Openbank review Germany

*Open an account and receive €40. Only available to the first 2,000 customers who open an account and make a €300 deposit before 27 November 2020.*

A digital bank that truly allows you to save more and pay less.
Openbank, which started out as Spain’s first telephone bank, is now one of the biggest players in Europe’s digital banking industry. This review will help you understand the features, fees and application process involved when you sign up with Openbank in Germany.

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Management Fee

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Product NameOpenbank Free Current Account
Management Fee0 €
Card deliveryN/A
Supported currenciesEUR
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What is Openbank?

Openbank is a European digital bank available in Spain, Germany, Netherlands and Portugal. It offers 2 varieties of current accounts, 4 different savings accounts and a range of personal finance features including mortgage loans, home insurance, debit cards and credit cards.

How does Openbank work in Germany?

Let’s zoom in on the current and savings accounts offered by Openbank in Germany. In general, you can expect an online-based bank account with zero monthly management fees. Each account comes with an Openbank Financial Aggregator, which is an in-app dashboard that helps you get an overview of your finances. Additionally, all Openbank services enjoy 24/7 customer support, which is essential in the case of financial emergencies.

What features do you enjoy?

Here are the features you may enjoy with an Openbank account.

  • Digitised banking with no management fees. Openbank services can be completely accessed and managed via their app, or from their desktop website.
  • Automated investments. Openbank offers a Roboadvisor for straightforward, fuss-free investing.
  • Strong customer service support. Openbank’s customer service hotline is open 24 hours a day, giving you the opportunity to reach out to them whenever a financial emergency occurs.
  • Expense management. Openbank’s Expense Categorizer helps you understand your spending habits better through its intuitive interface and simple charts.
  • Financial Aggregator. Openbank’s app comes with a centralised dashboard for you to get a comprehensive overview of your finances.
  • Instant domestic transfers. Transfer up to €15,000 in mere seconds for just 2€ per transfer with Openbank’s Payroll Account.

What current accounts does Openbank have?

  • A fee-free current account: Enjoy zero monthly service fees on this account, without any minimum balance or income requirements. Besides this, there aren’t any transfer fees for Euro transfers conducted within the EU.
  • A free Open Debit Card: Receive an Open Debit Card with no issuance or renewal fees.
  • Abundant ATMs available: There are plenty of Openbank ATMs available where you can withdraw money for no additional costs.
  • Perks and discounts: Receive Open Discounts on petrol, dining, fashion, entertainment and more.

Open Payroll Account

  • Enjoy 1% cashback on bills: This includes costs related to electricity, gas, mobile phones and Internet broadband.
  • A free debit or credit card: Receive a debit or credit card with no issuance or renewal fees.
  • Fee-free money transfers: No costs are leveraged on money transfers conducted within Spain and the EU (in Euros).
  • Perks and discounts: Receive Open Discounts on petrol, dining, fashion, entertainment and more.

What other accounts does Openbank offer?

Welcome Savings Account

  • Competitive financial returns: Enjoy an annual NIR of 1% for 6 months following your account opening.
  • Flexible savings: Deposit money at any time of the day.
  • Accessible finances: This Openbank account doesn’t come with a lock-in period, and you can withdraw cash from your account any time you like.
  • Save more and pay less: Open, maintain or close your savings account without any additional fees.

Openbank Savings Account

  • Competitive financial returns: Receive up to 0.2% annual NIR and APR returns.
  • Accessible finances: This account doesn’t come with a lock-in period, and you can withdraw cash from your account any time you like.
  • Save more and pay less: Open, maintain or close your savings account without any additional fees.

How do you use Openbank abroad?

Thinking of using your account overseas? Lucky for you, Openbank does not charge extra fees for overseas usage. You can make purchases in Euros worldwide, and pay almost anywhere that accepts Visa cards with your Openbank credit card. You can spend and withdraw money abroad amounting up to 6,000 euros per month.

How much does Openbank cost in Germany?

Openbank accounts are generally fee-free. This means no monthly account fees, fall-below fees or Euro transaction fees conducted in the EU. You can, however, expect miscellaneous fees such as when conducting Euro transactions overseas beyond the stipulated 6,000 euros limit.

Is Openbank safe?

Openbank is one of the banks that consist of the Deposit Guarantee Fund for Credit Institutions, so it is therefore considered rather safe. For deposits in cash, you are guaranteed up to €100,000 with Openbank.

Pros

  • Low-fee accounts that help you save more and spend less
  • Unlimited free Euro transactions within the Eurozone for seamless payments
  • Easy account deposits and withdrawals, any time you want
  • Intuitive app interface with strong spending insights features
  • Customer service support for your queries, available at any time of the day

Cons

  • Completely digital bank, so no in-branch support available
  • Could become costly for individuals who frequently travel beyond the Eurozone and spend over 6,000 euros monthly
  • Relatively low interest rate on savings accounts

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