Both N26 and Bunq are digital banks, meaning you can open and access your bank account via a laptop, tablet, or smartphone. You don’t need to visit a physical branch to access banking services. You can use either N26 or Bunq to save, spend, send, or hold money in different currencies. We have been vivid users of both banks. We will share our experience, what we think about each, and how each of them can add value to your banking experience.
N26 and Bunq are similar because you can open an account online without having to visit a physical branch. Both of them also provide you with physical cards, and you can also create virtual cards which you can use to make payments. Both banks also support investment opportunities.
What are the Main Differences Between N26 and Bunq?
N26 is a German neobank founded in 2013 by Valentin Stalf and Maximilian Tayenthal. N26 offers local IBANs in Germany, France, Italy, and Spain and savings accounts that earn interest. N26 also supports instant SEPA transfers.
Bunq is a digital bank founded in 2012 by Ali Niknam in Amsterdam, Netherlands. Bunq offers multiple EU IBANs and accounts with local details in German, French, Spanish, Irish, and Dutch and savings accounts that earn interest on deposits. Bunq also supports instant SEPA payments.
How Does N26 and Bunq Savings Account Compare?
Bunq offers a free savings account and a current account that costs about €2.99 per month. Bunq savings account earns an interest rate of 2.46%, paid out weekly. You can higher interest rates if you open one of the premium accounts. The interest rates you earn can pay for your premium account fees. You can deposit money into Bunq savings account through Ideal, Sofort, Apple Pay, Google Pay, bank transfers or credit cards. N26 does not have a minimum deposit requirement for your savings account. Your deposits are insured up to €100,000 by the Dutch Deposit Guarantee Scheme.
N26 also offers a free savings account, but only to customers with a Spanish IBAN and who are a resident of Spain. N26 savings accounts earn an interest rate of 2.26% calculated daily and paid out monthly. Once you have an instant savings account, you can access the money anytime you need it. You can load your N26 savings account through SEPA transfers, debit or credit card transfer, Apple Pay or Google Pay, iDEAL, CASH26, GiroPay, or EPS. All of them are instant. N26 savings are protected up to €100,000 by the German Deposit Guarantee Scheme.
From our experience, Bunq stands out when it comes to savings accounts. It offers higher interest rates compared to N26, and is accessible to any customer. Unlike N26 where only those with Spanish IBANs can open savings accounts, with Bunt anyone can open a savings account.
Comparison Between the Main Features
N26 and Bunq offer distinct features and banking experience services. Some of their services and features are similar, while others differ. This is how they compare:
N26 offers local IBANs in Germany, France, Italy and Spain and you can transact in 38 currencies. N26 offers money management tools such as spaces that can categorize your spending to help you manage finances better. You can get up to 10 Spaces subaccounts, which you can share with others to help you save together with others. It also helps you to budget better. You can also use N26 to invest in cryptocurrencies.
Bunq, on the other side, offers local IBANs in Spanish, French, Irish, Dutch, or German. Bunq also provides you with access to 16 different currencies, and you can create subaccounts for better financial management. Bunq allows you to open multiple bank accounts within one premium account which you can use for various purposes such as fixed costs, shopping and budgeting. Bunq also offers other services such as multi-currency savings, travel assistant and additional services such as a payment sorter.
How N26 Card Compares with Bunq Card
Both N26 and Bunq offer physical cards, and you can also create virtual cards. N26 offers a Visa or MasterCard debit card that is accepted worldwide and is linked to your current account. N26 Standard account does not offer a physical card, only a virtual card. Premium accounts also come with physical cards. It is free to replace a physical card for all N26 premium customers, but they do charge a delivery fee of €10 or €30 depending on how fast you want the card to be delivered.
Bunq, on the other hand, offers both physical and virtual cards. With Bunq, you can order a credit card and a debit card, either a MasterCard Credit card or a MasterCard debit card. Bunq card offers Easy Green customers a 2% cashback on public transport and 1% cashback on restaurants and bars for Easy Premium accounts.
Fees and Pricing
N26 and Bunq charge varying fees and it can be confusing to compare their prices. Each of the two banks comes with different perks. However, we advise that you carefully compare the two banks to determine which one caters best to your needs, requirements and fees. Bunq Easy Bank can be best compared with the N26 Standard plan, while the N26 You account is best compared with Bunq Easy Money. In this comparison, we believe that Bunq Easy Money offers the most value compared to all other plans. But this might not be a fit for everyone’s needs, as our value comparison also mostly depends on the perks you are looking for.
| Bunq Accounts | Monthly Fee (Personal) | Monthly Fee (Business) |
|---|---|---|
| Bunq Easy Savings | €0.00 | €0.00 |
| Bunq Easy Bank | €2.99 | €6.99 |
| Bunq Easy Money | €8.99 | €12.99 |
| Bunq Easy Green | €17.99 | €22.99 |
| N26 Accounts | Monthly Fee (Personal) | Monthly Fee (Business) |
|---|---|---|
| N26 Standard | €0.00/month | €0.00/month |
| N26 Smart | €4.90/month | €4.90/month |
| N26 You | €9.90/month | €9.90/month |
| N26 Metal | €16.90/month | €16.90/month |
Extra Benefits of N26
N26 and Bunq differ in various ways such as when it comes to personal loans, and travel insurance. This is how the two differ:
Personal Loans
One of the main differences between N26 and Bunq is that N26 offers personal loans while Bunq doesn’t. You can get a loan of between €1,000 and €25,000 with N26 Credit in a few minutes, but this offers only applies for German customers with a Schufa report.
