Number26/N26 Mastercard/Account now for Irish Residents

TheChizler

https://www.boards.ie/discussion/comment/121889751#Comment_121889751

Pretty painless to set up and transfer money to, earned a couple of quid interest already, better than the big fat zero I was getting in N26 spaces. There's no DIRT at source so I have to include it in tax returns but I need to do them anyway (I think). Haven't used the trading features yet but they look ok, happy with zero risk interest tbh.

Hibernicis

N26 savings rate is as follows:

2.8% for Standard, Smart and You A/C holders

4.0% for Metal A/C holders

Unlimited balances allowed, €100k covered by German DGS

Interest paid monthly

Liable to DIRT, and possibly PRSI. DIRT not deducted automatically so interest must be declared to Revenue

Further information here: https://n26.com/en-eu/savings-account

Stewball

https://www.boards.ie/discussion/comment/121889834#Comment_121889834

I'm not interested in the trading aspesct myself. I'm just looking at the 4% savings account.

Just noticed the TR thread on here, so I'll do more research in there. Thanks.

blade1

https://www.boards.ie/discussion/comment/121890135#Comment_121890135

I'm not sure I can handle anymore new accounts.

I'm already like this filing my returns 🙊

Sono

I am a current N26 account holder, considering getting Metal account for the 4% rate for savings, looks like a safe place to hold money, any reason why I shouldn't throw a lump sum in?

wassie

As @Hibernicis posted above, funds up to €100,000 are covered by the German Deposit Guarantee Scheme (DSG). In the event N26 collapsed, you would have to make a claim through the German regulator. And have to declare interest earned to Revenue. Will be subject to DIRT tax 33% (possibly PRSI in certain circumstances for large amounts)

According to this thread in the Askaboutmoney forum, you need to have around €22,000 on deposit for a year for it to be profitable after taxes and fees for Metal account.

https://askaboutmoney.com/threads/n26-launch-savings-account-paying-2-80-to-4-00-less-fees.235269/

RetroEncabulator

SOOO many taxes on small investments and savings here. I was going to put some money into stocks and shares on Revolut, really only to try out with a couple of hundred euro to see how it works and I decided not to as I'd have to do all sorts of complicated returns and I have no idea how to do them tbh.

sportsfan90

This is probably an obvious question but I'm new to this so bear with me. Say I put in €100k, I get the 4% interest (minus 33% DIRT and 4% PRSI I think) which is paid monthly. I presume there's no penalties for removing a portion of the €100k, apart from the less interest you'd receive?

Example ignoring the DIRT and PRSI for now, €100k at 4% is €333 interest a month. Say on day 21 of a particular month I remove €20k to buy a car leaving €80k in the account. Would the interest that month be (€333 * 20days/30) + (€333 * 0.80 * 10days/30) = €311. Is this correct or am I missing anything?

wassie

No penalty. Its a sub-account of the main savings account with no restrictions. If you attach an IBAN to it, you can deposit and withdraw money to outside banks accounts also.

As for how interest is calculated - its in the FAQ.

Your interest is calculated daily based on your account balance. For instance, if you maintain a daily balance of €15,000 in your Instant Savings account for 12 months and you have Metal membership, you’ll earn a total gross interest of €600 before taxes. Similarly, if there are 30 days in a month and your Instant Savings account balance remains at €15,000 for the whole month, you’ll earn a total gross interest of €49.32 (€15,000 x 4% x 30/365) for that month.

Hibernicis

https://www.boards.ie/discussion/comment/121911859#Comment_121911859

Just one point on the DGS. In general, it is not necessary to make a claim, the DGS mandates the liquidator (or the institution that steps in) to deal with creditors (depositors). In the cases dealt with under the Irish DGS (mainly Credit Unions) cheques were issued automatically. Exceptions are cases where the depositor held a qualifying temporary high balance, held cheques drawn on the failing institution, is deceased or disputed the amount automatically issued. In the past there was a 20 day maximum period for the issuance of the the compensation, however this was reduced to 7 days in 2015.

wassie

Thanks for the clarification. Seems to be the similar operation in Germany i.e. no need to make an application and all claims must be processed in 7 days. I assume this is an EU requirement as to the mechanics of the scheme.

https://www.bankliquidation.eu/deposit-guarantee-scheme-of-germany/

Actual specifics on the details can be found on the Entschädigungseinrichtung deutscher Banken (EdB) website - The Compensation Body of German Banks. (Note: needs to be translated).

Hibernicis

https://www.boards.ie/discussion/comment/121913966#Comment_121913966

You are correct that the schemes are very similar. This is the result of considerable efforts to harmonise Deposit Guarantee Schemes across the EU, resulting in the 2014 EU Directive which replaced the previous framework.

Information on the Irish DGS is available here: https://www.depositguarantee.ie/ which lists the legal framework that supports the Irish Deposit Guarantee Scheme as follows:

EU Directive on Deposit Guarantee Schemes (2014/49/EU)

European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015)

Financial Services (Deposit Guarantee Scheme) Act 2009, as amended

This harmonisation of the schemes was required as part of the internal market and to ensure that they have common principles and operating parameters, however they remain national schemes and so have some differences. Harmonisation was necessary for various reasons, Best/Standard Practice (e.g. 7 day timeline for reimbursement), avoiding unforeseen operational consequences (seeking to harmonise the limit at €100,000 to avoid trans border movements where deposits were chasing higher nationally set limits) etc.

