Both N26 and Revolut are digital banks that offer virtual bank accounts. You can open an account online and use it to spend, send, and save money. You don’t need to visit physical premises to open an account or access banking services. For a long time, we have been using the two banks and we would like to share our experiences and inform you where each of them works and where it doesn’t.
N26 and Revolut are the same in that you can open an account online and create virtual cards which you can use to make online payments. Also, they both support cryptocurrency investments and SEPA instant transfers.
What are the Main Differences Between N26 vs Revolut?
N26 is a German bank that was founded by Valentin Stalf and Maximilian Tayenthal in 2013. N26 offers local IBANs in Germany, France, Italy and Spain. You can open a free savings account and earn interest of 2.26% and make SEPA instant transfers with N26.
Revolut, on the other hand, is a digital bank founded on July 1, 2015, by Nikolay Storonsky from Russia and Vlad Yatsenko from Ukraine. Revolut offers investment opportunities in stocks and cryptocurrencies. It also has other features such as money management and travel perks. You can open a bank account with local bank account details in the UK and countries within the EU and EEA. It also supports SEPA instant payments for Euro transfers.
How Does N26 and Revolut Savings Account Compare?
N26 is a digital bank that offers a free savings account to Spanish customers who have a Spanish IBAN. The savings account tends to earn an interest rate of 2.26% which is calculated daily and is paid out monthly. You can load money to your N26 account instantly through SEPA transfers, iDEAL, debit or credit card transfers, Apple Pay, Google Pay, GiroPay, CASH26, or EPS. Your deposits in N26 are protected by the German Deposit Guarantee Scheme up to €100,000.
Revolut, on the other hand, provides savings pots and investment opportunities which work like savings account. Revolut promises an interest rate of 5.2% annually which is paid daily depending on the currency and your plan. It is worth noting that Revolut savings come with risks and your savings can fluctuate. You also need to be aware that Revolut is not considered a traditional savings account, although it’s marketed as such. This is one thing we have observed that is not communicated clearly.
From our experience, when it comes to savings accounts, we find Revolut’s offering more confusing. While Revolut claims to offer a savings account, its fine print indicates that it is an investment account. The investment account comes with a warning that ‘The value of investments can go up as well as down, and you may receive less than your original investment or lose the value of your entire initial investment.’ The N26 savings account offers an interest rate of 2.26%. So, N26 wins when you compare its savings account with that of Revolut.
Comparison Between the Main Features
While N26 and Revolut have some similarities, they also have differences. N26 and Revolut have distinct features and services and this is how they compare:
N26 offers local IBANs in Germany, France, Spain, and Italy and gives you a chance to transact in 38 currencies. Other features that N26 offers include money management tools like Spaces, which can help you categorize your spending to help you manage your finances. N26 gives you up to 10 spaces subaccounts that you can share with your family and friends to save together. N26 also offers investment opportunities in cryptocurrencies and personal loans. You can get a loan of between €1,000 and €25,000 with N26 Credit if you are a German customer with a Schufa report.
Revolut, on the other hand, offers multi-currency IBANs that support 25 currencies. You can access Revolut banking services through their app or web. Revolut offers investment opportunities that can help you invest in stocks and cryptocurrencies. You can also use the Revolut app to buy gold and silver.
How N26 Card Compares with Revolut Card
Both N26 and Revolut offer physical and virtual cards. N26 offers a Visa or MasterCard debit card which you can use anywhere worldwide. The card is linked to your current account. However, the N26 Standard account does not offer a physical card, only a virtual card. Only premium accounts come with physical cards. N26 premium customers are not charged to replace their physical card, but they are charged a delivery fee of €10 or €30, depending on how fast they want the card delivered.
Revolut, on the other hand, offers virtual and physical cards which you can use for online and in-store payments. The first Revolut card is usually free and an additional card or a replacement costs $4.99 each and a delivery fee. With premium accounts, you can get these cards at no extra cost. You can use the Revolut app to control your physical cards and virtual cards.
Fees and Pricing
N26 and Revolut charge varying fees. As such, you need to carefully compare their prices against their features. You also need to consider their plans and fees in comparison to what they offer. Based on our findings, Revolut’s premium account does not offer significantly more benefits compared to the free account. In fact, many people find the free account sufficient. However, N26 premium accounts offer significant perks compared to the N26 Standard account.
