Save on account maintenance fees

You are annoyed about rising account maintenance fees and think about a bank transfer? A comparison of the offers is worthwhile. You should pay attention.

Usually, a checking account is not free. Banks set the fees on different models. For some, their fee includes everything related to account management; others charge for transactions such as bank transfer, standing order, withdrawal separately. You need a good overview, if the banks mix their fee ?, so at the monthly or quarterly fee even more individual transactions are calculated. That can really go into the money.

The amount of the account maintenance fee often depends on the monthly income and differs greatly from bank to bank. Some banks waive such fees if the monthly payment exceeds a certain mark. Other ? mostly direct banks? offer completely free current accounts, regardless of income and especially for students, students and trainees. This requires, however, that one carries out all transactions online or by phone and is willing to give up personal contacts on site. If there is a need for discussion, you can usually turn to a call center.


The comparison is worthwhile

Since the services and costs for a current account are very different, a comparison is worthwhile. If you want a classic basic account and do not expect special services, you will certainly find it. In case of a change, some banks even offer a one-time premium or a new customer bonus and take care of the entire transaction.

According to testsieger-konto.de, norisbank is up to date (as of August 2017): The test winner rated 1.3, a direct bank without branches, offers a free checking account without conditions, and there are free cash at 9,000 ATMs in Germany as well as at vending machines abroad.

In second place is IngDiBa, also a branchless direct bank, which promises toll-free withdrawals to 90% of all ATMs in Germany and additionally pays new customers an opening bonus of 50 Euros.


A credit of 100 euros for salary plus 50 euros referral bonus offers the direct bank 1822direkt. Here you can withdraw cash at the approximately 25,700 ATMs of the Sparkasse and across the EU with a credit card.

The test is followed by the DKB (worldwide free cash withdrawals at ATMs), 1822MOBILE, N26, Wüstenrot and the netbank, the latter, however, with an account fee of one euro from a cash inflow of 400 euros per month.

Read fine print

That sounds all very positive now. Nevertheless, one should read the fine print before switching to a supposedly free checking account. It may be that the General Terms and Conditions (GTC) hide costs or that the free offer is subject to conditions, for example, a specific term. After that fees can be incurred.


Caution is always advised when you pick up at a foreign ATM that is not part of the bank's offer. Here the fees can be pretty steep. There are also banks that offer the free checking account z. B. couple to the opening of a depot. If this is not desired, you should refrain from such offers.

By the way, the terms "free account" are not to be confused. and? account without account maintenance fees ?. The latter may incur, inter alia, cash withdrawal charges at third-party ATMs, transaction transfer fees, overdraft interest, and extras such as credit cards. So be careful!

Individual advice costs money

If you value individual advice and a nearby branch, you should think twice about switching to a free offer from a direct bank. Because service simply costs money. Branch office consultants often know their clients personally and offer services that anonymous direct banks do not offer. For example, you can tailor loans to each customer individually and be contacted directly with questions, requests and problems. In addition, cash deposits with direct banks are not possible.

How to Avoid Checking Account Fees With a Free Checking Account | March 2024