Thinking of not renewing N26. Fight me.

troyzer

As above, I just got the email from N26 telling me that my one year anniversary is coming up and that I'll automatically renew if I do nothing.

To be honest, I've become disillusioned with N26. When I joined I thought they'd be revolutionary and add loads of new feautres and instead they've just ended up being expensive for what you get and stale.

The travel insurance is useless because it requires you to pay for EVERYTHING with your N26 card, impractical if you're travelling with a partner. Especially if they too have a Black account meaning that only one of you can get coverage.

I've never used the extended warranty, phone theft or mugging insurance. Why am I paying €5.99 a month? I'm getting nothing for it.

I pay for Revolut premium and I DO think it's worth it, so why have both? And if it comes to one or the other, N26 falls embarassingly short.

So the question is, can anybody give me a decent reason to renew?

If not, should I reconsider an Irish bank account or another challenger bank? I'm not going to use Revolut day to day. I'll still need a Eurozone account. I'm open to ideas.

N26 is also causing me headaches with my car insurance direct debits as mentioned in another thread on the insurance forum.

Cheers!

The J Stands for Jay

Why not just go with free N26?

troyzer

Mr.S wrote: »

That’s a good thing, your paying for insurance for when something DOES go wrong.

N26 Black is only worth it for the insurance, IF that works for you. In terms of banking features, it offers little more.

Can you not just use Revolut as your daily driver? Not sure why you’d pay for both.

I can't think of any situation other than maybe travelling alone, in a country where you never need to spend cash that the travel insurance would be applicable.

I already have phone insurance with Revolut which is more comprehensive. The mugging thing seems handy but I don't really use ATMs. And the extended warranty thing I forgot about completely. Just doesn't seem worth it.

I was paying for both because before I was living in the UK and working in Ireland. I'm a bit reluctant to use a GB domiciled account as my primary account. Both because of Brexit and because I'd just generally rather have a eurozone account. I can imagine that down the road there might be implications for accessing credit if I only have a bank account outside the EU.

As far as banking with N26 for free, I was thinking about this. But then, what's the point? I'm thinking of just signing up for an Irish account and getting access to investment products and things like that.

I guess what I'm really asking is, is there any point having both now? And right now I'm thinking it's not.

troyzer

Mr.S wrote: »

If you have no use for the insurance, then no. Why did you bother paying for a year if you had no interest in the insurance?

Through my own stupidity, I didn't properly read the T&Cs and didn't spot the the restriction on the travel insurance.

Alright, so I'll cancel black.

Moving on from that, what's my best bet for an Irish current account?

Delta2113

EBS money manager is a FREE option.

The J Stands for Jay

Delta2113 wrote: »

EBS money manager is a FREE option.

But theyve no app, they'd be a massive step down from free N26.

Delta2113

Link EBS with revolut or FREE N26.

Wheety

Delta2113 wrote: »

Link EBS with revolut or FREE N26.

Why not use Revolut? I use as my main card these days.

masterboy123

What's the difference between using Revolut card and credit card from Irish bank? I don't get the point people paying extra for Revolut. I know its good when you exchange currency, but I don't get the point for it's use in a daily basis?

Wheety wrote: »

Why not use Revolut? I use as my main card these days.

troyzer

Wheety wrote: »

Why not use Revolut? I use as my main card these days.

Like I said, the Revolut IBAN account isn't based in the Eurozone and I'm worried that there will be potential credit and tax implications for that going forward.

I could obviously be wrong of course. Revolut also isn't covered by deposit guarantee. They applied for a banking license back in April but until they have one I'd be reluctant to move over.

Although I'm thinking about it more and more to be honest, especially seeing as how I'm paying for premium anyway.

Can anyone think of a downside to this?

troyzer

Mr.S wrote: »

KBC are pretty decent and have a fairly low monthly deposit for free banking.

I'm only a recent graduate and don't meet that income threshold for free banking.

