Comparison of Business Banking Services: N26 vs. Sparkasse

Important Note about Sparkasse

Service conditions and fees may vary depending on the specific branch or office of Sparkasse. Sparkasse is not a single bank but a network of banks, each of which can set its own tariffs and conditions for its clients.

Tariff Plans for Business at N26

N26 Business Basic

Cost: Free

Key Features:

• Basic banking services.
• Free card payments.
• Three free cash withdrawals per month in the eurozone.
• Ability to use sub-accounts (Spaces) for fund management.

N26 Business Standard

Cost: €9/month

Key Features:

• All Basic features.
• 0.1% cashback on all card purchases.
• Up to 10 sub-accounts (Spaces) for financial management.
• Transaction export for accounting and tax reporting.

N26 Business Pro

Cost: €19/month

Key Features:

• All Standard features.
• Unlimited cash withdrawals in the eurozone.
• International transfers without fees.
• Priority customer support.

N26 Business Premium

Cost: €29/month

Key Features:

• All Pro features.
• Premium customer support.
• Enhanced team management capabilities.
• Premium services.

Recommendations

• For small businesses: N26 Business Basic provides essential features for free, making it an excellent choice for beginners.
• For small businesses with additional needs: N26 Business Standard offers cashback and enhanced financial management features.
• For medium-sized businesses: N26 Business Pro provides unlimited cash withdrawals, international transfers without fees, and priority customer support.
• For businesses with large teams: N26 Business Premium offers maximum benefits and premium services, making it ideal for managing large teams and complex operations.

Tariff Plans for Business at Sparkasse

Sparkasse Business Basic

Cost: Varies by branch, approximately €5-15/month

Key Features:

• Basic banking services.
• Free internal payments.
• Limited free cash withdrawals in the eurozone (usually 3-5 times per month).
• Access to online banking and mobile app.

Sparkasse Business Standard

Cost: Varies by branch, approximately €20-30/month

Key Features:

• All Basic features.
• Free internal and SEPA payments.
• Increased number of free cash withdrawals in the eurozone.
• Support for multi-currency operations.

Sparkasse Business Pro

Cost: Varies by branch, approximately €40-60/month

Key Features:

• All Standard features.
• Unlimited cash withdrawals in the eurozone.
• Reduced fees on international transfers.
• Personal account manager.

Sparkasse Business Premium

Cost: Varies by branch, over €60/month

Key Features:

• All Pro features.
• Premium customer support.
• Special conditions for international operations.
• Enhanced corporate management capabilities.

Recommendations

• For small businesses: Sparkasse Business Basic provides essential features at an affordable price, making it a good choice for starting entrepreneurs.
• For small businesses with additional needs: Sparkasse Business Standard offers extended capabilities for internal and SEPA payments.
• For medium-sized businesses: Sparkasse Business Pro provides additional benefits, such as unlimited cash withdrawals and reduced fees on international transfers.
• For businesses with large teams: Sparkasse Business Premium offers maximum benefits and premium services, making it ideal for managing large teams and complex operations.

Tariff Plans for Freelancers at N26

N26 Business Standard

Cost: Free

Key Features:

• 0.1% cashback on all card purchases.
• Three free cash withdrawals per month in the eurozone.
• Transaction export for accounting and tax reporting.
• Use of sub-accounts (Spaces) for financial management.

N26 Business Smart

Cost: €4.90/month

Key Features:

• All Standard features.
• Up to 10 sub-accounts (Spaces) for separating business and personal funds.
• Unlimited cash withdrawals in the eurozone.
• Phone customer support.

N26 Business You

Cost: €9.90/month

Key Features:

• All Smart features.
• Free cash withdrawals worldwide.
• Comprehensive travel insurance, including flight and baggage delay coverage.
• Liability and health insurance.

N26 Business Metal

Cost: €16.90/month

Key Features:

• All You features.
• 0.5% cashback on all card purchases.
• Premium metal card.
• Extended insurance (including purchase protection and smartphone insurance).
• Priority customer support.

