N26 Spaces — the coolest new feature in the mobile banking industry?
N26 has unveiled their newest state-of-art feature called “N26 Spaces”, which is not just maybe the coolest new feature but also a feature to me, that helped me to get my personal finances to the next level.
But what is actually N26 Spaces?
Thanks to the new feature, N26-users can put their money into sub-accounts, called Spaces, to better organize their personal finances. The money deposited in the spaces is then no longer used for card payments, but can also simply be moved back into the main account.
The money is transferred easily by drag-and-drop. You can name your Spaces, or even give the Space a picture. If a Space is used for example for saving money, users can enter target amounts to track the progress of their savings.
Also, during the course of the year, N26 plans to introduce further functions to N26 Spaces. In this way, individual spaces are also to be used together with other users in order to save towards a common goal or to manage household expenditures together.
How do I use N26 Spaces in my student life?
Just like most other students, money and personal finances are topics that cost us a lot of time and worries. Besides the fixed costs that we have to pay every month, we often have to save money for our tuition fees, for a new MacBook or for our holidays and traveling, while also managing our personal with an very limited amount of money. Struggling to find a solid solution for this problem, I have used different bank accounts to save money for these purposes — and most time it worked just fine. But due to it’s complexity after opening plenty of bank accounts, I have lost the overview of my finances causing me to make changes.
Today, I use three different Spaces, called “Summer 2019”, “Tuition fees” and “MacBook”. For the last two I have also setup target amounts, so that I can track the progress of saving. I have closed my other bank accounts and I can easily have an overview and manage my money by using the N26-App.
As I have mentioned it before, N26 plans to introduce further functions to N26 Spaces. I would really like to have an option to setup an saving rate that is moving the desired amount of money automatically every month to the appropriate Space.
By introducing N26 Spaces, the bank has shown their evolvement beyond just offering payment solutions and other banking products. N26 is on the right way to disrupt the industry by enabling their clients to use state-of-art technology that solves their problems and makes their life more enjoyable.