Germany is not only known for its scientific advancements but also for its vibrant economic activity. Since Germany has a big economy it has lots of banks and insurances as well. In today’s blog, we will explore some of the Major Banks in Germany and highlight their key features.
As you know, Germany is also known for its large population. As a result, the banking and insurance sectors play an important role in the country’s economy.
Undoubtedly Germany is home to a strong and reliable banking system. Whether you’re a student, expat, or business owner, it’s essential to understand the key banking institutions in the country to manage your finances efficiently.
From well-established traditional banks to innovative online-only banks, there is a wide range of options available to suit the needs of both residents and non-residents. So let’s check them one by one.
What are the Major Banks in Germany?
Major banks in Germany include a mix of large traditional banks with physical branches and modern online banks that offer digital services.
Understanding the differences between these banks and their services can help you choose the right one based on your needs.
Germany has three main categories of banks:
- Private Banks: These are for-profit institutions, often with a global presence. Examples include Deutsche Bank and Commerzbank.
- Public Savings Banks (Sparkassen): Owned by regional governments, these banks focus on local communities. An example is Sparkasse.
- Cooperative Banks: These banks are owned by their customers and often serve smaller communities. DZ Bank is an example of a cooperative bank.
In this blog, we will look at the largest banks in each category, as well as the best banks for expats, students, and those who prefer online banking.
Biggest Banks in Germany
When we talk about the biggest banks in Germany, these institutions dominate both locally and internationally. These banks are popular for their extensive services, large branch networks, and ability to cater to a variety of customer types.
- Deutsche Bank
- Commerzbank
- DZ Bank
- KfW Bank
Let’s describe them a little bit more so that you better understand Germany’s banking landscapes.
Deutsche Bank
As Germany’s largest bank, Deutsche Bank has a significant international presence. It is involved in investment banking, asset management, and retail banking.
For customers, Deutsche Bank offers a range of checking accounts, credit cards, and loan options. Deutsche Bank is well-regarded for offering English-language support, making it a top choice for expats and foreigners.
Commerzbank
Commerzbank is another giant in Germany’s banking sector. Known for its strong focus on medium-sized enterprises, Commerzbank also offers various services for individuals, such as personal checking accounts, savings options, and investment services.
Additionally, its customer service and English-speaking support make it a good choice for expats. One of its key advantages is a comprehensive network of ATMs across Germany.
DZ Bank
As a cooperative bank, DZ Bank operates in partnership with hundreds of local cooperative banks across Germany. This makes it a popular choice for both personal banking and business services. DZ Bank also offers competitive interest rates on savings accounts and is known for its customer-friendly policies.
KfW Bank
It’s a government-owned development bank that provides loans and grants for sustainability projects, housing, and education.
KfW is a go-to for those looking to finance eco-friendly projects or obtain student loans. The bank’s mission is to promote economic growth in a socially responsible way.
It’s particularly known for offering low-interest loans for students and start-ups.
Some Major Banks in Germany (With Starting Bonus)
Major Banks in Germany: Best Free Bank Accounts
When it comes to choosing the major banks in Germany, over 50 options are available. However, not all of them offer good deals. Some banks charge high fees, while others provide more affordable or even free options.
Here we will guide you through the best free bank accounts in Germany, especially for those who want to avoid hidden charges and complex conditions.
Why the Cost of a Bank Account Matters
One of the most important factors when choosing a bank account is the Kontoführungsgebühr, which translates to an account management fee.
Many banks in Germany charge a monthly fee of around 4 to 8 euros just to keep your account active. This can add up over time, making it essential to find a bank account that doesn’t require these unnecessary fees.
Free Bank Accounts: Which Ones Made the Cut?
We reviewed many bank accounts and immediately discarded most of them due to their high fees. After careful evaluation, we found 10 banks that offer free accounts.
These banks represent a mix of traditional options like Commerzbank and a newer type of bank which are known as ‘Neobanks‘. However, Neobanks operate entirely online.
