Disclaimer: The following is only a translation for your convenience; only the German documents are legally binding. This applies to all of our legal documents.

Terms and Conditions of N26 Bank GmbH for the premium account "N26 Black"

(Version 1.1., Date 26.10.17)

1. Object of the Business Relationship, Scope of Application and Amendments to these Terms and Conditions

1.1 Object of the Business Relationship, applicability of the N26 Bank GmbH Terms and Conditions

The object of the business relationship with N26 Bank GmbH ("N26") are special services in line with an N26 premium account "N26 Black" for the account holder.

  • The account holder's accession to a collective insurance concluded by N26 and AWP P&C S.A. - Dutch branch that is acting as Allianz Global Assistance Europe and member of the Allianz Group (''Insurer'') and whose specification can be inferred from the general conditions of insurance;

  • Putting a ''N26 Black'' MasterCard at the customer's disposal

Provided that no other agreements were made, the general terms and conditions of the ''N26 current account'' at N26 Bank GmbH as well as the additional terms for usage of the application of the mobile App named "N26-App" apply for the usage of the premium account "N26 Black".

1.2 Scope of Application and (Potential) Users Addressed, Communication line

  • The general terms and conditions shall apply for the entire business relationship between the customer and N26.

  • The contractual partners in this contract are exclusively N26 Black customers and N26.

  • The communication is exclusively effected by means of electronic communication (via N26-App or email e.g.). In individual cases and depending on the kind of communication also written and/or telephonic communication in alignment with the stipulation of these terms and conditions is in posse.

2. Claims Handling

The claims handling and regulation as well as the whole execution of insurance services exclusively takes place by the insurer in accordance with the stipulation of the general insurance conditions of the insurer and complying with general advices for the damage event of the insurer.

3. Remuneration and Costs

The customer is hereby obliged to pay N26 any compensation owed for the premium account "N26 Black" that are listed in the price list, in accordance with this general business relationship.

4. Data Protection

N26 shall respect the applicable provisions for data protection. N26 is entitled to process and use the customer's personal data, obtained by N26 in the context of the business relationship with the customer, for the performance of the contract. For the execution of the request to access to the collective insurance specified in section 1.1 a) issued by the account holder, the account holder's personal data contained in the orders shall be transmitted to suitable implementing agencies (especially to the insurer).

5. Duration and Termination of the Business Relationship

5.1 Duration

This contract is closed for a duration of one year. If the account holder doesn't cancel the contract 4 weeks before the expiration of the contract, the contract will be renewed for an additional year. In case of a renewal of the accounts holder's accession to the collective insurance for a further year, a new N26 Black ID will automatically be assigned to the account holder.

The insurance coverage for the insured person starts for existing customers on the day of the upgrade from a standard N26 Black account to N26 Black and for new customers on the day with the opening of a standard N26 account and when at the same time choosing N26 Black.. The insurance coverage ends after the account holder's or the insured person's cancellation of the N26 Black account has come into force or after the downgrade to a N26 current account contract.

5.2 The Customer's Right of Termination

  • The account holder can only ordinary cancel N26 Black until 4 weeks before the expiration of the contract period.

  • The account holder can only extraordinary cancel N26 Black before the contractual period has ended with specific causes that appear pursuing the contract is unreasonable. Such causes are especially given if the account holder takes up residency in another country in which the contractual services of N26 Black are not offered.

  • The customer's right of cancellation for the entire account relationship with N26 under the general terms and conditions of the ''N26 current account'' at N26 Bank GmbH as well as the additional terms for usage of the application of the mobile App named "N26-App" are hereby unaffected.

5.3 Right of Termination for N26

As to the right of termination of N26 section 8.3 of the additional terms for usage of the application of the mobile App named "N26-App" or of the via my.n26.com accessible online interface and section 19.1 of the terms of use for the general business relationship between you and N26 Bank GmbH apply. The right of N26 to terminate the business relationship without notice shall remain unaffected by this.

5.4 Consequences of Termination

After the cancellation of N26 Black the contractual relationship with N26 remains unaffected, especially in respect of the current account. After the cancellation came into force all insurance benefits lapse in accordance with the general insurance conditions of the insurer. If the account holder or N26 cancels N26 Black extraordinary before expiration of the contractual period, N26 will refund advance payments pro rata.

6. Applicable law and partial ineffectiveness

6.1 Applicable Law

German law shall apply to the business relationship between the Customer and N26.

6.2 Partial Ineffectiveness

Should any one of the present provisions of these conditions be ineffective, annulled, or declared invalid or null and void, the legal validity of the other conditions shall remain unaffected.

7. Revocation Instruction

Right of Revocation

You may revoke your declaration of agreement within 14 days, without specifying the reasons, by means of an explicit statement. The above period shall begin following receipt of this instruction via a durable data medium, but not before forming the contract, or fulfilling our reporting requirements in accordance with Article 246b § 2 para.1, in combination with Article 246b § 1 para. 1 EGBGB (Einführungsgesetz zum Bürgerlichen Gesetzbuch) [Introductory Act to the German Civil Code]. In compliance with the revocation period, the timely dispatch of the revocation shall suffice if the statement is made on a durable data medium (e.g. letter, fax or email).

The revocation must be addressed to:

N26 Bank GmbH Klosterstraße 62 10119 Berlin

E-Mail: terms@n26.com

Consequences of Revocation

In the event of a valid revocation, any payments made and services received by either party are to be returned. You shall be obliged to compensate for the value of the services provided up until the revocation, if you were informed of these legal consequences before submitting your contractual declaration and you have explicitly given your consent that we start to execute the service in return before the end of the revocation period. If there is an obligation to compensate for value, this may result in you being bound to fulfil the contractual payment obligations for the period up until the revocation. Your revocation right shall prematurely expire, if the agreement by both parties is completely fulfilled upon your explicit request, before the exercising of your revocation right. Obligations to refund payments must be met within 30 days. On your part, the revocation period shall begin with the dispatch of your revocation statement, whereas on our part, it shall begin with the receipt of your revocation statement.

Special Notes

Moreover, with the revocation of this contract, you are no longer bound to any agreement associated with this contract, if the associated agreement concerns a service rendered by us or a third party, based on an agreement between us and the third party.

Consent to Undertake the Contractual Services, before Expiry of the Revocation Period

You hereby declare your consent to N26 beginning to execute the contractual services, in the meaning of this contract, even before the expiry of the revocation period. In the event of a revocation, you are obliged to pay compensation for the services received, according to the legal prescriptions.

End of the Revocation Instruction