N26 is not the most active regarding the new functionalities of its ecosystem, but the German neobank highlights a new use on its accounts: sub-accounts with individual IBANs.
If N26 has been a little more stingy with novelty for some time, especially compared to its direct competitor Revolut, it intends to catch up. We saw it at work in early July with the long-awaited arrival of French IBANs.
It must be said that the last big news concerning the German neobank over the past two years has not necessarily been brilliant, with in particular massive losses (172 million euros in 2021) and accusations of closing accounts without reimbursement, it was necessary that the brand is recovering. In this sense, N26 announces the upcoming arrival of Cards for Spaces, the sub-accounts with individual IBANs.
N26 relies on flexibility and budget management
This is a constant in the world of neobanks and online banks today: flexible budget management. N26 enters the dance with Cards for Spaces. Concretely, thanks to this new functionality integrated into the application, customers N26 Smart, You and Metal will be able to pay directly from one of their sub-accounts N26. If the sub-accounts were already present at N26 previously, the real novelty concerns the possibility of creating individual IBANs attached to each sub-account to better organize the management of daily expenses such as direct debits and other subscriptions.
Cards for Spaces therefore takes the form of virtual piggy banks to simplify budget management, this can also be very useful for creating sub-accounts dedicated for example to rent or the holiday budget. As before, it is possible to create up to ten sub-accounts and shared spaces, this time with a dedicated IBAN (French or not).
A sub-account linked to a card
Another novelty, these sub-accounts can be linked to an additional virtual or physical bank card. In this way, beneficiary customers will be able to spend and pay with this card linked to their sub-account directly without ever tapping into their main account.
N26 also took the opportunity to communicate some figures regarding this feature. Launched in the summer of 2018, in France, N26 had more than 2.5 million active sub-accounts and more than 500,000 active shared sub-accounts between customers at the end of 2022 N26. Proof that this is a buoyant sector in the neobank market.
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