Account Charges

Whatever type of bank account you opens and operate in Germany, you will have to pay fees. The amount of fees you pay will depend on the type of the account you have. Fees at different banks tend to be fairly similar, but it is worth checking out the competition to see if you can save money. Amongst other things, fees are charged for banking services such as:

• Account statement sent by post

• Online banking

• Telephone banking

• Cash withdrawal from the ATMs of other banks

• Transfers

• Debit payments

• Overdraft

• Exceeding the limit of your overdraft, if available

Some banks will charge a monthly running fee which will include certain service costs. This can prove cost effective if you would otherwise spend more on individual service costs. Online banks tend to offer cheaper accounts because they do not need to employ advisors for high street branches, nor pay for the maintenance of these branches.

Every three months, the bank will debit your account for any service charges or management fees. Customers will typically pay between €80 and €150 a year for their account. Higher account fees will typically include a range of banking services, but if you do not use these services it is better to opt for an account with low running fees.

Free Account

Some banks offer their customers free accounts, especially if an account holder can guarantee a monthly income into the account. If the account holder's income is less than the minimum required, you may still be able to negotiate lower fees by asking for alternative arrangements or a different type of account.

Some banks offer free accounts for students, trainees, and young people doing military or community service, but other banks will not offer this service. If you are able to negotiate a free account, you will not usually be offered interest on your account balance. However, comparing offers from a range of banks is the best way to check that you are being offered a good deal.