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Thread: N26 Bank

  1. #1
    Master
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    N26 Bank

    Anyone else had the email today about N26 pulling out of the UK?
    I have been using it as my main bank account for a while now and love how it just works, when I've had an issue they have helped me quickly and efficiently to my satisfaction, however now they are pulling out of the UK, it's time to find somewhere else.
    So I like the metal card a small thing but I struggle to make a plastic one last more than a few months as they tend to split.
    I like the way I need to authorise online payments via the app, and also the text notifications when I use my card.
    Also the easy to understand app is a bonus.
    So where to try now, I'm thinking Monzo but not 100% certain yet.

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  2. #2
    Master Christian's Avatar
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    Monzo or Starling...they are all pretty much the same. I use Monzo as my main current account and have no complaints. I met someone from HSBC recently who said they were in the process of setting up a similar banking service of their own.

  3. #3
    Master Rod's Avatar
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    I'm with Starling, they are excellent and voted best British bank.

  4. #4
    Grand Master Chris_in_the_UK's Avatar
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    100% happy with Monzo.
    When you look long into an abyss, the abyss looks long into you.........

  5. #5
    Would go with Starling over Monzo. For service Starling are great but not my main bank. Forgetting apps first direct is the best out there.

  6. #6
    Master
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    I'm with Revolut and they're rubbish. I only use it for foreign currency stuff but I wouldn't rely on it for everything.

  7. #7
    Master Alansmithee's Avatar
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    Quote Originally Posted by demonloop View Post
    I'm with Revolut and they're rubbish. I only use it for foreign currency stuff but I wouldn't rely on it for everything.
    They have no FSCS deposit guarantee and also trade on a EU banking license, so I guess they have the same problems as N26.

  8. #8
    Master
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    Another vote for Starling which I use as a second account.

  9. #9
    Bookmarked as I'm looking for a new current account and like the look of Monzo.

  10. #10
    Craftsman konlew's Avatar
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    Quote Originally Posted by demonloop View Post
    I'm with Revolut and they're rubbish. I only use it for foreign currency stuff but I wouldn't rely on it for everything.
    The same here. I've lost a week with them, when they stopped my money transfer to US, because of some suspicions that the beneficient is some bad guy, not the Omega SMP seller.

  11. #11
    Craftsman
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    Starling is miles better then monzo.




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  12. #12
    Master Tifa's Avatar
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    Quote Originally Posted by bloater View Post
    So I like the metal card a small thing but I struggle to make a plastic one last more than a few months as they tend to split.
    Have you considered buying an axe?

  13. #13
    Have a look at Curve as they do a metal card, app and other bits, they sit in front of the bank account, so you can turn and bank into a better experience.

    I have Starling and First Direct and recommend both

  14. #14
    Master
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    Use Monzo has main account and customer service is good

  15. #15
    Master
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    Quote Originally Posted by optix View Post
    Starling is miles better then monzo.




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    Because?

  16. #16
    Master Christian's Avatar
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    Quote Originally Posted by optix View Post
    Starling is miles better then monzo.

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    Shouldn’t you at least justify a random statement like that?! Having banked with both as my main current account (started with Starling before moving to Monzo), they are both pretty much the same and really comes down to whether you want a green coloured debit card or coral. I’ve used both customer services and they were both pretty much spot on, no issues. Starling does give 0.5% interest up to £2000 I guess, so that may tempt you to go Starling over Monzo.

    I was a metal card holder for Curve. Don’t recommend them at all and wouldn’t use them again. I signed up initially because they could link with Amex so you could effectively get Amex points at places that didn’t use Amex. This was quickly taken away and their monthly fee is not worth the limited benefit that are on offer. There have been occurrences where Curve hasn’t worked so you always have to carry around your spare card anyway, which defeats the point of the Curve card. Also, the foreign transactions are a lottery because of their fees during weekend use....If you use your card at weekend or if your merchant delays your midweek payment until the weekend, you end up paying a fee. Avoid Curve IMO.

    Revolut really isn’t in the same league as either Monzo or Starling. Use it as a pre-loaded cash card but not a bank.

    The only thing to consider when banking with challenger banks as your main account is that some people have said their credit rating is adversely affected...not sure why, maybe the credit references don’t look at challenger banks so you end up looking like you don’t have income or outgoings?
    Last edited by Christian; 12th February 2020 at 15:14.

