N26 Bank Closing

[JiggyJaggy]

Just received this very frustrating email from N26 Bank today. Anyone else had this?

Need to start looking for another bank now which is a shame as they we are very good and efficient.



More here: https://www.cityam.com/german-digital-bank-n26-qui...

Edited by JiggyJaggy on Tuesday 11th February 17:54

[TheRainMaker]

Yep, it sucks.

[JiggyJaggy]

A real shame as I thought I finally found a nice straight forward organised bank that doesn't mess up everything for once. Wonder what their reasoning was. Surely they could have set up a separate UK arm of the company when it was gaining so much traction! I guess this is one of the down falls compared to a normal UK high street bank...

[Camelot1971]

No money to be made offering basic banking services.

[Jon39]

I think they failed to attract customers in sufficient numbers.

However, they say it was because the UK has left the EU.
Does that mean Santander will also have to close ?
I doubt it.

Edited by Jon39 on Tuesday 11th February 21:17

[williaa68]

It is an interesting decision as they dont know what the rules will be yet. Perhaps we will get "equivalence" which would work both ways - N26 selling into the UK and UK based banks selling into the EU. However they may well have decided that they can't be arsed to wait and we just aren't worth it. Hard to criticise that decision really.

We have a lot, lot more skin in this game than the EU does but at the risk of turning this into a version of the "how do we think the EU negotiations thread" I have a horrible feeling we will end up trading fish for equivalence....

[AJB88]

Jon39 said:

I think they failed to attract customers in sufficient numbers.

However, they say it was because the UK has left the EU.
Does that mean Santander will also have to close ?
I doubt it.

Edited by Jon39 on Tuesday 11th February 21:17

Santander has a UK licence though does it not? N26 didn't.

[egomeister]

Jon39 said:

However, they say it was because the UK has left the EU.
Does that mean Santander will also have to close ?
I doubt it.

No, because Santander operates with a UK banking license

[TheRainMaker]

Is a European licence easer to get than a UK one?

They just set up in the US so it’s not as if they can’t set up outside the EU.

Sounds like they didn’t have enough customers to me, which is a shame as I liked it.

[JiggyJaggy]

Starling and similar didn't have a huge following but then took off. It's a shame, surely they were on the same trajectory.

[Jon39]

egomeister said:

No, because Santander operates with a UK banking license

I know, just thought the reason give by N26, looked more like an excuse.
N26 have recently launched in the USA. Hope they realise the USA is also not an EU member.

[I 8 a 4RE]

This is simply a political statement. They can do it because their U.K. account numbers are low.

Trade deal may well include “banking licenses for cars” ie banks continue to operate across the channel for no import duty on German (and French) cars