The new business account from German online bank N26 is designed to better help freelancers and the self-employed to manage their day-to-day finances.
Online banking has become increasingly competitive of late with the big names making some major announcements with regard to their product offerings.
And while there has been a lot of movement in the market to help regular banking customers, business customers might feel a little forgotten about.
That’s set to change from today, however, as mobile bank N26 launches its brand new ‘Business Metal’ account, designed specifically for entrepreneurs, freelancers, and the self-employed.
The launch of the new account for business customers in Ireland is part of N26’s larger plans to enhance its business banking services for those who work for themselves.
As the German digital bank now has upwards of 100,000 customers here in Ireland, we take a look at some of the key features of the new product below.
The account basics
Online bank N26 has launched its brand new 'Business Metal' account at a cost of €16.90 per month for business customers in Ireland.
One of the main features of the account is its cashback incentive which will see customers receive 0.5% back on all debit card purchases.
The money earned through the cashback incentive is credited to your account every month and can be used however you wish, including reinvested back into your business, or simply helping to manage your business’s cash flow.
Included in signing up to the account is exclusive access to N26 partner deals where business customers can use business-building online tools such as Google Ads and Fiverr for free.
The new account also comes with a stainless steel, contactless, Mastercard debit card which comes in three different metallic tones: Charcoal Black, Quartz Rose or Slate Grey.
Interested yet? Take a look at the more in-depth features the account has to offer below.
The not-so basics
Business customers who sign up will have a lot more features open to them as well as cashback, including extensive travel, mobile phone and medical insurance cover.
The insurance cover on offer will include family members, as well as insurance for car and bike rentals - for more information you can read up on the cover on offer here.
For business customers who like a bit more structure and order when analysing their spending, the new account offers automatic categorization of spending by way of its ‘Statistics’ feature and allows customers to keep track of expenses in one place.
Business Metal customers will also be able to manage their account by logging in using the Web App on desktop where you can download statements and manage your account in a couple of clicks.
Customers will also have access to N26’s sub-account feature called ‘Spaces’ which allows you to create up to 10 separate sub-accounts to manage your money - handy for saving or to allocate money towards a specific monthly expense.
As well as opening up Spaces in your own account, you can also create shared accounts or 'Spaces' and invite up to 10 people to join in order to save, spend, and track spending, thus eliminating the need to open a joint account.
Sarunas Legeckas, Head of N26 Ireland, said:
“Freelancers and the self-employed are a growing, and increasingly important, part of the global workforce, with around 323,900 self-employed individuals in Ireland today. Yet they are often overlooked and neglected by traditional banks.
N26 is investing in more tailored solutions for this market, an important first step being when we opened our Vienna Tech Hub in October 2019, a new technology and innovation center to lead the development of our Business offering. We’re delighted to now announce our new N26 Business Metal account, enriching our existing Business products and innovating the sector with exclusive cashback as well as a host of other key account benefits.”
Pay anywhere
For businesses or freelancers who travel regularly, this new account from N26 has you covered as customers can make payments anywhere in the world with no foreign transaction fees.
And if you were worried about getting cash, well, there’s no need as the account comes with free and unlimited international ATM withdrawals too.
Your N26 app will also notify you with instant push notifications on all account transactions so you can be sure of your spending when travelling just about anywhere.
Business Metal customers with N26 will also enjoy priority in-app customer support as well as via telephone.
Why choose N26?
The new Business Metal account from N26 is sure to turn a lot of heads among freelancers and business owners alike, especially if you plan on using your debit card a lot. But is the monthly cost justified?
The cashback incentive advertised is certainly one of the most eye-catching unique selling points to this new account, coming with 0.5% cashback on all purchases.
Current accounts from Permanent TSB and An Post also currently offer cashback to Irish customers, but this is the first time cashback is available on all purchases.
Customer who spend €1,000 every month will get €5 back. This means you're really going to have to be spending upwards of €3,000 per month using your card to make the monthly payment worthwhile - €3,380 to be exact!
But you know what they say, you have to spend money to make money, right?
Even if you don’t make your payment back every month through the cashback feature, the additional incentives available more than make up for the monthly cost in our eyes.
Take, for example, N26’s insurance cover provided with this business account - cover for your family, mobile phone, and when travelling abroad. Factor this into the price and it makes much more financial sense.
Needless to say, this account will suit some business customers more than others, especially if you travel quite a bit for work.
As always, we would strongly advise reading up on all the benefits and features of any bank account before signing up.
Revolut or N26?
N26’s biggest rival, global fintech Revolut, also has a premium account available for customers at a slightly cheaper price of €13.99 per month and with a lot of similar features to N26’s new business account.
Revolut's premium account includes overseas medical insurance, 0.1% cashback within Europe, as well as its recently launched Revolut Junior app for kids.
Both Revolut and N26’s accounts differ slightly in terms of their intended target market and include varying features. However, it all really depends on what exactly you want your account to do.
See how the two biggest online banks compare with our thorough comparison here.
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