If you perform your banking via a smartphone app, you know that it often works, but it is not particularly user friendly. That changes now with Number26.
Number26 is a young company from Berlin, which has developed a current account (Girokonto) specifically for the smartphone.
The account can even be opened using a smartphone (Android or Apple). You will find out how to do this further in the article.
What you can expect from Number26:
- free account management
- free MasterCard
- free cash withdrawals (valid worldwide as at the DKB)
- easy to use and self-learning Banking-App
- simple transfers when on the road
- complete account opening in only 8 minutes via smartphone
Website of the provider: https://number26.de/
What you should know before opening the account:
1. Credit account without Schufa-query (credit investigation company)
The current account of Number26 is a pure credit account (Guthabenkonto). In order to use it, money has to be deposited first. If the money is used, no more transactions can be performed. Also payments with the MasterCard won´t work anymore (prepaid Mastercard).
This has two interesting benefits:
Prepaid accounts do not require Schufa-queries (Schufaabfrage) and are also not entered into the Schufa-database. This means:
- You can open the Number26 account as an additional free current account without worries, as this will not change your own Schufa-ranking.
- Also people, who are having a hard time with the Schufa or have really bad entries there and are thus rejected by other banks, get a true bank account (Bankkonto) at Number26.
No indebtedness possible
Since you cannot spend more money than you have deposited, you will never become a victim of the debt trap, as this sometimes is the case at costumers of credit cards with credit line.
2. No interest, but deposit insurance of Euros 100,000
The partner company of Number26 is Wirecard Bank, based in the Bavarian Aschheim. All accounts are managed there. The account balance is protected by law in the amount of Euros 100,000.
However, there is no interest on the current account. Thus, it is not suitable for investing, but this is common in current accounts.
Note to the account opening
Currently, you can register for an account opening (Kontoeröffnung). For this purpose, you only have to enter your e-mail address on the website of the provider. Invitation messages are sent in stages to all registered e-mail addresses with a code for the account opening.
Anyone, who has already opened an account can invite up to three “friends“ via e-mail or SMS, in order for them to open the current account immediately skipping the waiting loop.
a transparent MasterCard experience
If you do not have a friend-invite (Invite Code) yet, then register your e-mail address first and wait to see what happens.
“N26 implements fees for withdrawals”
… open a better – really free – account with Visa Card!
How to perform the account opening with the smartphone:
- You start the account opening through the button “Anmelden“ (register).
- If required, enter your Invite-Code.
- During the set-up process, specify a password for the app, a PIN and a code for transactions.
- Legitimating takes place via a video call that you can perform directly with the smartphone. Lay out ready a piece of paper and a pen, as you will have to write down a reference number to enter this in another app. Moreover, it is necessary to have a sufficiently fast Internet connection, as the video call will need a certain data volume.
- Alternatively, the video call can be performed via a computer with webcam or through the iPad. Likewise, the proven PostIdent-procedure is offered too.
The MasterCard will be shipped immediately upon account opening, so that you will receive it in a day or two in your mailbox. Then you can get started right away, because you have already set all the codes for yourself during the process of account opening.
If everything goes well, the whole account opening is completed within 8 minutes.
Questions to the account or account opening?
As usual, feel free to use the comments box. I would also be grateful to read about your opinions and possibly your own experiences with the current account and credit card of number26. Thank you!