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This is not the first market this bank has pulled out from. A couple of years ago they stopped signing up people from two EU markets they previously served (Lat
by eugenijusr 7y ago
This is not the first market this bank has pulled out from. A couple of years ago they stopped signing up people from two EU markets they previously served (Latvia and Lithuania) without any reason. Granted all existing accounts remained untouched, still these accounts get somewhat crippled functionality and their future is unclear. Although their app is great and I didn't have any big issues with the service itself, I'm somewhat wary of keeping any larger sums of money in my N26 account.
- s_dev 7y ago>I'm somewhat wary of keeping any larger sums of money in my N26 account. It's German. All savings are guaranteed by German gov up to €100k. This is not the case with Monzo or Revolut.
- blibble 7y agothe exact same regulation applies to Monzo and Revolut as it applies to N26 (only the lender of last resort changes)
- madeofpalk 7y ago> This is not the case with Monzo or Revolut What? This is just wrong. On Monzo's site it says: > As a fully regulated UK bank, your money’s protected up to £85,000 by the Financial Services Compensation Scheme (or FSCS for short).
- acta_non_verba 7y agoTrue. They’re protected up to £85,000 by the British Government instead.
- zeku 7y agoThey claim 250k USD in the US, via their partner Axios Bank. "All deposits are FDIC-insured through our partner bank, Axos Bank®, Member FDIC."
- juskrey 7y agoI think he means account can be locked at any moment, and German guarantee doesn't not help much when you are say, on travel or on bills payment day.