Recommendations

• For beginner freelancers: N26 Business Standard provides all essential features for free, making it an excellent choice for those starting out.
• For active freelancers with significant financial management needs: N26 Business Smart offers extended financial management features and unlimited cash withdrawals in the eurozone.
• For international business: N26 Business You provides free cash withdrawals worldwide and comprehensive insurance, making it ideal for frequent travelers.
• For premium clients: N26 Business Metal offers maximum benefits, including high cashback and priority support, making it the best choice for businesses seeking maximum security and convenience.

Tariff Plans for Freelancers at Sparkasse

Sparkasse usually does not have specially designated tariff plans for freelancers—their standard business tariffs can be used by freelancers, but they are not specifically tailored for this category of clients.

Comparison of Free Services

Cashback

• N26 Business Standard (freelancers): 0.1%
• Sparkasse: No cashback

Cash Withdrawals

• N26 Business Standard (freelancers): Three free cash withdrawals in the eurozone.
• N26 Business Basic (business): Three free cash withdrawals in the eurozone.
• Sparkasse: Limited free cash withdrawals in the eurozone (usually 3-5 times per month).

Payments

• N26 Business Standard (freelancers): Free card payments.
• N26 Business Basic (business): Free card payments.
• Sparkasse: Free domestic payments.

Sub-Accounts (Spaces)

• N26 Business Standard (freelancers): Yes.
• N26 Business Basic (business): Yes.
• Sparkasse: No.

Recommendations

• For freelancers: N26 Business Standard is an attractive option due to its cashback, free cash withdrawals, and unlimited free card payments.
• For small businesses: N26 Business Basic offers similar benefits without cashback.
• For users who do not require frequent cash withdrawals and a large number of payments: Sparkasse may be a good option, especially if the focus is on domestic payments and having branches for personal service.

Comparison of Premium Services

N26 Business Metal (freelancers)

• Cost: €16.90/month
• Cashback: 0.5%
• Cash Withdrawals: Free worldwide
• Sub-Accounts (Spaces): Yes
• Additional Features: Extended insurance

N26 Business Premium (business)

• Cost: €29/month
• Cashback: No
• Cash Withdrawals: Free worldwide
• Sub-Accounts (Spaces): Yes
• Additional Features: Extended team management features

Sparkasse Business Premium (freelancers and business)

• Cost: More than €60/month (depends on branch)
• Cashback: No
• Cash Withdrawals: Limited free cash withdrawals in the eurozone (usually 3-5 times per month)
• Sub-Accounts (Spaces): No
• Additional Features: Premium customer support, special conditions for international operations, extended corporate management capabilities

Recommendations

• For freelancers: N26 Business Metal is an excellent choice due to its cashback, free worldwide cash withdrawals, and additional features.
• For businesses: N26 Business Premium offers a good balance between cost and functionality.
• For Sparkasse users: Sparkasse Business Premium may be a good option for those who value personal service and are willing to pay for extended international operations and corporate management capabilities, despite the lack of cashback and sub-accounts.

Ease and Speed of Account Opening

Online Registration

• N26: Offers online registration through mobile and web applications.
• Sparkasse: Online registration is available but may require a branch visit to complete the process.

Registration Time

• N26: Registration takes a few minutes.
• Sparkasse: Registration time may vary, especially if a branch visit is required.

Form Filling

• N26: Requires filling out a form with business and owner information.
• Sparkasse: Requires filling out a form with business and owner information, possibly more details due to a more traditional approach.

Required Data and Documents

• N26: Identity verification and business registration documents.
• Sparkasse: Identity verification, business registration documents, and possibly additional documents.

Identification Procedure

• N26: Uses photo identification or video identification.
• Sparkasse: Typically requires a branch visit for identification but may also offer online identification via video call.

Identification Time

• N26: Identification takes a few minutes.
• Sparkasse: Identification time can be longer, especially if a branch visit is required.

Account Confirmation and Activation

• N26: Instant confirmation and activation after identification.
• Sparkasse: Confirmation and activation may take a few business days, depending on the identification process.

Confirmation Notification

• N26: Sends a confirmation notification.
• Sparkasse: Sends a confirmation notification.

Card Receipt

• N26: Offers a physical card by mail and a virtual card immediately.
• Sparkasse: Offers a physical card by mail; a virtual card may not be immediately available.

Platform Availability

• N26: Supports iOS, Android, and web platforms.
• Sparkasse: Supports iOS, Android, and web platforms.

