Everything You Need to Know About COVID-19 Stimulus Checks

From eligibility, to timelines, here’s what you should know about the latest round of pandemic relief payments.

5 min read

The last year has been exceptionally challenging for many across the country, and while times continue to be difficult and uncertain, the U.S. government has rolled out a number of initiatives to help ease some of the burden the COVID-19 pandemic has put on Americans everywhere.

Last March, Congress approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which gave many taxpayers a one-time $1,200 payment ($2,400 for married couples filing jointly). On December 29, 2020, the Internal Revenue Service (IRS) and the Department of the Treasury began delivering a second round of Economic Impact Payments, providing $600 to eligible Americans ($1,200 to married couples filing jointly). Now, congress has passed the American Rescue Plan, which provides a third round of stimulus payments to people across the country. While the plan will provide direct payments of $1,400 to many Americans, it has also narrowed the number of people eligible to receive these payments.

Read on to learn more about this latest round of stimulus payments, and how N26 can help make the most of it with speed, transparency, and reliable support.

What is a stimulus check?

In March 2020, the CARES Act put $2 trillion into the U.S. economy impacted by the COVID-19 outbreak, with benefits for state and local governments, businesses, public health, education, and households across America. Following a second round of Economic Impact Payments distributed by the IRS last December, congress approved a third round of aid which includes direct payments to most Americans.

These direct payments, or stimulus checks, aim to help people cover necessary expenses during these difficult times. Rest easier knowing you’ll get that money in your pocket as soon as it’s made available to us with the speedy, reliable support you deserve when using your N26 account.

Who is eligible for the third stimulus payment?

Many adults with a Social Security Number are eligible to receive a payment, but there are some restrictions on who qualifies, including your income level. Keep in mind that for this latest round of stimulus payments, the cap for those eligible to receive partial payments is significantly lower than before.

The American Rescue Plan will provide $1,400 to all qualifying Americans with an adjusted gross income of up to $75,000, or up to $150,000 for married couples filing jointly. Payments will be reduced for qualifying people earning between $75,000 and $80,000 or couples earning between $150,000 and $160,000 annually. For heads of household, those earning under $112,500 will receive the full amount, with reduced payments phased out for those earning $120,000.

How can you deposit your stimulus payment into your N26 account?

Receiving your stimulus payment may not require long lines or trips to the bank — all to say, you can continue your safe social distancing measures without worrying that you will miss out on your stimulus check.

The IRS will primarily send out the third round of impact payments via direct deposit to the bank account they have on file. If you used your N26 account on your latest tax filing, you're all set. Your stimulus check will be directly deposited the moment we receive it, and you’ll get a real-time notification from N26 when the money hits your account.

The IRS will also send a number of payments through the mail as paper checks or prepaid debit cards. You can check the status of your payment, and information on how it was sent through the official Get My Payment portal.

If you haven’t already, be sure to include your account information when you file your 2020 taxes using direct deposit to receive future stimulus payments directly into your N26 account. 

How can I deposit a physical stimulus check into my N26 account?

If you receive a paper stimulus check and you’d like to deposit it into your N26 account, you can do so through the Ingo Money app.¹ Simply download the app, follow the prompts, and enter your N26 account information. Keep in mind that Ingo and N26 are not affiliated, and Ingo Money fees may apply. 

How do I find my N26 account information?

Your account information and routing number are available by tapping the “My Account” icon on the top right corner of the N26 app.

When will I receive the third stimulus check?

President Joe Biden signed the American Rescue Act into law on March 11, 2021, and according to his press secretary, stimulus payments will start hitting bank accounts as early as the weekend of March 13, 2021. Payments for eligible Americans will continue to be distributed through March and could take some time to get to you, especially for those receiving paper checks or prepaid cards.

Remember that if you haven't received the first or second stimulus payments, you may be able to claim them when you file your 2020 taxes. Before you claim, be sure to double check your eligibility through the IRS.


With N26, you can feel confident the support you deserve from the coronavirus stimulus will arrive as quickly as possible, keeping you in control of your money in a world filled with uncertainty.

Here are just a few ways N26 can help you manage your money during these unprecedented times:

  • Use Spaces to budget for upcoming expenses like rent, utilities, groceries, or whatever you need.

  • Easily add money to your N26 account by linking an existing external bank account or debit card.

  • Better understand your spending habits and identify opportunities to save by reviewing your account's auto-generated spending statistics.

  • Keep yourself level-headed while social distancing by exploring our Perks partners, like Headspace to meditate or Babbel to learn a new language.

¹N26 Inc. and Ingo Money are not affiliated entities. Ingo Money fees may apply. N26 does not manage external applications, and is not responsible for the content, links, products or services of these applications. Further, N26’s privacy and security policies do not apply to external linked applications. Please consult the disclosures of any external linked applications for further information.

N26 does not manage external links, and is not responsible for the content, links, products or services of these websites. Further, N26's privacy and security policies do not apply to external linked websites. Please consult the disclosures of any external linked websites for further information.

The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.

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