N26 has announced that it is closing all UK bank accounts from 15th April 2020. Despite offering reassurance about Brexit when contacted for our review back in May 2019, N26 will cease operating in the UK, citing Brexit as the reason for the closure.
N26 says “With the UK having left the EU at the end of January, we will in due course no longer be able to operate in the UK with our European banking licence.”
What does this mean for my N26 account?
You can still gain access to your money but you will need to move any money from your spaces and N26 current account before it closes on 15th April 2020. You will also need to ensure any direct debits and standing orders are cancelled or moved to a new account prior to the account closure otherwise payments will be bounced and sent back to the sender.
If your account is in a deficit you need to ensure this is topped up prior to the account being closed.
Is my money safe?
Your money is safe with N26 for now, as it is protected under the German deposit scheme for €100,000, but make sure you move it before the 15th April 2020 deadline, otherwise it will be moved to a holding account and may prove tricky to access.
For more information on the N26 account closure, you can read the FAQs on the N26 website here.
Alternatives to N26 bank
If you liked the app only banking features of N26 there are many alternatives that are still operating in the UK.
Revolut - Good for travel
- In-app budgeting
- Round up saving
- Instant spending notifications
- Fee-free spending abroad
- Fee-free cash withdrawals (monthly limit applies)
- Although Revolut operates as a bank, it is still waiting for its UK banking licence to be approved and so your money is not currently covered by the Financial Services Compensation Scheme (FSCS)
Monzo - Good for budgeting
- Can be used with Apple/Samsung/Google pay
- Set spending budgets
- Spending categorisation
- Instant spending notifications
- Fee-free spending abroad
- Fee-free cash withdrawals (monthly limit applies)
- Round up spending
Starling Bank - Best for round-up saving
- Voted Best British Bank 2019
- Create multiple savings goals
- Round up spending, increase by x2, x5 or x10
- Track spending
- Instant spending notifications
- Fee-free spending when travelling abroad including cash withdrawals
You may also be interested in 'The best money apps you should have in 2020'.
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