A particularly interesting function that digital banks use to provide added value to their customers through applications as a central element are sub-accounts, the so-called Spaces. Sub-accounts are located next to the main account and work in a similar way to flexible savings accounts: you can deposit and withdraw funds at any time, but you cannot pay directly from the sub-account. This is a great way to manage your money and save on large and minor purchases. In N26 Direct Bank you can create up to ten existing sub-accounts in addition to your main account. You can use it to create and manage budgets for yourself or in combination with other client accounts, for example family budgets or shared apartment budgets. According to an N26 survey, over a third of customers want to process payments directly via Spaces. The digital bank has now complied with that demand – at least with premium customers.
IBANs for spaces
But the whole thing is just to go ahead with the extended feature of N26’s Spaces: a separate IBAN, that is, a unique account number for sub-accounts. Clients with N26 Smart, N26 You and N26 Metal chargeable account models can now not only use these spaces as standalone sub-accounts, but can also assign the IBAN to each space. This allows for direct debit payments to be set up and to receive SEPA transfers directly. This enables a certain degree of automation for invoicing, regular payments, and signup forms. Premium customers assign IBAN to Spaces by creating space in the app and then selecting “Add IBAN to Space” in Settings.
For whom is this feature worthwhile?
Self-employed and self-employed people who use a Premiun N26 account particularly will benefit from the new job. For example, you can allocate their own space for each client. This makes it easy to track incoming payments, enables separate account statements to be downloaded for each space, and improves business finances management, see above t3n.de.
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