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Klarna bank account review

Shop and manage your daily banking needs within a single app.

Klarna, a leading global payment and shopping service is now offering consumer banking accounts in Germany. Integrated with its mobile app, Klarna strives to create a unified end-to-end customer experience that encompasses all spending and personal finances in one place.

Learn more about Klarna’s bank account features and fees before deciding if it’s suitable for you.

0 €

Management Fee

0 €

Card Fee


Interest Rate


Product NameKlarna Bank Account
Management Fee0 €
Card Fee0 €
Supported currenciesEUR
More Info

What is Klarna?

Founded in 2005, Klarna is a fully licensed Swedish bank offering a wide range of online financial services. It’s most prominent “buy now, pay later” model provides shoppers with interest-free financing on retail purchases and enable them to settle these outstanding payments at a later date, or over a period of installments.

How does Klarna bank account work?

Currently, Klarna is rolling out a limited number of consumer bank accounts in Germany as it moves closer to creating an all-in-one app for its users. Selected users will be able to register for a German IBAN account that comes with a free Visa debit card for convenient payments and cash withdrawals. Since the bank account is fully accessible from the Klarna app, users will be able to track and manage their finances anytime and anywhere.

Over the next few months, Klarna will consolidate all the feedback received and fix any pesky bugs before launching its banking service to all German Klarna users. As a financial service provider, Klarna also offers fixed-term deposit accounts for those interested in medium to long-term investments.

Key features of Klarna bank account

With a user-friendly app and personal German IBAN account, Klarna’s users can look forward to a wide array of features, including:

  • Mobile app. The Klarna mobile app comes with a host of banking and payment features that put finance management at your fingertips. It also offers smooth checkout experience for online shopping.
  • Debit card. Enjoy convenient payments at home or abroad with a free Visa debit card. Compatible with Google Pay and Apple Pay.
  • Essential banking services. Benefit from all standard banking features, from deposits to setting up direct debits.
  • Easy transfers and instant top-ups. Conduct a fund transfer quickly within three simple clicks. If you need to top up your account balance, you may do so via direct bank transfer or IBAN.
  • Smart budgeting tools. Create monthly budgets for different spend categories.
  • Account insights. Know where your money’s going with clear overview of your income and expenses.
  • Push notifications. Keep track of your finances and account activity with real-time alerts.
  • Round the clock support. Benefit from 24/7 customer support via in-app chat. Phone support is also available from 9am to 6pm on weekdays.
  • Swedish Deposit Guarantee Scheme. Administered by the Swedish National Debt Office, this compensation scheme insures up to €100,000 of your money should Klarna goes into bankruptcy.

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What are the different types of accounts offered by Klarna?

At the time of writing (13 February 2021), Klarna offers only one bank account option, as well as fixed-term deposit account.

Here’s an overview of these two accounts:

ProductMonthly PriceKey features
Bank account€0
  • €0 German IBAN account, accessible from Klarna mobile app
  • Basic banking features including balance checking, deposits, withdrawals and direct debit
  • Free incoming/outgoing transfers from EEA countries and Switzerland in euros
  • 0 € physical Visa debit card
  • 2 withdrawals per month for free, €2 for subsequent withdrawals.
  • Real-time notifications on account activities
  • Compatible with Google Pay and Apple Pay
  • 24/7 in-app chat support
Fixed deposit€0
  • Zero account management fees
  • Flexible tenure with tiered interest rates. Minimum 6 months to accrue interest:
    • 3 months: 0.00% p.a.
    • 6 months: 0.25% p.a.
    • 12 months: 0.70% p.a.
    • 24 months: 0.92% p.a.
    • 36 months: 1.01% p.a.
    • 48 months: 1.07% p.a.
  • Minimum investment amount: €5,000
  • Maximum investment amount: €500,000
  • Deposit insurance up to SEK 1,050,000

Information provided and interest rates indicated for fixed deposit account are accurate as of 13 February 2021.

Fees and limits

While Klarna charges no transfer, payments or account management fees, do look out for some of these additional fees:

  • ATM fees. After the two free monthly cash withdrawals, subsequent withdrawals will cost €2 per transaction. Non-Euro withdrawals will also be subjected to a 1.6% fee.
  • Overdraft fee. If you overdraw your account, you will be charged 6.5% on the amount you overdrew.
  • Card replacement fee. Replacement for a lost or damaged card will cost €10.

      How to sign up with Klarna?

      Currently, the Klarna bank account is only available for a limited number of German customers. Do note that you must be at least 18 years old to open the bank account.

      To register for the waitlist, head to Klarna’s website and tap on ‘bank account’. Next, click on the ‘Open an account’ button and provide your email address. Once you’ve done so, you’ll receive an email requesting for confirmation and you’ll be placed on Klarna’s waiting list.

      Step-by-step registration guide

      Once you’re informed of the availability, you may proceed to register and set up your Klarna bank account with the following steps:

      1. Log into the Klarna app
      2. Tap on ‘Bank and Card’
      3. Fill out the digital application form
      4. Verify your identity with Klarna Ident, Video Indent or Post Ident
      5. Set your PIN code after successful identification
      6. Choose your preferred Klarna bank card (will be delivered to you Up to 7 working days)
      7. Start using your Klarna bank account!

      The verdict

      The basic Klarna app allow users to track purchase history, upcoming payments, deliveries and access various merchant stores. But with an integrated bank account, users can now enjoy full visibility of their finances and conduct basic banking transactions – without no account management fees to bear.

      Furthermore, the Swedish fintech has also mentioned that it’ll be adding more features to the app in the future, including saving pots and credit lines.

      Before applying, make sure to compare the Klarna bank account with other digital banking products and find the one that best suits your needs.

      Frequently asked questions

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