Your right to an account
Every person legally resident in the EU has a right to a Basiskonto (basic payment account, §31 Zahlungskontengesetz), even without a fixed address or income. If a bank refuses, ask for a written refusal and contact BaFin.
Choosing a bank
| Type | Examples | Pros | Cons |
|---|---|---|---|
| Savings banks and cooperative banks | Sparkasse, Volksbank | Branches, cash deposits, German mortgages | €5–12/month fees, German-language |
| Big private banks | Deutsche Bank, Commerzbank, HypoVereinsbank | Branches, English service sometimes | Fees, often need a Meldebescheinigung |
| Direct banks / online banks | ING, DKB, Comdirect, N26, bunq, C24 | Free accounts, apps in English, video-ident | No branches; cash deposits limited or with fees |
Check whether the account comes with a girocard (accepted everywhere in Germany) or only a Visa/Mastercard debit card. Some small shops still take girocard only.
How payments work
- SEPA bank transfer (Überweisung): most bills — rent, Rundfunkbeitrag. Instant transfers (Echtzeitüberweisung) cost the same as normal ones since October 2025, and the bank checks the recipient's name.
- Direct debit (SEPA-Lastschrift): you authorise companies to collect. You can reverse an authorised direct debit within 8 weeks without giving a reason — and within 13 months if it was unauthorised.
- Standing order (Dauerauftrag): set one up for rent.
- Overdraft (Dispo) interest is typically 10–14% a year. Don't use it as a loan.
Safety
- Deposits are protected up to €100,000 per person per bank (statutory deposit guarantee).
- Banks never ask for your PIN or TAN by phone or SMS. "Bank employee" calls asking you to confirm a "security transfer" are always fraud.
- Enter a Freistellungsauftrag (tax exemption order) with your bank so that interest and dividends up to €1,000 per person (€2,000 for couples) per year aren't taxed at source. You need your Steuer-ID.