Possibility of Investment Opportunities
N26 offers investment opportunities, but not directly. It helps you buy and sell cryptocurrencies. N26 provides you with access to over 200 cryptocurrencies within your banking app. You also get other details related to these cryptocurrencies such as their value fluctuation, current price and other insights. Once you have purchased a cryptocurrency, you can see it in your portfolio within the N26 app. From our experience, the challenge we have encountered investing in crypto through N26 is that it is not possible to transfer your cryptocurrencies to an external wallet. This makes N26 not considered a usable feature for people who would like to spend and use their coins or hold self-custodial wallets.
On the other hand, if you are a crypto enthusiast, Revolut can help you invest in stocks and cryptocurrencies. You can even buy gold and silver using the Revolut app. However, you need to be aware that Revolut makes a profit from every investment transaction, and hence, it may not be the best investment platform. Besides, Revolut stands to gain a lot when there is a market panic. Revolut frequently displays market fluctuations in its app and sends notifications when there are price drops. This can be stressful for investors and hence, Revolut does not offer a good user experience when it comes to investments. Also, Revolut investment fees are relatively high compared to other platforms. If you are looking for a more favorable and less stressful investment experience, you may need to explore alternatives to Revolut.
What are the Similarities Between N26 and Revolut?
- SEPA instant transfers. Both N26 and Revolut offer SEPA instant transfers. N26 helps you make payments and get paid instantly through SEPA transfers. Instant bank transfers are free for premium customers and cost €0.99 for N26 Standard customers. Revolut helps you make SEPA payments without extra fees.
- Travel insurance. Both N26 and Revolut offer travel insurance. N26 You and Metal customers can access travel insurance that covers medical bills of up to €1,000,000 for you, your spouse, and your kids. It also covers other things like travel delays and cancellations, mobile phone insurance, trip interruptions, baggage coverage, and personal liability coverage up to €500,000 while traveling. Revolut also has travel insurance that is availed to Premium, Metal, and Ultra Plan customers. You, your spouse, and your children aged below 18 years are usually covered.
- Mobile app. Both N26 and Revolut are mobile banks that you can access via the app or web. You can download their apps from the Play Store or App Store. You can access all banking services and investment opportunities through their app.
- Customer support. Both N26 and Revolut have customer support. N26 customer support is available through the in-app chat. However, N26 premium customers can reach N26 customer support through a phone call. You can reach Revolut customer support through email or phone.
- Sub-accounts. N26 and Revolut allow their customers to create subaccounts. With the N26 premium account, you can create up to 10 subaccounts and delete them as often as you would like. With Revolut, you can create other subaccounts under your main account. In fact, it is possible to create a Revolut subaccount for someone who is less than 18 years old.
What Do People Say About N26 and Revolut?
N26 and Revolut have received both positive and negative reviews. Most of their reviews are in regards to customer support and user experience. Here’s what the majority of reviewers say about both banks:
- N26 has a 3.1 rating on Trustpilot. N26 has been commended for its responsive customer support and good user experience. However, there are numerous complaints about clients having their accounts blocked for no clear reason.
- Revolut has a 4.3 rating on Trustpilot. Revolut has been commended for having a good user experience with their features and services and they are responsive to customer support. However, there are complaints from customers whose accounts were terminated without clear reasons. Some reviewers from Ireland complained about waiting for their credit cards for too long.
Which is Better, N26 or Revolut?
When it comes to making a choice between N26 and Revolut, you will need to consider your needs and priorities. Both banks offer a wide range of features and services. However, each bank is distinct from the other.
If you are looking for a bank where you can save your money, earn interest, and get a good user experience, consider N26. N26 offers an interest rate of 2.26% that is calculated daily and paid out monthly. We find the Revolut Savings account very confusing and do offer exactly what it says it offers in its fine print.
Why Not Use Both Banks?
Since both banks have a free plan, it would be best to try both and see which one meets your needs. If you find both meet your needs, you can continue with both of them. If you find one that meets your banking or investment needs, you can continue with it and drop the other. From our perspective, there is no significant difference between N26 and Revolut. So, depending on your needs, you can make a choice between N26 and Revolut.