Number26 has launched a smartphone only banking service that offers zero fees to its customers.
Number26, a Berlin headquartered start-up, offer the service in partnership with Wirecard Bank, a German banking institution. Customers can open an account on an invite only basis in the service’s early stages. Number26 claim that, upon receiving an invite code, a user can set up an account within 8 minutes. Users are given a MasterCard with no associated fees, including worldwide money withdrawal free of charge.
The company state that they make their money through interchange fees and interest on funds deposited at Wirecard Bank. The service will be available for iPhone and Android platforms, but is not currently available for Blackberry or Windows phones.
Valentin Stalf, Number26 founder and CEO, said: "The bank branch of the future is the smartphone. That’s why with Number26 we have created a bank account the way it should be – transparent, mobile and secure."