Withholding tax on N26 rewards in Spain

If you’re a tax resident in Spain, and have a Spanish N26 account, certain N26 cash rewards are subject to a 19% withholding tax, since they are considered income from movable capital. You’ll see the full reward credited to your account, and a separate debit for the tax.

From January 9, 2026, some cash rewards we pay to customers who are tax residents in Spain and hold a Spanish N26 account will be subject to a 19% withholding tax.

For every affected reward:

• We credit the full (gross) reward to your N26 account.
• We immediately debit 19% as withholding tax in a separate transaction.
• There is no later lump‑sum tax deduction.
• This works in a similar way to how we already handle withholding tax on savings interest.

Example

• Reward: +10.00 €
• Withholding tax (19%): –1.90 €
• Net benefit you keep: 8.10 €

The 19% withholding tax applies to certain cash rewards paid to customers who are tax residents in Spain, that are considered income from movable capital, for example:

• Cashback on card expenses (e.g. at specific merchants, card reactivation campaigns)
• Cashback marketing rewards
• Manual payouts after marketing campaigns
• Sign‑up bonus for opening a new N26 account
• Podcast promos
• Promo codes that trigger a cash reward after you meet some conditions

Only eligible cash rewards are affected.

For each affected reward, you’ll see two separate transactions in your N26 app:

1. Reward from Campaign X – Credit: example: +10.00 €
2. Withholding Tax 19% – Debit: Example: –1.90 €

In this example, you effectively keep 81% of the reward (8.10 €).

You’ll receive the usual notification for the reward credit. The tax debit happens afterwards.

The 19% amount is not a fee from N26.

• It’s a mandatory tax required by Spanish law for certain cash rewards considered as income from movable capital.
• N26 doesn’t keep this money.
• We are legally obliged to withhold it and pay it to the Spanish tax authorities on your behalf.

If you have questions about how this affects your individual tax situation, we recommend speaking to a tax advisor.

No. This change only affects how certain N26 rewards are taxed.

What stays the same:

• How you pay taxes to the Spanish Tax Agency (AEAT)
• How you receive tax refunds using your N26 account

You can find more information here (new tab).