N26, the European digital bank, has launched ‘N26 for under 18s’, a new debit card and account product designed for children aged 7 to 17.
Launched in Germany and Austria, the new offering marks a significant strategic shift for the Berlin-headquartered fintech as it moves to build a “holistic” banking ecosystem for families.
Empowering the next generation
The new product is integrated directly into the parent’s existing N26 app, functioning as a dedicated “Space” with its own unique IBAN. While the child receives their own Mastercard debit card to gain financial independence, parents retain full oversight and control in real-time.
Key safety features include the ability for parents to set spending limits, receive instant notifications on transactions, and freeze or unfreeze the card instantly. Crucially, the account has no overdraft capability, ensuring children cannot spend more than the balance provided.
Marcus W. Mosen, Co-CEO of N26, highlighted the necessity of digital financial literacy in an increasingly cashless society: “Digital payments are an integral part of our daily life. Even in traditionally cash-focused markets like Germany, around two thirds of all retail purchases are now cashless. With N26 for under 18s, parents can empower children in an increasingly cashless world, helping them build modern money management skills early on.”
A holistic ecosystem
The launch represents the first step in N26’s broader ambition to expand its service offering beyond individual and joint accounts to cover the entire family unit. By capturing the under-18 demographic—which N26 notes accounts for 18 per cent of the EU population—the bank aims to support customers from childhood through to adulthood, facilitating long-term wealth accumulation.
“The demand for age-appropriate and secure solutions across markets is significant,” added Mosen. “Here, N26’s ambition is to also deliver innovative financial services for the next generation.”
The service is now available to all eligible customers in Germany and Austria with an active personal or business N26 account. Opening the account requires a parent’s active account and a valid birth certificate for verification.
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