Postbank current accounts
Which Postbank current account is right for you?
Postbank offers four current accounts for you to choose from, each with its own special features and fees. This review will explore how each Postbank current account works to help you decide which account could be best for you.
Postbank is a subsidiary of Deutsche Bank that caters to everyday consumers like you and me. Back in the 1990s, the German Postal Service was broken up into three different businesses — Deutsche Post, Deutsche Telekom and Postbank. Nearly ten years later, Postbank was acquired by Deutsche Bank.
Today, Postbank serves about 12.5 million customers in around 1,000 branches throughout Germany.
What current accounts does Postbank offer?
Key features of current accounts from Postbank
Postbank current accounts in Germany, just like standard current accounts, make it easy for you to send and receive money. In general, you can expect the following features with your Postbank current account.
- Online and mobile banking. Access your current account anytime, anywhere using Postbank’s YOUNG MONEY app — which is available on both iOS and Android devices.
- Make payments online. Postbank current accounts use paydirekt to help you pay for online purchases safely and securely.
- Free cash withdrawals. Postbank allows you to withdraw cash for free from Postbank ATMs, participating Shell petrol stations, select Cardpoint machines, and all Cash Group ATMs.
- Contactless payments. Pay quickly and securely using Postbank’s contactless payments card feature. You can simply tap and hold your card to pay, without inputting your PIN number, for purchases less than €50 euros.
- Approve transactions with biometric passwords. Postbank has partnered with the BestSign app to help you approve transactions using fingerprint or Face ID on your mobile phone.
- Securities account with fee-free management. All Postbank current account users receive a free securities account.
- Switch easily to Postbank. Worried about the hassle involved with changing current accounts? Postbank has partnered with FinReach to help users switch to Postbank easily. All you need to do is specify three parties who should be notified of your account change.
Fees and limits
Here are the types of fees you can expect with a Postbank current account:
- Account fees. Depending on your account type, you may be subject to administrative fees ranging from €0 to €10.90 each month.
- Card-related fees. Whether you opt for a Visa or MasterCard to Postbank, you may be charged card-related fees including card delivery fees, card replacement fees and monthly card fees. Postbank’s Visa card, for example, comes with an annual fee of €29 after your first year of usage.
- Overdraft fees. If you choose to take up a line of credit with Postbank in the form of overdraft features, you will be charged interest on the amount your draw. Do note that this interest amount will vary depending on your borrowed amount and financial profile.
Compare Postbank with a wide range of current accounts in Germany
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How to sign up
Anyone in Germany can easily sign up for Postbank online. Before signing up, however, make sure that you have all the required documentation on hand. While this may differ across account types, the required documents generally include:
- Valid identity card (Personalausweis).
- Proof of residence in Germany, most commonly known as Anmeldung.
- Salary statement for last three months (for those interested in applying for a credit card or overdraft facilities).
- Proof that you are a trainee or student (for those signing up for the youth account, or looking to waive the online account monthly fee).
- Parental consent (for youths).
Once you have these documents, you can proceed to sign up for your current account.
Visit Postbank’s website, select your desired account and click the “Complete Online” button. Fill up the online form and submit pictures of the requested documents. You may later be asked to verify your identity either by visiting a physical bank branch (PostIdent) or via video call (VideoIdent).
Postbank offers a wide range of accounts, many of which are not only free but also come with attractive features and the top-notch service that Deutsche Bank is known to provide. However, what works for someone else might not work for you. Be sure to take a look at all the banking providers in Germany, beyond Postbank, and compare your choices to find the current account that really fits all your needs.