The most suitable bank account in Germany is subject to your personal needs and preferences. Think about your financial behaviour, the significance of international services, and whether you want online or branch banking to make your choice.
The best banks
They include:
BBVA
BBVA is a renowned Spanish bank that has rolled out a completely digital bank account in Germany recently. BBVA Girokonto is absolutely free of payment and is issued with a virtual and physical Mastercard debit card. One of the advantages is the introductory interest: the new customers can gain 3.00% p.a. on balances within six months. Which is paid monthly; then the interest becomes variable and tied to the ECB deposit facility. It also comes with 3 percent cashback on card payments in the first six months when monthly purchases are made to the value of up to 350 euros. You do all that through the app, receive a German IBAN and enjoy English and German language support with the app and online banking. Withdrawals can be made free of charge in the EU at Mastercard ATMs (including amounts of at least 150 euros) in over 12,000 retail outlets in Germany and at BBVA ATMs in Spain.Its features:
- English & German online banking and the banking app.
- No monthly fee, absolutely free of charge (no monthly fee).
- Interest: 3.00% p.a. to new customers and then to a variable rate tied to the ECB.
- The first six months of card purchases, cashback.
- German IBAN; simple mobile onboarding; support of Apple Pay and Google Pay.
- No conventional Girocard or credit card (debit card only)
N26
N26 is a new bank, aiming at the tech-addicted members of our society. It presents a bank account in the form of an application with quite a number of convenient features. The N26 Standard bank account is fully free of charge and includes a virtual Mastercard debit card (you can also order a physical Mastercard as a one-time payment of 10 EUR).
You can draw cash with no charge at any ATM in the Eurozone twice a month (additional withdrawals are charged 2 EUR/withdrawal). Withdrawals of cash outside the Eurozone are charged 1.7 per cent. In addition, you can conveniently transfer and deposit money through over 13,000 retail providers in Germany (e.g. Rewe, Penny or dm).
The best part is the app, which can be used in German, English, Spanish, French & Italian with very handy features. As an example, you receive a push notification about any activity on your bank account on your smartphone. Moreover, the app organises your transactions automatically in the way that you can easily monitor your finances. N26 is thus the most suitable German bank account for foreigners residing in Germany. English, German, Spanish, French and Italian support and banking app
- No monthly fees are charged (it is free of charge).
- Free online debit card Mastercard.
- Two free cash withdrawals in the Eurozone a month.
- You can open your account on your smart phone very easily through VideoChat.
- Apple Pay and Google Pay are accepted.
- Withdrawal of cash beyond the Eurozone is charged 1.7%.
The C24
Modern banking has massive choices. The C24 Smart bank account, however, comes as one of the outstanding options to many. Being a subsidiary of Check24, C24 has achieved a lot in the banking sector and the Smart account is one of the products that demonstrate its commitment to customer focused services. The C24 Smart bank account is free of monthly fees which can be considered one of the most appealing features of the account. The C24 Smart account offers you a Mastercard Debit free of charge. This card is also applicable in online shopping as well as in-store shopping. Also, it is compatible with contactless payments and the Apple Pay & Google Pay so that purchases can be made quickly and easily. Each time you spend on your Mastercard Debit, you get a cashback of up to 2.5 percent. You are able to withdraw cash at all Mastercard logo ATMs using the Mastercard Debit. The first four withdrawals/per month in EUR do not have a fee. The C24 Smart account includes up to 4 free sub-accounts, called Pockets, for those who enjoy organising their finances. Moreover, C24 Smart bank account has an annual interest of 0.5 percent on your savings. All these amazing features make it understandable why many are deciding to go with it.
The Commerzbank GiroKonto
In contrast to neobanking, such as N26 or C24, Commerzbank is an ordinary bank with many branch offices all over Germany. The Commerzbank GiroKonto is supplied with a debit card allowing to withdraw money free of charge at CashGroup ATMs (Commerzbank, Deutsche Bank, HypoVereinsbank & Postbank). A fee is charged on the cash withdrawals in non-CashGroup ATMs and ATMs not located in Germany. The Commerzbank bank account package also includes a virtual debit card and the app and the online banking portal are English-friendly. The fact that they are of large advantage over pure online banks is the fact that they have branch offices and employees that speak English in most times. The only small disadvantage is the monthly account management fee of 4.90 EUR However, Commerzbank remains perhaps the most suitable Girokonto in Germany, especially to expats that prefer it more old fashioned. The principal characteristics:
- English and German App and online banking portal.
- Virtual debit card and free debit card (Girocard).
- Individual advice (in English) at branch offices.
- Easy to open your account through your phone through VideoChat.
- Apple Pay / Google Pay enabled.
- Not entirely free of cost- monthly account management fee of 4.90 EUR
You can also view these posts:
Getting Germany’s passport
Things to know before immigrating to Germany
Frequently Asked Questions on Germany
