N26 brings self-employed bank account to Irish market

Account is free to open but ATM use of Mastercard may incur charges

N26 Business allows freelancers and the self-employed to use one account to navigate both their business and private finances

N26 Business allows freelancers and the self-employed to use one account to navigate both their business and private finances

 

Low cost mobile first bank N26 has launched a new specialist current account in the Irish market, targeting the self-employed and freelance workers.

N26 Business allows freelancers and the self-employed to use one account to navigate both their business and private finances. The product comes with a special “tags” feature, which allows users tag transactions associated with one project, with as many hashtags as they want to and pull overviews for just that project. This should simplify splitting the business from the personal purchases for auditing and tax reporting purposes.

The account also comes with a Mastercard Business that will give a cashback on all transactions of 0.1 per cent. While it’s free to open, with no monthly fees to use, if you use your Mastercard more than five times in a month at an ATM, fees of €2 per transaction will apply. N26 said that more “ business specific” features will follow later this year

While it doesn’t have a physical presence in Ireland, users can access N26’s banking services via their smartphones. Earlier this year the Berlin based bank, which began offering its services to customers in Ireland in December 2015, said it had gained about 10,000 customers in Ireland.