Here’s a breakdown of the top free bank accounts in Germany:
- C24 (No conditions)
- Santander (No conditions)
- Revolut (No conditions)
- N26 (No conditions)
- Commerzbank (Free with a 700-euro minimum deposit per month)
Among these, the first four banks offer completely free accounts with no strings attached. However, with Commerzbank, you’ll need to ensure that at least 700€ are deposited into your account each month to avoid fees.
Debit and Credit Cards: What’s the Difference between Major Banks in Germany?
When you open a bank account, most banks provide a debit card. Debit cards are widely accepted in Germany and abroad, and the amount is immediately deducted from your account. Most of the top free banks, like C24, Santander, and N26, offer free debit cards as part of the package.
On the other hand, credit cards are a bit trickier. Not all banks offer them, and if they do, there’s often a fee involved. While it’s possible to get a credit card from a bank, it’s usually better to explore third-party options that offer more benefits, like cashback or rewards.
ATM Withdrawals: How Often Can You Withdraw for Free?
In Germany, there are around 55,000 ATMs, but banks usually limit free withdrawals to ATMs within their network. It’s important to understand which ATM group your bank belongs to, especially if you prefer cash transactions.
With a Visa or Mastercard debit card, you can use around 97% of ATMs in Germany. This gives you a wider network to withdraw cash from, even if you’re not near your own bank’s ATMs.
Here’s a list of how many times you can withdraw for free per month with the top banks:
- C24 – 4 free withdrawals per month (including internationally)
- Santander – Free within its network
- N26 – 3 to 5 free withdrawals depending on the account type
- Revolut – 2 to 3 free withdrawals depending on the account type
Do You Prefer a Physical Bank Location?
While Neobanks like N26 and C24 operate entirely online, older banks like Commerzbank have physical branches where you can speak with a banker directly. This is something to consider if you prefer face-to-face customer service.
Real-Time Transfers and App Features
Another key feature to look for is the ability to perform real-time transfers. Some banks charge a small fee for this service, while others offer it for free. Most banks, including C24, offer real-time transfers at no cost.
The mobile banking experience is also important, especially if you’re tech-savvy. Banks like N26 and C24 have highly-rated mobile apps that make managing your finances easier.
Why C24 is Currently the Best Free Bank Account in Germany
After comparing all the criteria, it’s clear that C24 currently offers the best free bank account in Germany. Here’s why:
- No account management fees with the free plan
- Free real-time bank transfers
- No foreign currency fees when paying internationally
- Free debit Mastercard with online and in-store payment options
- 4 free cash withdrawals per month, even internationally
- Option to open multiple sub-accounts with individual IBANs, perfect for organizing finances
On top of that, C24 offers 2.25% annual interest on your account balance, making it an attractive choice for those who want to earn interest on their savings. Additionally, if you use their Mastercard for purchases, you can earn up to 10% cashback.
How to Open a Bank Account in Germany
Opening a bank account in Germany is simple. You only need two things:
- A German residential address
- Proof of identity (like an ID card or passport)
For those who already have a bank account and want to switch to C24, the process is even easier with the Kontowechselservice. This service allows you to transfer all your account details and standing orders from your old bank to your new one without hassle.
Best Banks in Germany for Expats
In general, moving to a new country comes with many challenges and banking can be one of them. Fortunately, many banks in Germany for expats provide services in English and offer easy account-opening processes.
Many expats look for banks that provide international money transfer services, easy online account management, and minimal fees for everyday transactions.
We think these three banks can be the Best Banks in Germany for Expats.
- N26
- Deutsche Bank
- Commerzbank
Why do we say so? Let’s explain them a little bit more.
N26
N26 is a fully online bank that has become popular among expats due to its simplicity and no-fee accounts.
It offers a fully digital banking experience, with an app that supports multiple languages, including English.
N26 is also a great choice for frequent travelers, as it offers free withdrawals abroad and has no foreign transaction fees on purchases.
Deutsche Bank
With its global presence and English-language support, Deutsche Bank is one of the best traditional banks for expats.
It provides checking accounts, savings accounts, and credit cards, along with personalized customer service.
Deutsche Bank is also a great option for those who need an account with international banking services, as it offers global access to its network of branches and ATMs.