Delta2113

If you are so worried EBS money manager is a no brainer. I use revolut FREE option most days in Ireland. Nobody should be paying current account fees it's totally unnecessary when you can mix and match with FREE options.

troyzer

Delta2113 wrote: »

If you are so worried EBS money manager is a no brainer. I use revolut FREE option most days in Ireland. Nobody should be paying current account fees it's totally unnecessary when you can mix and match with FREE options.

Do you get any savings or investment options with ESB?

Delta2113

Yes they do separate savings accounts. Granted branches look very old school but the current account is FREE. They don't offer any overdrafts,contactless card or cheque book but linking revolut card will then give you a contactless card.

The J Stands for Jay

troyzer wrote: »

Do you get any savings or investment options with ESB?

You don't need to have a current account with an institution to get savings or investments from them. Also, I would recommend staying clear of the investments offered by the banks.

troyzer

McGaggs wrote: »

You don't need to have a current account with an institution to get savings or investments from them. Also, I would recommend staying clear of the investments offered by the banks.

Yeah, I'd be interested in finding out how to get into managing my own ETFs. I lost my rag on facebook a while ago with a sponsored Irish Times post claiming that managed funds are the way to go with KBC. They're a con.

The ESB money manager account seems a bit barebones. Which is fine but not really what I'm looking for.

troyzer

troyzer wrote: »

Yeah, I'd be interested in finding out how to get into managing my own ETFs. I lost my rag on facebook a while ago with a sponsored Irish Times post claiming that managed funds are the way to go with KBC. They're a con.

The ESB money manager account seems a bit barebones. Which is fine but not really what I'm looking for.

I should probably say I don't mind paying a small maintenance fee for a quality account.

The J Stands for Jay

troyzer wrote: »

Yeah, I'd be interested in finding out how to get into managing my own ETFs. I lost my rag on facebook a while ago with a sponsored Irish Times post claiming that managed funds are the way to go with KBC. They're a con.

The ESB money manager account seems a bit barebones. Which is fine but not really what I'm looking for.

I was starting to use degiro for US ETFs to avoid the exit tax regime, but the mifid regulations about kids and priips or whatever means I can buy any more. I don't think ETFs are the way to go in Ireland unless you have them in a pension.

As for the bank account, I would say either N26 or KBC would be the way to go. Both are free, have an app, contactless and Android pay.

masterboy123

If you're using Revolut because of banks maintenance fees, then AIB don't charge any fees if you have 2500 minimum balance at all times.

troyzer

masterboy123 wrote: »

If you're using Revolut because of banks maintenance fees, then AIB don't charge any fees if you have 2500 minimum balance at all times.

Why would someone leave €2,500 just sitting in a current account not earning interest?

Delta2113

Interest is very low at the moment so plenty will do this with AIB etc.

masterboy123

Well, I leave it there and avoid bank maintenence fees.

Interest on 2500 will be 2 or so euros anyway. However, do you recommend the option of investing money somewhere safe?

troyzer wrote: »

Why would someone leave €2,500 just sitting in a current account not earning interest?

caviardreams

troyzer wrote: »

Why would someone leave €2,500 just sitting in a current account not earning interest?

Interest is non existent these days, plus what happens if the boiler breaks etc. and you need a large amount of cash in a hurry? I think a lot of people would keep that amount in a current account even aside from the low interest.

OP - I have just signed up for the free N26, surely that makes the most sense for you?

troyzer

I meant earning investment interest. Savings accounts are a load of ****e.

I think I'll go with free N26 and maybe move to Revolut further down the road.

troyzer

Mr.S wrote: »

Investing ties up your money and involves a risk, so you can’t really compare.

Revolut are launching EFF’s soon, which will be interesting.

EFF?

troyzer

Mr.S wrote: »

ETF*

Damn autocorrect.

Really? That would be a clincher for me to use Revolut exclusively.

Mango Joe

troyzer wrote: »

Really? That would be a clincher for me to use Revolut exclusively.

Any developments on this since?!

troyzer

Mango Joe wrote: »

Any developments on this since?!

Nope. Although it's becoming pretty clear that Revolut are bogged down a bit in ensuring their platform is stable and getting the banking licence rolled out.

I imagine any of these features will only come after the banking licence.