The 10 Best German Savings Accounts

Opening a savings account, or „Tagesgeldkonto,“ in Germany is a smart way to earn interest on your savings while maintaining easy access to your funds.

Here are 7 aspects, investors should consider when choosing and opening a savings account:

• 1. Interest Rates

  The primary factor to consider when opening a savings account is the interest rate. Compare the annual percentage yield (APY) offered by different banks. Higher interest rates mean more earnings on your deposited funds. However, promotional rates may be temporary, so check the duration of the offered rates and the standard rate that applies afterward.

• 2. Fees and Charges

  Many savings accounts come with no fees, but it’s important to read the fine print. Ensure there are no hidden charges such as maintenance fees, transaction fees, or penalties for withdrawing funds. A truly fee-free account will help maximize your savings growth.

• 3. Minimum Deposit Requirements

  Some banks require a minimum deposit to open a savings account. Make sure you meet these requirements without stretching your finances too thin. Accounts with higher interest rates often have higher minimum deposit thresholds.

• 4. Accessibility and Flexibility

  Consider how easy it is to access your funds. Savings accounts should offer flexibility in withdrawing money without penalties. Online and mobile banking features can add convenience, allowing you to manage your account and transfer funds easily.

• 5. Bank Reputation and Security

  Choose a reputable bank with strong security measures. Look for banks that are part of the German Deposit Protection Fund, which ensures your deposits up to €100,000. Reviews and ratings from other customers can also provide insight into the bank’s reliability and service quality.

• 6. Additional Benefits

  Some savings accounts come with additional perks, such as introductory bonuses, linked accounts, or integrated financial planning tools. These benefits can add extra value to your savings experience.

• 7. Application Process

  The application process for opening a savings account should be straightforward. Most banks allow you to apply online by filling out a form and submitting necessary documents, such as your ID and proof of address. The verification process can often be completed via video call or in person at a branch or post office.

By considering these factors, investors can choose a savings account that best suits their interests, ensuring a secure and profitable place for their funds.

At One glance

How to Open a Savings Account Online

Opening a savings account, aka „Tagesgeldkonto,“ online in Germany is a straightforward and convenient process.

Here’s a step-by-step guide to help you get started:

• 1. Research and Compare

  Begin by researching various banks and their savings account offerings. Compare interest rates, fees, minimum deposit requirements, and any additional benefits. The listed providers above are already an excellent selection.

• 2. Select the Best Option

  Pick the savings account that best meets your needs based on your research. Look for accounts with competitive interest rates, no hidden fees, and flexible access to your funds.

• 3. Gather Required Documents

  Before starting the application, ensure you have the necessary documents. Typically, you will need:

  • A valid ID (passport or ID card)
  • Proof of address (recent utility bill or registration certificate)
  • Your tax identification number

• 4. Visit the Bank’s Website

  Go to the website of the bank you’ve chosen by clicking the offer boxes above.

• 5. Fill Out the Application Form

  Open the application form and fill in your personal details, including your name, address, contact information, and employment status. Ensure that all information is accurate and up-to-date.

• 6. Verify Your Identity

  Most banks require identity verification to prevent fraud. This can usually be done through a video call (VideoIdent) or by visiting a post office for in-person verification (PostIdent). Follow the instructions provided by the bank to complete this step.

• 7. Submit the Application

  Once you’ve filled out the form and verified your identity, submit the application. You may receive a confirmation email acknowledging receipt of your application.

• 8. Wait for Approval

  The bank will review your application and conduct a credit check. This process usually takes a few days. You will be notified via email or mail once your account is approved.

• 9. Activate Your Account

  After approval, you will receive your account details and any necessary login information. Follow the bank’s instructions to activate your account, which may include making an initial deposit.

• 10. Set Up Online Banking

  If not already included, set up your online banking profile. This allows you to manage your account, view your balance, and transfer funds easily from the comfort of your home.

By following these steps, you can open a savings account online efficiently and securely, allowing you to start earning interest on your savings right away.

A savings account offers a secure and flexible way to save money, though it comes with variable interest rates and no direct access via cards.

Advantages and Disadvantages of a Savings Account

Frequently Asked Questions: German Savings Accounts