Recommendations

• For those who value speed in account activation: N26 is the best option due to instant confirmation and account activation.
• For those who prefer a traditional approach and personal service: Sparkasse may be a preferred option, despite potential delays in the identification and account activation process.

Main Features and Business Capabilities

Account and Finance Management

• N26: Intuitive mobile and web application, support for up to 10 sub-accounts (Spaces).
• Sparkasse: Traditional banking services through a mobile app and web platform, ability to open additional accounts and sub-accounts (depending on the branch).

Cashback and Bonuses

• N26: 0.1% on all purchases (Standard and Smart), 0.5% (Metal). Loyalty programs.
• Sparkasse: No cashback, but offers bonus programs and discounts from partners (depending on the branch).

International Operations

• N26: Competitive transfer rates, multi-currency support, free payments within the Eurozone.
• Sparkasse: Standard fees for international transfers, SWIFT and SEPA support, multi-currency accounts (limited currency options).

Security and Protection

• N26: Two-factor authentication, deposit protection up to 100,000 euros.
• Sparkasse: Two-factor authentication, deposit protection up to 100,000 euros, additional security measures offered individually by branches.

Customer Support

• N26: Multilingual support via chat and phone (for premium plans), online support center.
• Sparkasse: Support via chat, phone, and in-person at branches, personal manager for business clients (depending on the branch).

Integrations and Automation

• N26: Integration with accounting systems, automatic payments.
• Sparkasse: Integration with local accounting systems, support for automatic payments, additional automation services (depending on the branch).

Analytics and Reporting

• N26: Built-in expense analysis tools, report creation, data export.
• Sparkasse: Expense and income analysis tools, report creation, data export, detailed transaction analytics (depending on the branch).

Premium Features

• N26: Metal card, extended insurance, priority support.
• Sparkasse: Personalized services, premium support, additional services and privileges for business clients (depending on the branch).

Recommendations

• For freelancers: N26 might be the best choice due to cashback and convenient account management.
• For small businesses: Sparkasse offers traditional banking services and personal service, which may be preferred by those who value personal contact and flexible conditions.
• For large companies: Sparkasse, with a wide range of services and individual business solutions, is an excellent choice, especially if personalized service and comprehensive banking services are required.

Integration Capabilities with Other Services

Integration with Accounting Systems

• N26: Supports Xero, QuickBooks, DATEV; data export in CSV and PDF formats.
• Sparkasse: Integration with local accounting systems (e.g., DATEV), data export in various formats (CSV, PDF, Excel).

Integration with Financial Applications

• N26: Supports Apple Pay, Google Pay, Samsung Pay; integration with Stripe and PayPal.
• Sparkasse: Supports Apple Pay and Google Pay; integration with local and international payment systems, including PayPal (depending on the branch).

Integration with Business Management Platforms

• N26: Integration with CRM systems (Salesforce); support for project management platforms (Trello, Asana).
• Sparkasse: Limited integration with CRM systems and project management platforms; may require additional software or collaboration with external developers.

Integration with Analytics Tools

• N26: Built-in analytics tools; integration with external analytics platforms (Google Analytics, Tableau).
• Sparkasse: Built-in analysis and reporting tools; integration with local and international analytics systems through additional software.

Process Automation

• N26: API access; integration with IFTTT and Zapier.
• Sparkasse: API access (for large clients and on request); possible integration with local automation services through external APIs and software solutions.

Recommendations

• For businesses needing extensive data export and integration with various analytics and project management systems: N26 is an excellent choice due to its support for multiple platforms and export formats.
• For businesses that prioritize integration with various financial applications and process automation: Sparkasse offers flexibility, especially for large clients, through local integrations and support from external developers.

Customer Service Quality for Business

Support Channels

• N26: Chat, phone (for premium users), online support center.
• Sparkasse: Chat, phone, in-branch visits, online support center.

Support Availability

• N26: Support is available 24/7 for premium users; standard users have access during business hours.
• Sparkasse: Support is available during business hours (usually 8:00 AM to 6:00 PM on weekdays), in-branch service on business days (Monday to Friday).

Response Time

• N26: Quick response through chat, especially for premium users.
• Sparkasse: Response time may vary, but generally prompt when contacting in person or by phone.

