WORLD SAVINGS DAY 2020. With Spaces, N26 gives all customers the opportunity to set money aside and stay in control of their finances
More than 1.1 million Spaces were created since the launch of the popular sub-account feature in 2018 - equal to 1 in 5 N26 customers across Europe, with French customers using this feature the most. The current health crisis and its financial uncertainties have accelerated the adoption of this feature - that makes saving, planning and setting money aside simple and intuitive, so anyone can save in their own way!
Paris - This World Savings Day, N26 is celebrating their Spaces sub-account feature, which has changed the way people save and set money aside. To date, 1.1 million Spaces were created since the launch of the feature in 2018. In a word, 1 in 5 N26 customers use this feature to easily manage their money and to save for tomorrow.
In 2020, the COVID19 pandemic has plunged Europe, and indeed the world into a time of uncertainty. As a result, the savings behavior of Europeans has changed. Today, 86% of French people have a savings account. Almost half of them (45%) have long-term savings goals. 31% are saving for for a rainy day, 28% for retirement and 27% for vacations.
Today, the success of N26’s sub-account feature Spaces is clear. More than 1.1 million sub-accounts have been created across Europe, and 1 in 5 of the 5 million of N26’s European customers have used the feature. In a few taps and swipes, customers have been able to create Space, set money aside, and share this with loved ones, all in real-time. Spaces is the fastest, easiest, and most flexible way to put money aside, straight from your smartphone.
Across Europe, 70% of N26 customers use Spaces for saving purposes, 30% to break their money up based on its use and to budget how much they spend on specific things. The average balance per Space in the EU is 370 €.
In France, the success of Spaces is resounding, with the market accounting for more than 20% of all N26 Spaces created since 2018. An average of 13 000 new Spaces are created in France every month since January 2020, the highest in Europe. Furthermore, there has been a steady increase in the __amount of Spaces opened by French citizens since COVID19 hit and lockdown measures were implemented, with a 33 % increase from April to September 2020.
SAVE BETTER WITH SPACES
Spaces are N26 sub-accounts that make organizing your money possible in just a few taps. Set money aside, save for a big purchase or work towards your financial goals with ease. Spaces is the fastest, easiest, and most flexible way to put money aside. In 2018, N26 launched the Spaces sub-account feature in Europe, allowing each customer to create 2 (N26 Standard customers) or 10 (N26 You and N26 Metal customers) sub-accounts attached to the same main account and the same IBAN. In addition, N26 You and N26 Metal customers will be able to create and share their Spaces with up to 10 other people thanks to the Shared Spaces function, while customers with free accounts will also be able to use the feature, and can be invited to join up to two Shared Spaces by friends, family or loved ones.
*The research was carried out in April 2020 by Sapio Research, 10 106 people living in Europe and the US were surveyed as part of the study which more than 1000 were French. *
“Since our arrival in France 3 years ago, we have wanted to simplify the life of the French when it comes to their daily finances. Spaces is a simple feature, accessible to everyone, that is designed to help anyone take back control over their money. It is essential for a bank to allow this, but we aren’t stopping there. Very shortly, we will be announcing even more features and rules for our Spaces sub-accounts”, explain Jérémie Rosselli, N26 General Manager for France and Benelux.
*The research was carried out in April 2020 by Sapio Research, 10 106 people living in Europe and the US were surveyed as part of the study which more than 1000 were French. *
About N26
N26 is Europe’s leading digital bank with a full German banking license. It offers simple, secure and customer-friendly mobile banking to millions of customers in 24 markets across Europe. N26 processes over 140bn EUR in transactions a year and currently has a 1,500-strong team of more than 80 nationalities. The company is headquartered in Berlin, with offices in multiple cities across Europe, including Vienna, Paris, Milan and Barcelona. Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has raised close to US$ 1.8 billion from some of the world’s most renowned investors.
Website: n26.com | N26 Press Contact: press@n26.com