Commerzbank
Commerzbank is well known for its expat-friendly services. It offers English customer support and a straightforward account-opening process for new residents in Germany.
The bank’s online banking platform is available in both English and German, making it easy for expats to manage their accounts.
Best Online Banks in Germany
Online banking is becoming increasingly popular due to its convenience and lower costs. If you prefer managing your finances entirely via your smartphone, consider these best online banks in Germany.
Online banks are especially popular among younger people and expats, as they offer easy sign-up processes and minimal fees.
N26
N26 leads the market when it comes to online banking in Germany. It offers free accounts with no hidden fees, a modern app, and features such as instant spending notifications.
N26 is particularly well-suited for people who want to manage their finances entirely through their phones. The app provides an easy-to-use interface, real-time transaction updates, and budgeting tools.
Bunq
This is an eco-friendly online bank that offers a flexible range of banking products, including free accounts and multiple currency options.
Bunq users can manage their finances through an intuitive app that supports over 30 currencies. The bank also offers joint accounts and additional sub-accounts, making it a great option for families or small businesses.
Tomorrow
Tomorrow is a mission-driven online bank that focuses on sustainability. It offers free accounts and uses customer deposits to fund projects that combat climate change.
Tomorrow Bank is a great choice for environmentally conscious customers, as it directs its profits toward green initiatives. The bank also offers real-time budgeting tools and no fees for card payments in foreign currencies.
Best Banks in Germany for Students
If you’re a student in Germany, finding a bank that offers low or no fees is important. Many banks in Germany offer specialized student accounts with benefits such as no maintenance fees, free international withdrawals, and discounts on financial products. Here are the best banks in Germany for students:
- N26: Students love N26 for its zero-fee structure and user-friendly app. N26 also offers features like budgeting tools, spending limits, and real-time notifications, making it a perfect choice for students who want to keep track of their spending.
- C24: This is a relatively new player in the German banking scene, offering a completely free bank account with no hidden fees or conditions. It provides unique features like real-time transfers, multiple sub-accounts with individual IBANs, and a free Mastercard for both online and in-store purchases. With 2.5% annual interest on your balance and up to 10% cashback on purchases, C24 is quickly becoming one of the top choices for people seeking flexibility and cost-effective banking solutions.
- Commerzbank: Commerzbank’s student accounts are free for those under 27, and they come with a free credit card. This is ideal for students who need an account for daily use and occasional international transactions. The bank also provides financial planning advice and investment services for students.
- Deutsche Bank: Deutsche Bank offers the ‘Junge Konto‘ account, which is free for students under 30 years old. This account comes with a free debit card and no maintenance fees. It’s a great option for students who plan to stay in Germany long-term.
Banking Fees in Germany
When choosing a bank in Germany, you’ll need to consider the various fees that come with your account. Some banks offer free accounts, while others charge monthly maintenance fees or fees for certain transactions. It’s important to compare these fees before choosing a bank.
- Account Maintenance Fees: Some banks, especially traditional ones, charge monthly fees for maintaining your account. For example, Commerzbank offers free accounts if you have a monthly income of €700 or more. Otherwise, you may need to pay a monthly fee of around €4 to €10.
- ATM Withdrawal Fees: Many banks charge for withdrawing money from non-affiliated ATMs. Deutsche Bank, Commerzbank, and others belong to the Cash Group, where you can withdraw cash for free at any member’s ATM. Be aware that using an ATM outside of your bank’s network can result in some fees.
- International Transfer Fees: If you plan to send money internationally, look out for transfer fees. Traditional banks like Deutsche Bank and Commerzbank often charge a percentage of the transfer amount, while online banks like N26 and Bunq offer lower fees for international transfers, especially within the Eurozone.
Additional Services Provided by Banks in Germany
In addition to basic checking accounts, many banks in Germany offer a wide range of other services. These services include savings accounts, loans, credit cards, and investment products.
Here’s a breakdown of the most common additional services:
- Savings Accounts: Many banks in Germany offer savings accounts with competitive interest rates. Some popular savings accounts are Tagesgeld (instant access savings accounts) and Festgeld (fixed-term savings accounts). Commerzbank and Deutsche Bank offer attractive savings account options for long-term savings.
