Digital banking has been on the rise in recent years, and for good reason. Challenger banks like N26 and bunq have been shaking things up in the industry with their convenient features, low fees, and easy-to-use apps.
Traditional banks, on the other hand, have been struggling to keep up with the times, often offering slow and laborious online banking processes.
In this article, we’ll inspect the current accounts offered by two of the major digital banks, N26 and bunq.
N26, a German-based digital bank, offers a range of banking options, including personal and business accounts, all accessible on your smartphone. Its current account options include the N26 Account (its free account option), N26 You, and N26 Metal. Founded in Berlin in February 2013, the bank is now available in several countries throughout Europe and the US.
“At N26, we believe that banking should be easy and accessible to everyone. That’s why we’ve created a range of current account options that suit a variety of needs, all accessible on your smartphone,” says Valentin Stalf, CEO of N26.
bunq, an app-based digital bank, is available throughout Europe and was founded in the Netherlands in 2015. Headquartered in Amsterdam, they provide personal and business products, including an Easy Bank card, Easy Money card, and an Easy Green card. bunq also offers a free savings account where you can earn up to 0.09% on your balance.
“At bunq, we believe in making banking easy, and that’s why we’ve created a range of products that are accessible on your smartphone. Our app makes it easy to manage your money, and our free savings account offers a great interest rate,” says Ali Niknam, CEO of bunq.
Comparing N26 and bunq’s Current Accounts
Both N26 and bunq offer a range of current account options to their customers, each with its own set of features. The N26 Account comes with no monthly fees and no minimum balance requirements. Additionally, N26 You offer ample benefits such as travel insurance and purchase protection. N26 Metal, the bank’s premium account option, offers even more benefits, including exclusive access to exclusive events and discounts.
bunq’s personal accounts include the Easy Bank card, Easy Money card, and the Easy Green card. The Easy Bank card is the bank’s free account option and comes with no monthly fees and no minimum balance requirements. The Easy Money card, on the other hand, offers additional benefits such as cashback on purchases, and the Easy Green card, bunq’s premium option, offers great benefits such as 0.10% cashback on all purchases.
As you can see, both N26 and bunq offer a range of current account options to suit a variety of needs. Whether you’re looking for a free account with no monthly fees or a premium account with additional benefits, both banks have something to offer.
The Verdict: Comparing N26 and bunq’s Digital-Only Banking Experience
Digital-only banks like N26 and bunq have been gaining popularity in recent years, thanks to their convenient features, easy-to-use apps, and low fees. But how do these two banks stack up against each other?
When it comes to the apps offered by N26 and bunq, there isn’t much to distinguish between the two. Both banks offer slick graphics and spending insights, making it easy to categorize your transactions and see where your money is going. Both also allow you to create sub-accounts, where you can keep money for specific savings goals. N26 has Spaces, while bunq has Savings Goals.
One feature that sets bunq apart from N26 is its separate savings account option, bunq Easy Savings, which offers a monthly return of 0.09%. However, it’s worth noting that they also charge a monthly account fee, which may be a dealbreaker for some users.
Additionally, N26 offers special features like lines of credit to users in Germany, which may be more appealing to German users. Furthermore, N26 has a Berlin office, which might be more convenient for German users.
Overall, digital banks like N26 and bunq have disrupted the world of banking in recent years, offering convenient features, low fees and easy-to-use apps.
They are a great alternative to traditional banks, which still struggle with slow and laborious online banking processes. If you’re in the market for a new current account, it’s worth considering one of these digital banks.