Online Support Center

• N26: Extensive knowledge base, FAQs, guides, and instructions available on the N26 website.
• Sparkasse: Extensive knowledge base, FAQs, guides, and instructions available on the Sparkasse website.

Personal Manager

• N26: Personal manager available for N26 Business Metal premium users.
• Sparkasse: Personal manager available for all business clients, offering individualized service.

Educational Materials

• N26: Access to webinars, articles, and guides on using N26 features and services.
• Sparkasse: Access to webinars, articles, and guides on using Sparkasse features and services, often available on the website and in branches.

Recommendations

• For businesses needing 24/7 support: N26 can provide round-the-clock support for premium users, while Sparkasse offers support during business hours.
• For businesses requiring a personal manager: Sparkasse offers a personal manager for all business clients, which can be an advantage over N26, where this service is available only for premium users.
• For businesses needing quick response and multilingual support: Sparkasse provides quality service through various channels, including in-branch visits, which can be beneficial for users who prefer personal interaction and prompt issue resolution.

Currency Handling Capabilities for Business

Multi-currency Accounts

• N26: Ability to open accounts in 19 different currencies for convenient international transactions and currency management.
• Sparkasse: Ability to open accounts in a limited number of currencies, usually including EUR, USD, GBP, and CHF, depending on the branch.

Currency Exchange

• N26: Convenient currency exchange via the mobile app with a 0.5% transaction fee.
• Sparkasse: Currency exchange through branches or online banking, with fees depending on the branch and account type, typically ranging from 0.25% to 1%.

International Payments

• N26: Conducting international payments with minimal fees (0.3% of the transfer amount) and favorable rates, supporting SEPA and SWIFT transfers.
• Sparkasse: International payments with fixed fees depending on the branch, usually ranging from 0.25% to 1% of the transfer amount, supporting SEPA and SWIFT transfers.

Support for Various Currencies

• N26: Ability to conduct operations in 19 different currencies, such as EUR, USD, GBP, CHF, JPY, and others.
• Sparkasse: Ability to conduct operations in a limited number of currencies, usually including EUR, USD, GBP, and CHF, depending on the branch.

Business Card

• N26: Business card supporting transactions in 19 different currencies.
• Sparkasse: Business card supporting transactions in major currencies such as EUR, USD, GBP, and CHF, depending on the branch.

Recommendations

• For businesses needing maximum multi-currency capabilities: N26 is the best choice, supporting 19 currencies.
• For flexible currency exchange conditions: Sparkasse offers flexible currency exchange options through branches and online banking, which can be convenient for users preferring traditional banking services.
• For minimal international payment fees: N26 offers the lowest fees (0.3%), making it an attractive option for businesses conducting frequent international transactions.

Advantages and Disadvantages

Advantages of N26

• Convenient and intuitive mobile and web application.
• Multi-currency accounts (up to 19 currencies).
• Minimal fees for international transfers (0.3%).
• High level of security and data protection.
• 24/7 support for premium users.
• Availability of a personal manager for premium users.

Disadvantages of N26

• Limited support (only during business hours) for standard users.
• No cashback program.
• Limited number of supported currencies (19 currencies) compared to competitors.

Advantages of Sparkasse

• Extensive network of branches, access to personal service.
• Individual terms and personalized services for businesses.
• High level of security and data protection.
• Support for various currencies, including EUR, USD, GBP, and CHF.
• Personal communication with clients and individual consultations.
• Personal manager for all business clients.
• Integration with local accounting and financial systems.

Disadvantages of Sparkasse

• Less flexibility and speed in online operations compared to fintech companies.
• Fees for international transfers can be higher (usually ranging from 0.25% to 1%).
• Limited capabilities for multi-currency operations compared to fintech competitors.
• Customer support is available only during business hours (typically from 8:00 to 18:00 on weekdays).

Conclusion

• For small businesses and freelancers: N26 may be the most suitable option due to its ease of use and low fees.
• For a traditional approach and personal service: Sparkasse is an excellent choice due to its wide range of services and personalized approach.
• For businesses that value personal communication and individual consultations: Sparkasse offers personal service and individual terms for business clients.

Article Author: Patrick Möller