N26 Discussion & Feedback


(Splodf) #1030

Finally got chance to properly assess N26 and I’ve got to say I think the interface is really good. I love the drag and drop feature from your main account to your savings.

I’m really intrigued to see where it goes from here!


(Nick) #1031

I’m increasingly of the opinion that N26 launched when it did because they already had the advertising and marketing lined up. Seems mad otherwise, and would also explain why they went from beta to public launch in no time at all.


(Nick) #1033

Smells like a company line rather than an actual truth to me. They needed a large amount of people, even though they hadn’t finished working through signing up people from the beta list? Colour me skeptical. Feedback? They don’t make it easy, no forum, and I haven’t had any surveys from them. Both ways other than wide release that would increase feedback.

And there’s the advertising. Why would you advertised an unfinished product to such an extent? I find it hard to believe anyone said post-launch “Well, this is going well. Let’s advertise!”
Strikes me as more credible that at some point, someone said “We’ll have the product built by {date}, beta it for a few months from {date}, and it should be ready for public launch around {date range}. {Date} at the latest.” Followed by someone else saying “Are you sure it’ll be ready? Alright, we’ll put together our marketing strategy and book the ads.”

I’ve no proof, granted, but even if I’m well off the mark above, I’m sure there’s something that has ‘forced’ them to do all this - release, advertise - before they’re ready.


#1034

Why, we wasn’t sure if people would want basic functionality?


(Graham - Mental health professional) #1036

Surely some, if not all, of that. It would at least begin to explain the bizarre launch.

Others have said that, in a few months time, when more features have been added, this’ll all be forgotten. I hope so, because there’s only so many ways of reporting how interesting / weird the card is, and dissecting the card’s journey to the doormat. :smirk:


(Ray Singh) #1037

Had my card delivered two weeks ago. Used it twice and not feeling any human/emotional connection with N26. They may be bigger, offer better card design (subjective) and offering lots more than Monzo currently offers BUT I am proud to be with Monzo since the beginning and it feels like my own personal journey with Monzo so I’m sticking with Monzo and new shiny N26 Card now rests in peace :smiley:


#1039

And yet they do, as shown by a large amount of Monzos use base, so it can’t be discounted.


#1041

Other than the novelty card design (which I love btw), I don’t see anything else interesting with this account at the moment.

Yes, the app design is simplistic and some people like it, but that’s it. Very limited features. No forums. No surveys (despite the fact that they want feedback). And then, some people are getting declined for no apparent reason and without further information (decisions seem final and they offer no further information).

Also there is no money protection as far as I know. @coffeemadman clarified they do offer protection. Even TransferWise offers some protection through Barclays. Therefore, I don’t see the point of using N26 as a current account currently.

I was just trying them out as I thought it would be a good idea to have a paneuropean bank. But for now, I’ve locked the card via the app and put it in the drawers at home.


(Jonathon) #1042

N26 has a banking license so your money is protected like any other bank.


#1043

That’s good to know. I had the imperession there was no protection. Thanks for clarifying :smile:


#1044

Just to add on the above…
N26 deposits are protected by German protection scheme for upto €100,000. Most other banks in the UK are in FSCS with is a British Scheme.


(Jonathon) #1045

It’s still protected is my point :slightly_smiling_face:


(Jamie 🏳️‍🌈) #1047

Worth pointing out, though, that in the event N26 fails, you will be dealing with the German government under their scheme, most probably in German. This in itself may make it more onerous for non–German speakers or those outside the country.

Revolut are looking to get a Lithuanian banking licence, and in a time of personal financial crisis I’m not sure I’d like to have to conduct my claim in Lithuanian.

Just something to bear in mind when considering how effective your ‘protection’ is.


(Jamie 🏳️‍🌈) #1049

You’re right, it is valid protection, but I’d argue that protection in another country and not the UK (especially with Brexit uncertainty) is enough to keep N26 a very niche bank where British consumers are concerned. Many people will have been burned by the uncertainty that surrounded the Icelandic Banking Collapse in 2008.

You haven’t heard of Lehman Brothers then?


#1051

Wow.

We have no idea if the deal will get through Parliament. If there will be any last minute changes. If we’re headed for no deal - and what that would mean in actuality. Or if something else happens (leadership challenge, election, referendum…)

There is most certainly extreme uncertainty.


#1053

Here is a thread for Brexit chat :wink:


#1054

I’m not predicting what will happen - I’m pointing out that nothing is currently certain. Your post is littered with words like “doubt” - you might not believe something will happen (and that’s fine), but there’s still a possibility that it will. That, therefore, implies uncertainty.

This isn’t a political opinion, just a statement of fact.

And, to drag this this back on topic, that’s the unfortunate reality for N26 in the UK (and has probably coloured Monzo and Starling’s thinking about European expansion) - things like financial protection schemes are eyed suspiciously until there’s more certainty.


(Thomas Horne) #1055

My ex who I visited a good amount of times is German. I found that a good amount of Germans have a good grasp of English, this is especially true amongst the youth.


(Jamie 🏳️‍🌈) #1056

This is undoubtedly true.

My point was, simply saying “you have protection” needs to be received with some modicum of critical thought, sadly lacking in one or two posters’ advice generally on this forum.

British customers of UK banks which are members of a foreign deposit protection scheme surely have to take into account they will be inevitably dealing with a foreign government, in a language they may not understand. There will be form–filling, communication, and information posted on websites which I imagine will be in German (or Lithuanian, or even Greek or Bulgarian which both use different alphabets) and whilst translation is always possible, customers should bear in mind that when things go wrong like this (such as in 2008) events are often fast–moving and the prevailing emotion can quite often be panic. Breaking news about a failing German bank may not be covered in the same depth in the UK media, and access to German news sources may be limited and in German, adding to the sense of unease.

Which may all be fine for a small contingent of brash, young, confident fintech enthusiasts here, but I would suggest might make the vast majority of British customers (including young people) feel there is too much of a barrier in using a foreign bank, when there is more than enough choice in the home market.

It is vital, however, to remember that when this actually happened in 2008 to the entire Icelandic banking sector, a court ruled that the ‘protection’ didn’t actually apply to British and Dutch customers, and that the Icelandic authority didn’t have enough money anyway to finance that ‘protection’. The UK and Dutch governments stepped in and invoked their own, separate protection schemes to stem the financial panic, leading to a lengthy dispute with Iceland about its fiscal responsibilities. There is nothing to say that would happen again with a foreign scheme as it would be a decision for the Chancellor of the day to take.

I was never calling into doubt the protection offered (or the ability of Germans to speak English) I was simply making the point that one needs to evaluate what you are realistically dealing with.


(Herp Derp) #1057