You can save hundreds by switching
If you have a current account with a €5 monthly account management fee, that’s €60 a year lost to fees. By switching to an account with no account management fees you could save up to €300 in five years.
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Bank accounts are meant to be safe spaces for you to store your finances, but pesky fees can get in the way of long-term wealth preservation. Even the smallest monthly account fees could add up over the years, translating into huge costs that eat into your savings. You could, however, avoid this with fee-free bank accounts. Read on to find out more about bank accounts in Germany with no monthly fees, including the features and potential hidden costs involved.
Some current accounts in Germany charge monthly account management fees in exchange for maintaining your account. While these charges may seem small, they can really add up over time.
Keep in mind this type of current account may have other fees attached to it, such as ATM fees and foreign currency exchange fees.
If you have a current account with a €5 monthly account management fee, that’s €60 a year lost to fees. By switching to an account with no account management fees you could save up to €300 in five years.
German bank accounts come with a range of features and charges. In general, most bank accounts offer free plans for students and select federal volunteers. Others are free as long as certain minimum deposit requirements are met. Here are a range of options you may want to consider:
Here are some features you may want to compare when deciding on a no-fee bank account.
Although no-fee bank accounts should, theoretically, be free, there are hidden costs that might unexpectedly arise. Here are some fees you should watch out for when applying for fee-free bank accounts:
No-fee bank accounts are available from a few different providers, including traditional banks and digital banks. There are a number of differences between these providers, but one difference to be aware of is how they are licenced.
Traditional banks such as Deutsche Bank have bank licences which enable it to accept deposits and protects your funds up to €100,000. Digital banks and finance apps such as Revolut and N26 can be licenced in a few different ways: as banks, as electronic money institutions or as payment institutions. If they are licenced as a bank it means they can function like a traditional bank and your money is protected in the same way. For the other two licences, they will not be able to offer standard current accounts but rather prepaid cards. Your money will also not be protected by the government guarantee.
You can apply for a no-fee bank account just as you would apply for a regular German bank account. Sign up online or visit a physical bank branch to register. Depending on the provider, you may have to provide your German ID, full name, address and email details.
No fee bank accounts are great options to consider when choosing a bank account which gives you the most bang for your buck. Choose an account that will give you the features, fees and customer service standard that you’ll be most satisfied with.
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