Challenger bank N26 is adding a third subscription product called N26 Smart. N26 Smart is designed to be a mid-tier subscription plan with advanced banking features but without a travel insurance package.
In Europe, in addition to the free plan, N26 already provides two subscription tiers, called N26 You and N26 Metal. N26 You costs €9.90 per month and comes with higher limits, such as five free ATM withdrawals instead of three and free withdrawals in foreign currencies.
With an N26 You account you can create sub-accounts (N26 Spaces), share them with other N26 users or use them to save money. As an N26 You subscriber, you also get a travel insurance package with medical travel insurance, trip and flight insurance and more. You can also access some partner offers.
N26 Metal is the most expensive plan and costs €16.90 per month. In addition to everything in N26 You, you get car rental insurance when you’re abroad and phone insurance. As the name suggests, you also get a metal card.
The new N26 Smart subscription costs €4.90 and works well for people who don’t need travel insurance. With an N26 Smart subscription, you can create up to 10 sub-accounts. You get five free ATM withdrawals per month. You can also call N26 support directly in addition to in-app support chat.
N26 is launching a new round-up feature for N26 Smart users. It lets you round each purchase up to the nearest Euro and save it in a separate sub-account. N26 Smart accounts also have access to colorful debit cards — the same colors as N26 You.
This is just a first step, as N26 plans to revamp its subscription products altogether. In the near future, N26 You will become N26 International. There will be more features focused on borderless banking. N26 Metal will become N26 Unlimited.
As for the free N26 Standard account, the company wants to focus on digital cards. Some users are going to switch to the N26 Smart plan to keep some of the features that they’ve been using with a free account. That move should help the company’s bottom line.