€12 million saved in less than a year with automated savings feature N26 Round-Ups
- For World Savings Day, the Mobile Bank has released new statistics on the use of automatic savings features as an alternative way to work towards financial goals effortlessly
- To date, just over 12 million automatic Round-Ups transactions have been made, saving customers in Europe and the US more than €12 million
- N26 has also launched the new Income Sorter feature in its latest release, helping customers automatically set a portion of their salary or other incoming payments aside
Berlin - Ahead of World Savings Day, N26 has released new insights on how technology is helping people save money effectively and effortlessly. Less than a year after The Mobile Bank introduced Round-Ups, N26 customers have seamlessly set aside more than €12 million with the automated savings feature.
Launched in November 2020, the Round-Ups feature was designed to complement Spaces, N26’s iconic sub-accounts, making saving easier than ever before. When enabled, each payment is automatically rounded up to the nearest Euro and the spare change transferred to a designated Space. Available to N26 customers with a premium subscription, the automatic savings feature aims to empower regular savings behavior, helping customers grow their savings without having to make a constant and concerted effort to set money aside.
Since the feature was launched, over 12 million Round-Ups transactions have been automatically triggered, a testament of how effective automation is in helping customers build their wealth with minimal effort.
Broadening N26’s range of automated savings features is the newly released Income Sorter, a tool that automatically sets aside a percentage of all incoming bank transfers to a preferred Space. With this feature, customers save whenever they get paid or receive their salary, further simplifying the way they save and manage their finances. Income Sorter builds on N26 Round-Ups to provide customers with yet another way to work towards their financial goals with minimal effort.
“Digital banks like N26 have the power to provide innovative tools for customers to feel confident and in control of their finances through the intelligent use of technology. By making the process of saving money as simple and effortless as possible, we can help consumers build up financial confidence and alleviate the stress commonly associated with managing finances,” said Gilles BianRosa, Chief Product Officer at N26.
The Mobile Bank also offers customers a range of saving and budgeting tools to help them stay on top of their finances. N26 Statistics, for example, gives customers access to important and detailed insights on spending behavior, so that they can easily make more well-informed financial decisions.
N26 Round-Ups and the new Income Sorter feature are available to personal and business N26 Smart, N26 You and N26 Metal customers in Europe.
N26 is building the first mobile bank the world loves to use. Valentin Stalf and Maximilian Tayenthal founded N26 in 2013 and launched the initial product in early 2015. Today N26 has welcomed more than 7 million customers in 24 markets. N26 has a 1,500-strong team of 80 nationalities based across the globe. It has teams based in 10 locations: Amsterdam, Berlin, Barcelona, Belgrade, Madrid, Milan, Paris, Vienna, New York and São Paulo. With a full German banking license, state-of-the-art technology and no branch network, N26 has redesigned banking for the 21st century and is available on Android, iOS, and desktop. Valued at more than US$9 billion, N26 has raised close to US$ 1.8 billion from the world’s most established investors, including Third Point Ventures, Coatue Management LLC, Dragoneer Investment Group, Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, in addition to members of the Zalando management board, and Redalpine Ventures. N26 currently operates in: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.
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