  17. #17
    Craftsman
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    Am I the only one who has never heard of any of these banks?

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  18. #18
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    Quote Originally Posted by Christian View Post
    The only thing to consider when banking with challenger banks as your main account is that some people have said their credit rating is adversely affected...not sure why, maybe the credit references don’t look at challenger banks so you end up looking like you don’t have income or outgoings?
    I write credit scoring algorithms for a living, so might be able to answer this: one of the best indicators for a credit ratings is past behaviour, i.e. how do / did you behave with credit granted to you (=credit card, mortgage etc.) With these challenger banks as they typically only issue debit cards, no credit cards, you would lose that part of your credit history over time and hence might be downgraded.

    That’s just one of many factors though, so wouldn’t overrate the importance.

  19. #19
    Master Christian's Avatar
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    Quote Originally Posted by WolfiesPapa View Post
    I write credit scoring algorithms for a living, so might be able to answer this: one of the best indicators for a credit ratings is past behaviour, i.e. how do / did you behave with credit granted to you (=credit card, mortgage etc.) With these challenger banks as they typically only issue debit cards, no credit cards, you would lose that part of your credit history over time and hence might be downgraded.

    That’s just one of many factors though, so wouldn’t overrate the importance.
    Thanks very much for that. Appreciate the insight.

    I’d also heard a rumour that putting all your spending through on an Amex that you regularly pay off in full helps credit rating...is this true?

  20. #20
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    N26 Bank

    Not sure about the AmEx part (owning an AmEx credit card could be seen as being a marginally better credit risk as they are more ‘picky’ who to accept - but it would be marginal).

    Having a credit card and paying it off IN FULL every month though is a significant booster for one’s credit score. That is correct (an I’m not giving away trade secrets here).

  21. #21
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    Quote Originally Posted by Estoril-5 View Post
    Am I the only one who has never heard of any of these banks?

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    No, but you would be in the minority nowadays.

  22. #22
    Quote Originally Posted by WolfiesPapa View Post
    I write credit scoring algorithms for a living, so might be able to answer this: one of the best indicators for a credit ratings is past behaviour, i.e. how do / did you behave with credit granted to you (=credit card, mortgage etc.) With these challenger banks as they typically only issue debit cards, no credit cards, you would lose that part of your credit history over time and hence might be downgraded.

    That’s just one of many factors though, so wouldn’t overrate the importance.
    Of course you will be more versed than most but another factor of that is how old the credit account is. If you have an overdraft and credit card with a traditional bank then you move to challenger bank you are giving up 2x credit accounts. Having credit helps you get credit. I've been told before that once a credit line goes over a year old that gives you a higher score as it's a long term account constantly being serviced. Think a DFS sofa on a 4 year plan or Vodafone etc. Also your % of credit in use goes up once you lose your overdraft and credit card from the traditional bank.

    A few years ago I only had a £50 overdraft, no mortgage and no credit cards as I didn't need them and didn't own a property. I took out an Amex Platinum charge card which has no limit. I was spanking the card to get the sign up bonus and my credit score went from 999 to about 480 in a month or two. I called Amex and Experian asking what the hell and they said your total credit available is £50 and your last statement was £3k meaning your % of total credit in use is about 6,000%. You look like a massive liability who can't manage their finances. Long story short Amex issued me a separate credit card with a £20k limit that I never used but this kept my % of credit in use to about 10-15%. Six months later my credit score was back at about 950 and inched back up to 999 some time later.

  23. #23
    Quote Originally Posted by Christian View Post
    Thanks very much for that. Appreciate the insight.

    I’d also heard a rumour that putting all your spending through on an Amex that you regularly pay off in full helps credit rating...is this true?
    Depends on if the balance shows on a statement and what your % of credit in use is.

    When I make big purchases I always pay off the Amex a day or two later once the charge posts on my account. You can have 100k spend in a month and make a manual payment of 100k before your statement produces and your credit score will show as Jan 2020, Amex statement, £0. That won't help any credit score, just your cashback/membership rewards.

  24. #24
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    Quote Originally Posted by wileeeeeey View Post
    You can have 100k spend in a month and make a manual payment of 100k before your statement produces and your credit score will show as Jan 2020, Amex statement, £0. That won't help any credit score, just your cashback/membership rewards.
    That’s not strictly true. Experian might show you that, but they are misleading you if you believe that Experian score equals your credit score. Each bank and credit provider produce their own credit scores. Experian will certainly be an input factor into that model, but at my place you would be seen as bad credit risk if you did massive one-off spending sprees.

