK and EU. Read our review here
- Revolut – if there was a crown for the best challenger to use whilst travelling in Europe, Revolut would win hands down. They offer a free Euro IBAN account and allow you to use the interbank exchange rate straight from the app. Read our review here
- Cashplus – if you already have a bad credit score but would like to make improvements to it, Cashplus offers a Creditbuilder scheme that will gradually increase your score every month. Read our review here
- iCount – if you have had issues with borrowing in the past, iCount offer an easy application process with no credit checks and two types of current account to choose from
Make the switch to a new current account today by checking out our comparison tables using the link below. Remember to make the switch before 14th April 2020.