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 money, but pesky fees can get in the way of your long-term savings. 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 no fee 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.
Most current accounts in Germany charge monthly account management fees in exchange for the services and features that come with your account.
Current accounts with no management fees might offer the same features but come with other costs — like currency exchange fees incurred while shopping online. In other cases, current accounts could come with no management and miscellaneous fees at all but only offer the most basic features.
In Germany, many digital banks are also able to offer accounts with no management fees, simply since they don’t need to maintain a large headcount or any physical bank branches.
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.
The two main types of bank accounts in Germany are:
If you’re an expat living in Germany, you’d probably need a Griokonto to transfer funds between your bank account in your home country and your new bank account. It can also help you manage your day-to-day expenses, pay your bills, receive your salary or make purchases wherever and whenever you want.
German banks also tend to offer both general current accounts and specialised accounts (such as student bank accounts), so make sure to choose one that best suits your needs.
If you’re an expat or student in Germany, signing up for a bank account with a local bank that only offers its services in German can be very challenging.
To help you narrow down your search, we’ve listed some of the most popular German banks and they offer English-language support:
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 is a range of no fee bank accounts you may want to consider in Germany:
Here are some features you may want to compare when deciding on a no fee bank account in Germany.
Although no fee bank accounts should be free, hidden costs that might unexpectedly arise. These are some fees you should watch out for when applying for fee-free bank accounts in Germany:
No fee bank accounts in Germany are available from a few different providers, including traditional banks and digital banks. There are a number of differences between these providers, but one big difference to take note of is how they are licensed.
Traditional banks such as Deutsche Bank have bank licenses that enable them to accept deposits and protects your funds up to €100,000. Digital banks and finance apps such as Revolut and N26 have been licensed by BaFin, the German banking authority, in a few different ways: as banks, as electronic money institutions or as payment institutions. If they are licensed as a bank, they can function like a traditional bank and your money is protected in the same way.
For the other two licenses, 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.
Whether you’re applying for a digital bank account or a traditional bank account, most providers today offer online registration. Simply visit the provider’s website and fill out the online application form to get started. Alternatively, you can always visit a local bank branch to open your account.
If you are registering for an online bank account, you’d be required to complete a quick identity verification process through a webcam, selfie, email verifying code, or PostIdent.
Here are some common documents that may be requested from you in order to open a bank account in Germany:
No fee bank accounts are great options to consider when choosing a bank account that gives you the most bang for your buck. Pick an account that will give you the features, fees and customer service standard that you’ll be most satisfied with.
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