I totally agree with Jan. To be for free N26 needs to cooperate with insurance, savings product corps. to earn commissions and of course needs to lend you money to earn interest (overdrafts etc). Im not sure if thats enough for N26 to survive long-term so I guess they will try sell some premium products for fees as well like they already do with their "black mastercard". Recently even asked customers how much the would pay monthly for a metal card... thats just insane. Guess we will know with the Apple Pay launch rumored in September / Oktober or at least before the end of the year. Cause thats another opportunity to sell you a premium service with Apple Pay. For me the opportuniy to use Apple Pay in the future is the only thing left making N26 sexy... but thats pretty much it. ... (dont forget bunq would offer AP sooner or later as well when it become available in NL)
Now bunq... well ok it has to be priced 7,99... I learned myself after doing some math. If you dont need overdraft (longer than just a few days according to bunq policies) bunq is perfect and one reason they have to charge a monthly fee. (no overdraft - no interest income for the bank).
big advantages that N26 lacks of:
- they listen to your user experience
- they react quickly, are open to new idea and give feedback to that
- there is an open and moderated community board
- they update App much more often than N26
- the updates bring features and not boring products
- the app is much snappier than N26
- your data is Apple like privacy safe cause they are really independet
- no account web access that makes it even more secure, so app only
- never read or heard of any security leaks
- direct link to Mastercard
- direct debits waiting for your approval within 5 days or get rejected
- no embossed cards... you are save from imprinting desasters (a restaurant tried my N26 Maestro) and annoying conversations with the supermarket cashier in Germany "this is a credit card?!... we dont take credit cards"
- all push notifications work... even for direct debits... bunq just work and if notifications wouldnt work Im sure they would fix it in hours while Berlin is failing here for months
And finally, think its no coincidence, but Ali Niknam remembers me Steve Jobs so much that I am thrilled about the future. :-)