Banking in Germany

Whether it’s paying rent, receiving a salary or paying for your other amenities, a free bank account in Germany is required for all. So after landing in Germany, the first thing you need to do is opening a bank account in one of the best German banks to make your stay comfortable. Wondering which bank to choose in Germany? As you are new in Germany and do not have any knowledge of the German banking system, so selecting the best bank in Germany can become quite tricky for you.

Well, being an expat, the dilemma is quite normal because Germany has a very stable and broad banking system with three pillars – Private, Public, and Commercial banks. During your research, you will find above 1800 banks in Germany with more than 35000 recognized branches and many international banks.

List of banks in Germany

All these banks offer different rates and accounting options for different prices. Comparing the specifications of each bank can be time-consuming. Are you wondering which bank offers the best deals or the best accounting options? We have listed the most reliable banks below while using the following criteria:

✓ English speaking customer service
✓ Best value for money
✓ Clear contracts (no hidden costs)
✓ Flexible contracts
✓ Fast delivery
✓ Different banking options

Internet provider	Specifications
	1 Purely online bank with English customer service and app – fast growing – Great for expats ✓ Neo bank (low-costs) ✓ Low Fees ✓ English website ✓ No withdrawal fees ✓ English speaking customer service	Visit n26.de
	1 One of the biggest and fastest growing banks in Germany is the DKB – Free worldwide withdrawal ✓ Neo bank (low-costs) ✓ Low Fees ✓ No withdrawal fees ✘  No English website	Visit Dkb.de
	1 One of the largest traditional banks in Germany. The bank has offices in every major city ✓ Large German bank ✓ Low Fees ✓ Brick and mortar bank ✘  Withdrawel fees ✘  No English website	Visit Postbank.de
	1 Commerzbank is the second largest bank in in Germany. It has 1200 bank branches in Germany alone ✓ Neo bank (low-costs) ✓ Low Fees ✓ English website ✓ No withdrawal fees ✘  No free credit card	Visit Commerzbank.de

Internet provider	Specifications
	1 Purely online bank with English customer service and app – fast growing – Great for expats ✓ Neo bank (low-costs) ✓ Low Fees ✓ English website ✓ No withdrawal fees ✓ English speaking customer service	Visit n26.de
	1 One of the biggest and fastest growing banks in Germany is the DKB – Free worldwide withdrawal ✓ Neo bank (low-costs) ✓ Low Fees ✓ No withdrawal fees ✘  No English website	Visit Dkb.de
	1 One of the largest traditional banks in Germany. The bank has offices in every major city ✓ Large German bank ✓ Low Fees ✓ Brick and mortar bank ✘  Withdrawel fees ✘  No English website	Visit Postbank.de
	1 Commerzbank is the second largest bank in in Germany. It has 1200 bank branches in Germany alone ✓ Neo bank (low-costs) ✓ Low Fees ✓ English website ✓ No withdrawal fees ✘  No free credit card	Visit Commerzbank.de

The best banking accounts in Germany

N26 is the most recommended bank for expats. The mobile bank allows you to open your account within minutes from your smartphone and allows you to manage your account easily in real-time.

Advantages

• Designed to meet the modern lifestyle, the N26 app lets you discover the benefits of mobile banking.
• You can open a free bank account.
• The bank provides you free Mastercard to enjoy free withdrawals in Euros anywhere in the world.
• 3D Secure technology keeps your online account fully secure.
• Real-time push notifications keep you updated with all your transactions.
• The bank gives you a better insight into your spendings to help you manage your expenses in a better way.

• Customer support is available in different languages – English, German, Spanish, Italian, and French.

Different banking accounts:

Current and savings accounts are the two common types of banking accounts in Germany. Depending upon the particular bank, you can also get loans, credit, and various other types of accounts.

• Current Account (Girokonto) – During your stay in Germany, most of your transactions will take place with this account. And this makes it the best German bank account. Reach any of your preferred German bank to open this free account.
• Savings Account (Sparkonto) – After making bank comparison in Germany, when you reach your chosen bank to open a current account, at the same time, saving account is also opened. This type of account helps you to save money and earn interest on it.
• Blocked Account (Sperrkonto) – International students prefer this bank account. The holder can withdraw an amount of up to €853. This bank account acts as proof that the student has the funds that are required for leading a comfortable and stable life in Germany.
• Mietkautionskonto (Mietkaution Sparkonto) – If you rent an apartment, then this account is beneficial for you. It is very advantageous for foreign students too. During your stay, at times when depositing your rent seems difficult to you, the bank does that favor for you. You can repay this amount plus interest on it to the bank.

The above-listed account types are commonly found in banks. While making German bank account comparison,in addition to the above accounts, you can come across various other accounts.

Tips and tricks

While opening a bank account here in Germany, be ready with the following information:

• Passport or your valid ID-card
• Proof of address – your electricity bill, a rental contract, and official government document are considered the valid documents
• BSN that is obtained at the municipal office

• For student accounts, student registration is required
• Initial deposit as per the individual bank
• Some banks also ask for income proof – payslips or salary statements, and a recommendation letter from employer

FAQ about banking in Germany