- Credit Cards: Most major banks in Germany offer credit cards with various benefits, such as cashback rewards, travel insurance, and purchase protection. For instance, Deutsche Bank offers a range of Visa and MasterCard credit cards with benefits that cater to both personal and business customers.
- Loans: Banks in Germany provide personal loans, mortgages, and business loans with flexible repayment options. KfW Bank is known for offering low-interest loans for students, small businesses, and green projects. Deutsche Bank and Commerzbank also offer competitive loan products with flexible terms.
How to Choose the Best Bank in Germany
Selecting the right bank depends on your specific needs. Here are some factors to consider when choosing a bank:
- Language Support: If you don’t speak German, it’s essential to choose a bank that offers services in English. N26, Deutsche Bank, and Commerzbank are good options.
- Banking Fees: Compare account maintenance fees, ATM withdrawal fees, and international transfer fees to find the most affordable option for you.
- Mobile Banking: If you prefer to manage your finances through your phone, consider online banks like N26 or Bunq.
- Branch Availability: If you prefer in-person banking, opt for traditional banks like Deutsche Bank or Sparkasse, which have extensive branch networks across Germany.
Understanding German Banking for Students
When students start in Germany, knowing about banks is key. The right bank helps manage money well. This lets students focus on school without worrying about money.
Why Choosing the Right Bank Matters
Getting a good student bank account in Germany helps a lot. It makes banking easy and offers special deals for students. It’s not just about money; it’s about making smart choices for school.
Key Banking Terms for Students in Germany
To get the most from German banking, knowing some terms is important. Here’s a quick guide:
- Konto – Account
- Girokonto – Checking account, great for daily use by students
- Dispokredit – Overdraft, useful for managing monthly money
- Überweisung – Transfer, needed for payments like rent or tuition
- Tagesgeldkonto – Instant access savings account, good for saving extra money
Knowing these terms helps students pick the best bank. It fits their school and personal needs well.
Top Features to Look for in Student Bank Accounts
Choosing the right student bank account is key for managing money while studying in Germany. We’ll look at important features that make the best bank accounts in Germany for students stand out. These include being affordable, easy to use, and having good digital options.
Fee Structures and No Minimum Balance
When picking the best banks in Germany for students, check their fees closely. The best student accounts have no or very low monthly fees. They also don’t require a minimum balance. This helps students manage their money without extra costs or balance worries.
Online Banking and Mobile App Availability
Generally, the best online banks in Germany have great online banking and mobile apps. These tools are vital for students who need to do money stuff while studying. Look for banks with easy-to-use apps that let you deposit money, get alerts, and pay bills easily.
ATM Accessibility and International Transactions
Being able to use ATMs is also very important. The best student bank accounts in Germany should have many ATMs without extra fees. For students who travel or study abroad, banks that make international transactions easy and cheap are a big plus.
How to Open a Bank Account in Germany as a Student
Starting your studies in Germany means learning about schools and banks. For students from other countries, picking the right bank is key. We’ll look at what papers you need, the role of Schufa, and the choice between old-school banks and online ones.
Required Documentation for Student Accounts
Generally, to open a student account, you’ll need some important papers. You’ll need your passport or ID, a university registration, and a local registration certificate. Some banks might ask for a student visa or proof of where you live. Make sure you have these ready to avoid delays.
Understanding the Schufa – Germany’s Credit System
Schufa is like a credit score in Germany. It checks if you’re good with money. For students, a good Schufa score can help, even if you can’t get credit right away.
Choosing Between Traditional Banks and Online Services
Deciding between banks and online services depends on your needs. Traditional banks offer face-to-face service and lots of ATMs. Online banks have lower fees, cool tech, and work well for students who like digital stuff.
In short, opening a bank account in Germany as a student means picking the best bank, knowing about Schufa, and choosing between old and new banking. Pick what works best for you and your money habits in Germany.
Comparing Top German Banks for Student Services
Choosing the best bank for students in Germany is important. We’ll look at customer satisfaction, online banking, and branch networks. These are key for students.
