The spaces will be set up as separate sub accounts.
German digital bank N26 has launched a new savings tool by the name Spaces. The feature will allow users across all 17 countries in which the bank is active to move money around between separate sub accounts, helping them to save for specific goals.
The spaces can be customised to allow customers to track multiple financial goals, and money can be moved between them with a drag-and-drop of the thumb. They can be opened and closed as needed. Each Space is named and can be assigned its own savings goal.
“With Spaces we give users the freedom to set up their financial world without the limitations of traditional banking,” said Valentin Stalf, CEO and Co-Founder of N26, in a statement.
Such functionality is par for the course in digital banking. Indeed, appropriate terms of reference for the feature are quickly being snapped up. N26 now owns the term Spaces. Revolut has its Vaults. Monzo offers Pots.
N26 plans to allow users to share their Spaces with other users by the end of the year, such that multiple people may contribute to a single savings pool. The bank sees this as a useful add-on for managing household expenses, for example, or for managing the costs of a weekend trip away with friends.
Budgeting rules and automation will also be added to the tool later this year.
Standard users of the N26 app will be able to open two Spaces in addition to their primary account, while its premium users (‘Black’ and ‘Metal’ customers) will be able to open up to 10 additional Spaces.