N26 0.1% cashback using your debit card too good to be true ??

adindas

N26 Cashback: How To Maximize Your Savings With N26 Business

N26 Business: The Bank Account For Freelancers & The Self-Employed

It is also explained here.

https://n26.com/en-eu/free-business-bank-account

From my understanding you will only get 0.1% cashback for N26 Black or N26 Business account

For N26 Black you will need to pay EUR9.90 monthly so not a good option. For N26 Business account there is no fees but It is not clear what are the requirements to have N26 Business account. In many cases they will require you to have minimum balance ( a few thousands) on the account earning interest a pittance (if any). So this might not attractive if there is alimit of cashback you could earn.

Someone from another forum (has not been confimerd by other people) said that you could get 0.1% cashback using your debit card to top up your trading account online?

AFAIK In many cases they require to use the actual card (not virtual) on the merchants to earn cashback. If this was true you eran cashback using virtual debitcard you could actuall earn 0.1% easily using another way of spending money using Mastercardsuch as paying to your own accounts (only for certain account).

If this was the case and the account is available in the UK in GBP or in your home currency, I could see a very nice way of getting 0.1% cashback

Could someone who have tested this could share their opinion please. To me it sounds too good to be true.

pmduk

The main drawback is,  IIRC N26 has closed its UK operation and all UK based accounts. 
N26 The Mobile Bank — N26 United Kingdom

pmduk

I suggest you check the link I provided for the best advice. Only N26 can categorically state who can open their accounts.

[Deleted User]

pmduk said:

The main drawback is,  IIRC N26 has closed its UK operation and all UK based accounts. 
N26 The Mobile Bank — N26 United Kingdom

Many were sceptical of their excuse for leaving, given the timings of their opening in the UK etc. Their rapid closure is a danger sign in my book, I would not touch them with a barge pole regardless of location. And I had a UK account before they pulled it.

colsten

[Deleted User] said:

pmduk said:

The main drawback is,  IIRC N26 has closed its UK operation and all UK based accounts. 
N26 The Mobile Bank — N26 United Kingdom

Many were sceptical of their excuse for leaving, given the timings of their opening in the UK etc. Their rapid closure is a danger sign in my book, I would not touch them with a barge pole regardless of location. And I had a UK account before they pulled it.

Have you got any information that they are doing badly? I am not following their fortunes but came across the news some time ago that they now had 500K customers in the US, 1 year after setting up business there. They have a total of 7m customers, and plans to hire a further 200 people in 2021, to add to the 1,500 they already have. They are still making an operating loss, like seems to be normal with Fintech startups for several years (e.g. Monzo), but have secured a total of some 800m Euros in funding. They have recently joined forces with Raisin to offer attractive savings accounts throughout the EU. Sadly, these are now off limits for UK residents. It is totally credible that N26 withdrew from the UK market because of the Brexit uncertainties. The UK tabloids obviously loved to poo-poo the N26 withdrawal from the UK market because how very dare any firm to withdraw from our shores ........ 

adindas

Mickey666 said:

Why bother when cashback credit cards are available?

The main point here is to have a foreign currency base account (e.g Euro, US$)

Regarding cashback we could even get higher cashback of 0.5% and in a few cases 1%. But some people could recycle their own money paying their own bank account (not necessarily a trading or investment account) using debit/prepaid card just to earn cashack.

Unfortunately, many of these loopholes have been closed in many UK banks. Considering N26 is a German based bank AC I am thinking this route has not been closed ??

colsten

adindas said:

Considering N26 is a German based bank AC I am thinking this route has not now been closed ?? .

I have made some small corrections for you. At 0.1%, you are hardly losing out much. £10 from £10,000 🤣🤣🤣

[Deleted User]

colsten said:

Deleted_User said:

pmduk said:

The main drawback is,  IIRC N26 has closed its UK operation and all UK based accounts. 
N26 The Mobile Bank — N26 United Kingdom

Many were sceptical of their excuse for leaving, given the timings of their opening in the UK etc. Their rapid closure is a danger sign in my book, I would not touch them with a barge pole regardless of location. And I had a UK account before they pulled it.

Have you got any information that they are doing badly? I am not following their fortunes but came across the news some time ago that they now had 500K customers in the US, 1 year after setting up business there. They have a total of 7m customers, and plans to hire a further 200 people in 2021, to add to the 1,500 they already have. They are still making an operating loss, like seems to be normal with Fintech startups for several years (e.g. Monzo), but have secured a total of some 800m Euros in funding. They have recently joined forces with Raisin to offer attractive savings accounts throughout the EU. Sadly, these are now off limits for UK residents. It is totally credible that N26 withdrew from the UK market because of the Brexit uncertainties. The UK tabloids obviously loved to poo-poo the N26 withdrawal from the UK market because how very dare any firm to withdraw from our shores ........ 

Within the industry that wasn't really accepted as the real reason, considering when the bank opened up in the UK. I think the actual reason was because the product did badly within the UK. Much worse than they were hoping for, to use Brexit as an excuse was quite fascinating. And it would have been possible for N26 to apply for a UK banking license as many other EU banks had already done. The decision and way they handled it rang alarm bells for me, how they are doing elsewhere I don't know but to me it is felt a bit off. You'd think they would have stuck it out for a bit longer. Very odd.

To add I don't have any figures about how many customers they had in the UK (edit: seems to have been about 200k https://www.theguardian.com/business/2020/feb/11/german-digital-bank-n26-pulls-out-of-uk-blaming-brexit). But I am speculating. Some details here about their numbers overall in the world:
https://sifted.eu/articles/n26-losses-bulge-with-uk-expense/

adindas

colsten said:

adindas said:

Considering N26 is a German based bank AC I am thinking this route has not now been closed ?? .

I have made some small corrections for you. At 0.1%, you are hardly losing out much. £10 from £10,000 🤣🤣🤣

The main point here is to have a foreign currency base account (e.g Euro, US$). No currency axchnage fee while earning 0.1% cashback.

You could use that to feed your US$ trading account while earning cashback for doing almost nothing more than you normally do with other method.

Also with no limit on the cashback you could earn paying to your own account your limit is just the suspension of your account when they see irregular activities.

adindas

Mickey666 said:

adindas said:

Mickey666 said:

Why bother when cashback credit cards are available?

The main point here is to have a foreign currency base account (e.g Euro, US$)

Ahh . . . so the thread title is misleading then.

Sorry, indeed quite misleading. 0.1% cashback is hardly a headline.