I’ve always been a massive fan of N26 but in recent months I’ve been disappointed with the lack of innovation and new features. I have starting considering looking at Revolut for my main banking needs as I know they have added lots of features since I last looked. However, at this point in time I wouldn’t consider using Revolut without a backup card. I have been stung too many times with outages.
One feature I’ve really wanted N26 to launch is savings accounts in Ireland. They do offer savings and investments in other countries but unfortunately Ireland has been forgotten about. Ever since Rabo Direct shut down shop in Ireland I’ve been left searching for a replacement. Ideally I want a savings account that I can transfer money to and from easily with no notice periods. I also would like the ability to open multiple accounts for different purposes e.g. one for holidays, one for a new car etc. This is exactly what N26 has announced today in the form of N26 Spaces.
You are able to add and remove multiple spaces whenever you want, standard customers can hold up to two spaces at a time while Black and Metal customers can hold up to ten. When you set up a Space you can select an image, give the space a descriptive name and set a target amount. You can transfer money to and from your main N26 account to the Space whenever you like. The Space will also display what % of the target goal you have reached.
There are some downsides however:
- No interest is paid in amounts stored in Spaces (or the main N26 Account)
- Funds can only be transferred in and out of Spaces via the main N26 Account
- It is not currently possible to create a standing order to a Space
Even with these downsides I can see myself using Spaces for short term savings. One feature I’d love them to add is the ability to round all transactions up and send the balance to a space. For example, if you buy a coffee for €2.75 it will charge €3.00 and 25c will go to the Space.