Travel Insurance
N26 also differs from Bunq in that it offers travel insurance, while Bunq doesn’t. However, travel insurance is only available for N26 You and Metal customers. The travel insurance covers medical insurance of up to €1,000,000 for you, your spouse and your kids. It also covers travel delay and cancellation, baggage coverage, trip interruptions, mobile phone insurance, and personal liability coverage up to €500,000 while traveling.
Investment Options
N26 does not have a direct investment opportunity, but it can help you buy and sell cryptocurrencies. N26 provides you with access to over 200 cryptocurrencies within your banking app. You get to see cryptocurrency details that you need to decide, like the current price, its value fluctuation over time and other insights. After purchasing a cryptocurrency, you will be able to see it in your portfolio within the N26 app. However, it’s important to note that it’s not possible to transfer your coins to an external wallet. This is why N26 crypto cannot be considered as a usable feature for those who also like to spend and use their coins, or hold on to self-custodial wallets.
Bunq, on the other hand, can help you invest by putting your spare change into investment. Every time you spend money, your payments are rounded off to the nearest € and the difference is added to your investment portfolio. You can invest in Bunq depending on the risk you are willing to take. For instance, you can create a low-risk portfolio that can earn your deposits some interest. You can use Bunq app to monitor your investments in real-time.
From our experience investing in Bunq, it offers you the peace of mind you need. It costs 0.99% to invest in Bunq, which is competitive compared to other investment solutions that offer the same investment accounts. You can choose one of the three Bunq’s portfolio choices based on your strategy. This is done through Bunq’s partnership with Birdee. These investment portfolio strategies include:
- Less Risk: Lower risk with a lower expected return.
- Some Risk: Offers a balance between risk and return stability.
- Vegas Baby: Involves more risk with a higher expected return.
Our Experience with These Options
From our perspective, having used the two online banks, serious investors should look for alternative investment platforms. However, if you are a beginner investor and want to get some insight into investments, Bunq is a better option. Bunq offers a better experience with low-risk portfolios, something that is crucial to beginner investors.
What are the similarities between N26 and Bunq?
N26 and Bunq are mobile banks and have so much in common. These similarities include:
- SEPA instant payments. Both N26 and Bunq support SEPA transfers. N26 allows you to make payments or get paid instantly through SEPA transfers. Instant bank transfers are free for premium customers and cost €0.99 for N26 Standard customers. Bunq SEPA payments are also instant but don’t cost extra.
- Mobile app. Both N26 and Bunq are mobile banks accessible via the web or app. You can download either of the apps from the Play Store or App Store. For N26, there are some features such as a Savings account you cannot access unless you use the app.
- Sub-accounts. Both N26 and Bunq allow their customers to create subaccounts. With N26, if you have a premium account, you can create up to 10 subaccounts and delete them as often as you would want. Bunq also offers subaccounts where you can easily divide your money. With Easy Money or Easy Green, you can create up to 25 subaccounts, and each subaccount can also have their own IBAN. With both banks, it’s possible to link your cards with specific subaccounts.
- Customer Support. Both N26 and Bunq have customer support. You can reach N26 customer support through an in-app chat. N26 premium customers are the only ones who can reach N26 customer support via a phone call. Bunq customer support is only available through email and chat.
- Deposit Guarantee. Both N26 and Bunq, your deposits are insured through deposit guarantee schemes. In N26, savings are protected up to €100,000 by the German Deposit Guarantee Scheme while your savings in Bunq are protected up to €100,000 by the Dutch Deposit Guarantee Scheme.
What Do People Say about N26 and Bunq?
N26 and Bunq have both positive and negative reviews online. Their reviews mainly revolve around their features and customer support. The two banks have been criticized for lacking customer support.
- N26 has a 3.1 rating on Trustpilot. Many reviewers commended N26 for its responsive customer support, good user experience and value for money. However, there have been numerous complaints from people having challenges with their accounts getting blocked without clear reasons and a lack of response from customer support.
- Bunq has a rating of 3.5 on Trustpilot. Many reviewers like Bunq because of its savings features and basic transaction plans. Many negative reviews are regarding the lack of human customer support. Also, when you sign up for a free trial, Bunq does not remind you to unsubscribe or upgrade your plan. Consequently, you get charged and you can’t get a refund.
Which is Better, N26 or Bunq?
The choice between N26 and Bunq depends on your specific needs and priorities. Both banks offer a wide range of features and services, but each bank has distinct features.
If you are looking for a bank that can help you save and invest, Bunq can offer you a better experience. Bunq offers varying risk investment portfolios that can help you invest based on your risk threshold. Bunq offers 2.46% interest rate on its customers’ deposits, an offer that increases when you get a more premium plan.
On the other hand, if you are looking for a bank that can help you invest in cryptocurrency, N26 can help you with that. N26 can also help you grow your money since it offers 2.26% interest rates on customers’ deposits. Also, if you are a frequent traveler, choose N26 because it offers travel insurance.
However, it is worth noting that both banks have received both positive and negative reviews. While N26 offers value for money and responsive customer support, some people have criticized it for having their accounts blocked without clear reasons. Bunq on the other side has been applauded for its features and services and also criticized for its lack of customer support via call.
Why Not Use Both Banks?
Both N26 and Bunq have free accounts. You can use both of them and compare their features and user experience. If you like both, you can continue with both of them. Many people prefer to use multiple online banks because of their distinct features. If there is one you don’t like, you can drop it. So, the choice is yours depending on your needs. Check out N26 and Bunq yourself.