N26 Savings Breakeven: Is the Subscription Worth It? (2026)

N26 offers tiered savings rates that increase with more expensive plans. But do the higher rates actually justify the subscription costs? Let's calculate exactly how much you need to save for each plan to break even.

The Simple Question

At what savings balance does a paid plan's extra interest cover its subscription cost?

This is your "breakeven point": the balance at which a paid plan's extra interest, after DIRT, pays for the plan, compared with keeping the same money on the free Standard plan.

N26 Savings Rates (October 2026)

| Plan | Interest Rate | Monthly Cost | Annual Cost | |------|---------------|--------------|-------------| | Standard | 0.30% p.a. | Free | €0 | | Smart | 0.30% p.a. | €4.90 | €58.80 | | Go | 0.50% p.a. | €9.90 | €118.80 | | Metal | 1.50% p.a. | €16.90 | €202.80 |

Rates from N26's Instant Savings page ("from 11/06/2025 onwards", before taxes) and fees from its plans page, both checked October 2026. N26 Instant Savings is open to new and existing customers on every plan.

The DIRT Factor

In Ireland, savings interest is taxed at 33% (DIRT, Deposit Interest Retention Tax). N26 doesn't deduct this ("N26 won't withhold taxes from the interest you earn"), but you still owe it, so declare it on your tax return.

This means your effective rate is only 67% of the headline rate:

| Plan | Gross Rate | After DIRT | |------|-----------|-----------| | Standard | 0.30% | 0.20% | | Smart | 0.30% | 0.20% | | Go | 0.50% | 0.34% | | Metal | 1.50% | 1.01% |

Breakeven Formula

``` (Paid plan rate - Standard rate) × Balance × 0.67 = Annual Cost Breakeven = Annual Cost ÷ ((Paid plan rate - 0.30%) × 0.67) ```

Where 0.67 accounts for the 33% DIRT tax, and the comparison is with what the same balance earns on the free Standard plan.

Breakeven Points for Each Plan

Standard (Free)

• Cost: €0/year
• Rate: 0.30% (0.20% after DIRT)
• Breakeven: None needed, it's free

Standard is the baseline. No subscription cost means any balance earns you money (however small).

Smart (€4.90/month)

• Cost: €58.80/year
• Rate: 0.30% (0.20% after DIRT)
• Breakeven: Never

``` (0.30% - 0.30%) × Balance × 0.67 = €0 at every balance ```

The problem: Smart has the same rate as Standard. You're paying €58.80/year for budgeting features, not better savings rates. For pure savings, Smart never makes sense over Standard.

Go (€9.90/month)

• Cost: €118.80/year
• Rate: 0.50% (0.34% after DIRT)
• Breakeven: About €88,700

``` €118.80 ÷ ((0.50% - 0.30%) × 0.67) = €118.80 ÷ 0.00134 = €88,657 ```

You'd need almost €89,000 in savings for Go's extra 0.20% to cover its subscription cost. By then, Metal would earn you more even after its higher fee. The real value of Go is travel insurance, free ATM withdrawals outside the eurozone and 1% cashback while travelling, not the savings rate.

Metal (€16.90/month)

• Cost: €202.80/year
• Rate: 1.50% (1.01% after DIRT)
• Breakeven: About €25,200

``` €202.80 ÷ ((1.50% - 0.30%) × 0.67) = €202.80 ÷ 0.00804 = €25,224 ```

Metal's higher rate means you need about €25,000 to break even, far lower than Go because its extra rate over Standard is six times higher.

Summary Table

| Plan | Annual Cost | Rate | Breakeven Balance | |------|-------------|------|-------------------| | Standard | Free | 0.30% | Free | | Smart | €58.80 | 0.30% | Never | | Go | €118.80 | 0.50% | About €88,700 | | Metal | €202.80 | 1.50% | About €25,200 |

What This Means for You

If you have less than €25,000 to save:

Stick with Standard (free). No N26 paid plan will pay for itself through savings interest alone.

If you have €25,000 or more:

Metal starts to pay for itself, but you could get better rates elsewhere (MoCo 2.1% AER, Trade Republic 3.04% AER for new customers on cash up to €50,000, Bunq up to 3.11%) without paying €16.90/month.

Go, at any balance:

Go is never the best N26 plan for savings. Its breakeven (about €88,700) is far above the point where Metal's extra interest beats Go's.

The Real Value of N26 Plans

N26's paid plans aren't designed for savings maximisation. The value is in:

| Plan | Best For | |------|----------| | Go | Travel insurance, free ATM withdrawals outside the eurozone, 1% cashback while travelling | | Metal | Mobile phone insurance and purchase protection, a free airport lounge pass, metal debit card |

If you want these perks and happen to save with N26, the breakeven analysis tells you when the savings rate becomes a nice bonus rather than a cost centre.

Better Alternatives for Pure Savings

If savings rate is your priority, consider:

| Provider | Rate | Cost | Breakeven | |----------|------|------|-----------| | MoCo EasySaver | 2.10% AER | Free | Free | | Trade Republic | 3.04% AER (new customers, up to €50,000) | Free | Free | | Revolut Standard | 2.50% AER up to €2,500, 1% above | Free | Free | | Bunq | Up to 3.11% (1.61% and 1.51% base) | Free | Free |

All of these beat N26's free tier and don't require subscriptions.

The Bottom Line

For pure savings: N26 is not competitive. Even Metal's 1.50% needs about €25,000 to beat the free plan, and you can get 2.1% to 3.11% elsewhere for free. For banking + perks: N26 Go and Metal offer genuine value through insurance, ATM access, and travel benefits. The savings rate is a small bonus, not the main attraction. Our recommendation: Use N26 for daily banking if you value the perks. Keep your savings at MoCo, Trade Republic, or a dedicated savings account with better rates.

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Last updated: October 2026

Related Guides

• Revolut Savings Breakeven Analysis
• Best Savings Accounts Ireland 2026
• DIRT Tax Explained