Bank Rankings Germany and Customer Satisfaction
Survey results show both old and new banks are top choices. Students like good customer service. It helps them manage money on their own.
Best Online Banks in Germany for Students
More students are using online banks. The best one is easy to use has lots of features, and doesn’t cost much. It helps students manage money from anywhere.
Branch Networks and Student-Focused Services
Even with online banking, branches are still important. The best bank for students has many branches. These branches offer help and advice, especially for international students who like talking face-to-face.
Budget-Friendly Best Bank for Students in Germany
In truth choosing the right bank for students in Germany is about managing money well. Banks offer no monthly fees, low balances and cheap international transactions. These are great for students studying abroad or traveling a lot.
Many banks want to be the best bank account for students in Germany. They offer cashback, discounts, free transport passes, and educational deals. These perks make life better for students, beyond just banking.
| Bank | No Fee Account | Online Access | Student Perks |
|---|---|---|---|
| Deutsche Bank Young Account | Yes | Advanced | Travel and Shop Discounts |
| Commerzbank StartKonto | Yes | Comprehensive | Free Railcard |
| Sparkasse Student Account | Yes | Extensive | Cultural and Educational Discounts |
In conclusion, picking the best student bank account in Germany means looking at financial needs, ease of use, and perks. Students should choose wisely to manage money well and enjoy benefits that improve their student life.
Exclusive Student Banking Offers and Promotions
Finding the best bank for international students in Germany is more than just looking at rates and fees. Banks offer special deals just for students.
These deals make their banking experience better. Let’s look at some great offers from top German banks.
Introductory Offers for New Students
Many banks give new students special deals. These can include no fees for a year or a cash bonus when you open an account. These offers help new students in Germany feel welcome.
| Bank | Introductory Offer | University Partnership Benefits | Rewards Program Details |
|---|---|---|---|
| Deutsche Bank | First year free | Exclusive loans with low interest rates | Discounts on travel and cultural events |
| Commerzbank | €100 starting bonus | Special account management tools | Cashback on educational materials |
| Sparkasse | No account maintenance fees for students | Customized student credit cards | Bonus points redeemable at various outlets |
FAQs about Major Banks in Germany
What are the major banks in Germany?
The major banks in Germany include traditional banks like Commerzbank, Deutsche Bank, and Postbank, as well as Neobanks like N26, Revolut, and C24.
Are there free bank accounts in Germany?
Yes, there are several free bank accounts in Germany. Some of the best options are C24, Santander, Revolut, and N26. Just make sure to check if there are any conditions, like a minimum monthly deposit.
Can expats open a bank account in Germany?
Yes, expats can easily open bank accounts in Germany. Banks like N26, Deutsche Bank, and Commerzbank offer services in English and make the account-opening process simple for new residents.
What are the best banks for international students in Germany?
For international students, N26, Deutsche Bank, and Commerzbank are the best options. These banks offer student-friendly accounts with no fees and provide services in English.
How long does it take to open a bank account in Germany?
The process of opening a bank account in Germany typically takes a few days. With online banks like N26, you can open an account within minutes. Traditional banks may require an in-person appointment, and it could take 1-2 weeks to receive your bank card and PIN.
Can I open a joint bank account in Germany?
Yes, many banks in Germany allow you to open joint bank accounts. This is a common option for couples or families who want to manage their finances together. Banks like Deutsche Bank, Commerzbank, and Sparkasse offer joint accounts with the same benefits as individual accounts.
Conclusion
To sum up, we would like to mention that choosing the right bank in Germany depends on your individual needs— whether you’re an expat, student, business owner, or someone looking for the most convenient banking services.
We looked at the best banks in Germany for students as well for migrants. Also, we talked about what makes top German banks special. On the other hand, we also looked at bank rankings to find the best options for students.
With a wide range of options, from traditional banks like Deutsche Bank and Commerzbank to modern online banks like N26 and Bunq, there’s a solution for everyone.
While traditional banks offer the stability of physical branches and a long-standing reputation, online banks bring flexibility, lower fees, and ease of use through mobile apps.
By carefully weighing the options and understanding what each bank offers, you can find the best bank that fits your lifestyle and financial needs in Germany.
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