    I am not questioning your credit worthiness by the way, only stating how the model works.

  25. #25
    Quote Originally Posted by WolfiesPapa View Post
    That’s not strictly true. Experian might show you that, but they are misleading you if you believe that Experian score equals your credit score. Each bank and credit provider produce their own credit scores. Experian will certainly be an input factor into that model, but at my place you would be seen as bad credit risk if you did massive one-off spending sprees.

    I am not questioning your credit worthiness by the way, only stating how the model works.
    I know you're not and no offence taken.

    With the example above of something silly like spending 100k on a credit card, making a manual payment of 100k *before* the statement produces (this is where Experian show the statement balance as £0, which would be correct) would others be able to pick up on that?

    I always clear my large purchases before a statement is produced so it doesn't look all over the place. I don't want statements of £500 one month, £700 the next then £10k a few months later etc. I try keep my statement balances as low as possible. Another reason I do this is due in part because I am paid monthly in advance but that's a different headache.

    If you can't answer I totally understand.

  26. #26
    Journeyman
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    Also, I would rather not hijack this N26 thread. If there is interest in how credit scores work then happy to elaborate separately.

    Regarding Monzo vs Statling vs Revolution I second what had been written above:

    Startling and Monzo are much of a muchness, ever so slightly kiddie-banks both (I would not trust either of them as my main account). Revolut can be a nightmare, accounts frozen for months, unreliable, stories abound.

  27. #27
    Quote Originally Posted by WolfiesPapa View Post
    That’s not strictly true. Experian might show you that, but they are misleading you if you believe that Experian score equals your credit score. Each bank and credit provider produce their own credit scores. Experian will certainly be an input factor into that model, but at my place you would be seen as bad credit risk if you did massive one-off spending sprees.

    I am not questioning your credit worthiness by the way, only stating how the model works.
    Jup exactly. Half the issue is most people have no idea how any of this actually works and how it affects them when it matters most.

    The other big danger to most people is Klarna type schemes and being late with payments.

  28. #28
    Master
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    Anyone got experience of the Transferwise account card? As we have a foot in 2 cnoutries it seems pretty attractive to have a card with very easy and cheap conversions between currencies.

  29. #29
    Quote Originally Posted by Scepticalist View Post
    Anyone got experience of the Transferwise account card? As we have a foot in 2 cnoutries it seems pretty attractive to have a card with very easy and cheap conversions between currencies.
    Yes I have one and have used it a few times. However as I have a euro and Sterling bank accounts I never really use it that much and forget to load it up.

    However, it is pretty quick and easy to use when I have done so. Off to the US later this year and plan to use it there much more.

    Not sure if I have been much help!


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  30. #30
    Starling account holder here. Both a Current/Personal account and Business account holder.

    Highly recommended for both. The app is very slick and customer service is brilliant. The current account is particularly good (ie cheap!) for foreign currency transactions, both in person and transfers.

  31. #31
    Craftsman
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    Quote Originally Posted by Christian View Post
    Shouldn’t you at least justify a random statement like that?! Having banked with both as my main current account (started with Starling before moving to Monzo), they are both pretty much the same and really comes down to whether you want a green coloured debit card or coral. I’ve used both customer services and they were both pretty much spot on, no issues. Starling does give 0.5% interest up to £2000 I guess, so that may tempt you to go Starling over Monzo.
    I've used Starling (Still on the old Purple Card) & Monzo (Pre debit cards) from the days they launched, with Monzo I also was part of their croundfunding.

    I know the back story of both banks, the so called rift that left to Monzo becoming a offshot of Starling & some of the technology used within the banks. (The later is why I've never used Atom Bank even though they lead the way for challanger banks)

    Can't really go into more relating to the tech side but Monzo for me is dissapointing They seem to also be the challanger bank used for alot of fraud scams. I know people who have questioned Monzo on this due to scams, credit applications etc being taken out.

    If I didn't have insight into both banks I'd still pick Starling as my day2day account, i've never had a problem with their app or responce times from support. I can't say the same for Monzo maybe I just expect more them? Monzo for me right now is just used to send money to friends (Monzo displays friends that have Monzo account from your contact list) i.e sending random suprise token amounts to go get a hot chocolate because its cold.

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