N26 goes into Spaces for savings
German challenger bank N26 is launching “Spaces”, a new feature that provides a way to set aside money based on users’ personal preferences and needs, across all geographies.
Users can move funds to between these “Spaces” and their main account, enhancing the possibility of financial management.
N26 also describes them as “tailored sub accounts”, a much more descriptive name, to save or allocate money for certain purchases.
An interesting idea is that, as separate sub accounts, it’s easier for users to maintain discipline over their daily spending habits.
“With Spaces we give users the freedom to set up their financial world without the limitations of traditional banking,” comments Valentin Stalf, CEO and co-founder of N26.
By the end of the year, N26 aims to allow users to share these spaces, as well as introduce budgeting rules and automation. The bank will be taking feedback during the development.
N26 customers can open two Spaces in addition to their primary account, while N26 Black and N26 Metal customers can open up to ten additional Spaces.
Note that other “cool” challenger banks, like Monzo or Starling in the UK, have had this feature implemented for quite a while – or a similar one.
Having broken into the US and UK market, N26 is looking at the competition as it grows. So much that it aims to have over 100 engineers by the end of 2019.