N26 Review 2024: Read Before Opening an Account

N26 Spaces are sub-accounts that sit alongside your main N26 account and give you an easy way to manage your finances. 

Premium customers can create up to 10 N26 Spaces sub-accounts with IBANs. With N26 Spaces, you can set aside money for an emergency fund, your savings goals, or for upcoming expenses. 

Assigning IBANs to each space is optional. But with unique IBANs, you can set up direct debit right from each space or receive SEPA bank transfers with each Spaces sub-account. 

That said, IBANs can only be added to Spaces sub-accounts, currently, they cannot be added to Shared Spaces. 

A Shared Space lets you save and spend as a group. 

With Shared Space, you can manage funds together with up to 10 other N26 customers. You can collectively save and manage funds for group expenses like household expenses between housemates, an upcoming group trip, or a family event. 

You can round up each card transaction to the nearest Euro and stash the difference in a Space. 

N26 calls these sub-accounts Spaces to keep their purpose undefined. 

Users can decide the purpose of each space and set it aside for any use. N26 does not monitor the purpose of the Spaces. 

Despite being able to manage funds through Spaces, your main account will still perform its normal functions. 

With the main account, you can make purchases, standing orders, transfers, and deposit cash. 

Premium customers can pay from a Space using bank transfer, standing order, direct debit, or the N26 card. 

As already stated, to make payments via bank transfer, standing order, or direct debit you need to first create a unique IBAN. To create a space with an IBAN, do the following 

Go to the “Spaces” tab 

Tap on “Create a Space”  and Select “Bills and Payments” 

N26 allows you to edit, delete, and create new spaces whenever you want. Creating a Spaces sub-account is easy. 

To create a new sub-account, do the following:

Open the N26 app and tap the “Spaces” tab. 

Tap on “Create New Space” 

Input the name for your new space and choose a corresponding icon 

Click “Confirm” and “Create Space” 

Your Space has been created. 

You can further personalize your Space by creating a savings goal and setting a deadline for reaching the goal. 

If you do not want to personalize the Space when setting up, you can skip the step and do it later by clicking on the ” Manage” icon. 

You can easily move money to your Space by simply dragging and dropping money between your main account and your Spaces in real-time. 

You can also move money between Spaces. 

To do this, tap on the Space you want to move the money from and drag your finger to the Space you want to move the money to. 

Once you lift your finger, a screen will appear prompting you to enter the amount you want to transfer. Enter your desired transfer amount and click “Confirm” 

The money will be instantly moved. 

As already stated, you can easily edit or delete a Spaces sub-account. 

To do this, open the Space tab scroll to the top right corner and tap on “Settings” 

You will see the following options 

• Lock Your Space: This option blocks transfers from the Space 
• Customize Your Space: This allows you to change the icon and name of your space 
• Download a Bank Statement: Just as the name implies, this feature lets you download bank statement for a particular space 
• Delete This Space: This will delete the Space

When you delete a Space, N26 will immediately move the money in the Space back into your main account. 

If the Space has an IBAN attached, the IBAN will be blocked from future incoming or outgoing transfers. 

Once you delete a Space with IBAN, the IBAN is gone forever. 

Instead of deleting Spaces with IBAN, it is best you repurpose them by giving them new names. 

N26 also lets you create automated transactions known as Rules. 

With Rules, you can set the exact amount and frequency of savings to your Spaces. 

You can create up to 10 different Rules at the same time and you can edit and delete the Rules whenever you wish.