N26 has launched a new debit card service tailored for young individuals, aiming to offer more comprehensive retail banking solutions to minors aged between 7 and 17.
This service, named N26 for under 18s, is accessible in Germany and Austria. It operates as an independent account section within the existing accounts of parent or guardian who has a personal or business N26 account. The child receives their own Mastercard debit card bearing their name, and they have a unique IBAN assigned to them.
The bank manages this account through the N26 app, where parents can set spending limits, deposit funds, and track transactions in real time. Additional features include instant freezing or unfreezing of the card, and real-time transaction alerts. The child’s account activity is included alongside the parent’s finances for a comprehensive overview.
Parental Involvement and Financial Education
N26 designed this product to assist parents in integrating financial decision-making into daily life with their children, especially as cashless payments become increasingly prevalent. By introducing digital payment methods early on, the bank aims to facilitate progressive financial education that can adapt as the child grows.
To open an N26 for under 18s account, one needs an active N26 account and a valid birth certificate for verification. Customers get to choose from seven card designs suitable for younger users, making the product available across all membership tiers in both launch regions.