If you are ever really bored there is a CBI document setting out the details of the Risk Based Contributions to the Irish DGS here: https://www.centralbank.ie/docs/default-source/consumer-hub-library/deposit-guarantee-scheme/20161219-risk-based-contributions-to-the-irish-dgs.pdf?sfvrsn=285ea21d_8

Sheep Shagger

https://www.boards.ie/discussion/comment/121889751#Comment_121889751

I moved my savings to them from n26 about a month ago - no issues.

Stewball

https://www.boards.ie/discussion/comment/121919232#Comment_121919232

I signed up last week and made a small deposit to get the ball rolling.

sportsfan90

Has anyone else had trouble opening an account with N26? I tried and failed to open one this week. I uploaded my passport as proof of identification and it said it would take 48hrs to verify my account. I'm a bit flummoxed, if there was an issue with the picture of my passport you'd think it would say that rather than a straight up refusal to give me an account. Also no guidance as to what I did wrong. Very frustrating. Anyone have any ideas?

Below is a copy of the email:

Hey _______,

We’ve reviewed the information you provided and we must inform you that according to our current verification procedures, we’re unable to offer you an N26 bank account at this time.

Thank you for your understanding and your interest in N26.

Kind regards,

Stewball

I just opened a N26 savings account - just wondering if my direct debits etc will take from the savings if there isn't enough money in my current account?

I noticed they've got different acc numbers/IBANs so I'm guessing it won't, but just want to be sure.

wassie

No. From their support page:

https://support.n26.com/en-es/payments-transfers-and-withdrawals/direct-debits-and-standing-orders/will-my-direct-debit-go-through-if-im-low-on-funds?flags=noscript

If your balance can’t cover a direct debit when it’s due, it’ll bounce and you’ll be charged a €3 fee....

IBANs for Spaces: If you have assigned an IBAN to a Space and you do not have enough funds to cover an outgoing direct debit, the direct debit will bounce and you’ll be charged a €3 fee from your main account.

peteb2

https://www.boards.ie/discussion/comment/121942613#Comment_121942613

But they will notify you that day and say the direct debit has failed but you have until 6pm that day to lodge fund to the main account or whatever space you are using. Which would give you plenty of time to move money from savings to current,

StaticNoise

N26 is now offering Joint Accounts in Ireland.

If you're a customer, go to the Finances tab in the app, scroll down to Add More, and you'll see Joint Account as an option. You then select another N26 user from your contacts, or you can invite someone. Otherwise, you can sign up online. There are no fees for N26 customers for a joint account.

MercuryBoy

If anyone needs a referral code for N26 ping me!

lightspeed

Can anybody advise how they got their address verified?

I'm trying to set up an account for my Dad and it keeps saying the address we provided and that of proof of address is different.

I tried electric Ireland bill and a bank statement from his revolut account but it won't accept it.

There support is useless that just keep saying to change the address so it's the same but the format of the address is fixed on their and cant be changed. So unless I fraudulently photoshop the address on the proof I'm providing it will never match line by line.

The support even closed the account without our request suggesting to set it up again but nothing works.

I even tried entering the street address in postcode field so it would match exact layout of the bill but this still didn't work.

How on earth did anybody ever get past this step to create an account?

Hibernicis

https://www.boards.ie/discussion/comment/122008795#Comment_122008795

The system kept reformatting my address automatically, putting the house number at the end of the line and generally into a format I knew would never get delivered. I contacted their support saying that there was a bug in the system and could they please input the address and gave them the exact format I wanted. They had to contact their IT department to do this. Had to go through the same nonsense when I changed address. Suggest you contact them and tell them the exact format you want. And once that’s done redo the verification.

Qrt

I went through this the first time I signed up. I signed up in my regular name, not my full legal name. ID verified after a couple of days, address verification just wasn’t happening. In the end I asked them to reset my application, applied under full legal name, account open in a few hours.

flazio

N6 are German and I think they are trying to use the German address system.

Qrt

https://www.boards.ie/discussion/comment/122012137#Comment_122012137

exactly, my address reads

Firstname Lastname

Streetname #

D01A1B2 Dublin

You can make it out, but I’d be reluctant to get a card off them.

Hibernicis

https://www.boards.ie/discussion/comment/122012137#Comment_122012137

Correct. Which would be just perfect in their German branch. But which is inappropriate and unworkable for their Irish business.

Quackster

https://www.boards.ie/discussion/comment/122012428#Comment_122012428

I have my address with them in this format (street followed by house number) and it's never been an issue in getting cards delivered. I mean, once the Eircode is correct, there should be no issues in that regard.

bennyx_o

Likewise, have been with N26 almost 10 years and have had no issue with cards etc delivered from them.

wassie

Ive encountered this with every financial service I use that has its HQ on the EU mainland. Its not a bug, its just that Irish address formats typically are not compatible with their own address formats when they develop their systems. As @Hibernicis notes, their software developers can make small changes to accommodate this, but getting them to sort out a few customers is a hard sell.

Part of this is a legacy issue thanks to Ireland never having a formalised address system until Eircode system in 2015 (Ireland was the last country to create a post code system in the OECD). For example, many addresses outside of towns & cities don't have a house number, yet often address systems require one. Generally I just use '0' or '.' and that seems to work.

Sheep Shagger

Joint accounts have arrived at N26.