FAQ General Information Germany Students Study Abroad in Germany

Best Bank Accounts for Students in Germany

Snigdha DaluaNovember 6, 2023

5,465 7 minutes read

Best Bank Accounts for Students in Germany

Saving money is the driving force behind all of our decisions as students in Germany. Students typically have lower, more constrained finances. You should make every effort to keep your spending to a minimum, even if you just have part-time employment. We’ll look at a few of the possibilities available to us for selecting the best bank accounts in Germany in this post.

How the ideal bank account for students should like?

The following requirements should be met by a perfect bank account:

- Free of Charge Current Account (Girokonto): Because it makes no sense to pay to keep your money in a bank account!
- Interest Rate: This is a stretch, but we can try to find a bank account that offers at least some interest on the money we deposit.
- Card Services: We must decide which bank account will provide us access to debit and credit cards. Being able to make payments using a card will be helpful for students. It is highly practical if a bank account issues a VISA or MasterCard!
- Customer Support: If you are a foreign student, we need a bank account that provides the greatest customer support!

Best Bank Accounts for Students

We will take into consideration the crucial factors for Bank Accounts for Students in Germany.

1. Commerzbank

Commerzbank is the first and major choice we consider. Because no other bank in Germany provides such excellent services for students at no cost, I ranked this bank as the top. One of the largest German commercial banks that engage in both domestic and international financing is Commerzbank Aktiengesellschaft. The bank is headquartered in Frankfurt am Main and does global business. According to the value of its balance sheet as of 2019, Commerzbank was the second-largest bank in Germany.

You can pick from a variety of services offered by Commerzbank:

- - - - Free Current Account (Kostenloses Girokonto) – free
      - Free Current Account Student Version (Startkonto)- free
      - Classic Account (Klassik Konto) – €4.90 per month
      - Premium Account (Premium Konto) – €12.90 per month

Opening a Commerzbank Account Has These Benefits:

- - - - FREE of charge Current Account
      - 0 ATM withdrawals
      - Expense-free foreign exchange transactions
      - (1200+ branches) Accessibility
      - Excellent mobile app and online banking customer support in English and German
      - Easy steps to start a bank account

Finally, Commerzbank appears to be a wise decision. Its benefits are mostly found in the excellent customer service and simplicity of using the bank’s services. The only significant drawback would be the €700 monthly minimum inbound deposit.

2. N26

Definitely one of my favorite banks in Germany is this one! There are a number of causes; let’s examine each one individually. German “Neobank” N26 has its main office in Berlin. It is now in use in the USA and other SEPA (Single Euro Payments Area) members.

Let’s examine the attributes of N26 Bank:

- - FREE Savings Account- There are no account maintenance fees when you create a bank account with N26. As a result, this is a key consideration when picking the best bank for students.
  - No-cost cash withdrawals- More than 55,000 ATMs provide free cash withdrawals to customers.
  - ZERO Currency Conversion Fee- When using N26 Bank, there are no additional fees associated with payments made in foreign currencies.
    English-language customer service- N26 is the only German bank that works entirely in English. However, few German banks even offer websites in the language. The greatest choice, if you don’t speak German, is N26.
  - FREE International Transactions- If you’re an international student, this is as good as FREE bank accounts.

The best free bank account available is this one. N26 and Commerzbank, in my opinion, are the two greatest alternatives accessible to students.

3. Comdirect

The third-largest German direct bank is Comdirect Bank AG, an online subsidiary of Commerzbank. The firm was established in 1994 by Commerzbank and went public in 2000. On November 1, 2020, the firm was incorporated into Commerzbank. A bank called Comdirect offers all of its services entirely online. So having a bank that operates entirely online might be useful if you are an exile in Germany.

The following are some benefits of opening a bank account with Comdirect:

- - Zero Account administration costs – There are no account management fees required to create a Comdirect bank account.
  - Free Securities Depot Account (Depotkonto) – If you’re interested in investing in shares, ETFs, or other securities transactions, you may apply for a free securities deposit account.
  - No-cost Visa Card for Life global free cash withdrawals
  - Deposits in Cash Made Without Fees

For students looking to register accounts in Germany, Comdirect appears to be a fantastic choice. Customer assistance, however, is only offered in German, which is a notable drawback.

4. Deutsche Bank

Das Junge Konto is a unique bank account service provided by Deutsche Bank for students. One of the most well-known banks in Germany, Deutsche Bank has more than 27 million clients through its 1,680 locations in Germany and over 2,500 branches globally.

Consider some of the benefits of opening an account with Deutsche Bank are:

- - Student Savings Account with No Fees
  - Accessibility – Internet Banking & many Branches around Germany with complete customer support in English
  - Free withdrawals of money (at CashGroup ATMs)

Open an account at Deutsche Bank, but be aware of one significant drawback. Only students can use it for free. When you graduate from college, the cheapest bank account plan will cost you about 6 euros a month.

5. Wise Borderless Account

International students who want to make payments while they relocate overseas should use the Wise (previously Transferwise) Borderless Account. You receive a free Euro Bank account with an IBAN when you open a Wise Borderless account.

- - FREE International and Domestic money transfers
  - It is possible to register entirely online without providing a German residential address.
  - You will receive a Mastercard Debit Card with FREE Cash Withdrawals of up to €200 once you obtain a home address in Germany.

Overall, it appears to be a fantastic choice. particularly if you’ve only recently arrived in Germany. You may easily open this account without having a home address in Germany.

6. DKB (Deutsche Kreditbank AG)

With 4,5 million clients, Deutsche Kreditbank is the second-largest Direct bank in Germany and is entirely owned by the Bayerische Landesbank. Regardless of whether they are a student in Germany, DKB offers a free bank account service to everyone.

Let’s examine the DKB Bank Account’s characteristics:

- - Free bank account for working adults and students.
  - Account administration is free.
  - Get a free visa credit card.
  - Cash withdrawals are free.
  - Positive interest on the balance of a credit card.

Despite all of its benefits, the DKB Bank account has a significant drawback. Your Schufa credit score will be examined after you apply for the bank account with DKB. There is a good probability that your application will be turned down if you are an international student who is new to Germany.

7. Vivid Money

With its 100% digital banking services, N26 completely transformed the German banking industry. Similar to how Vivid Money is becoming one of the leading German “Neobanks,” Vivid Standard and Vivid Prime are the two main bank account services that Vivid Money provides. Similar to N26, the Vivid Standard Bank Account is totally free to open.

Let’s examine the characteristics of the Standard bank account in more detail:

- - FREE to open and maintain
  - FREE metal Visa Debit Card
  - ZERO Foreign Currency transaction fee
  - 24/7 personal support in English and German

Vivid Money’s services are not appropriate for people who often interact with cash, nevertheless. Withdrawals are free up to 200 euros, after which they are subject to a 3% charge.

8. Monese

Compared to regular German banks, Monese is unique. It is not even a “German Bank,” to begin with. A British company called Monese offers digital financial services, mostly in the Eurozone. For both free and paid account services, Monese provides a number of adaptable options.

We further investigate the FREE account’s characteristics in accordance with our requirements:

- - Starter Account for Monese with NO account maintenance costs.
  - For the delivery of the Mastercard that is included with the Starter Account, there is a €4.95 Card charge that must be paid beforehand.
  - Despite the fact that current accounts are free, domestic ATM withdrawals cost €1.50. Fees for foreign ATM withdrawals are 2%.
  - A 2% currency conversion fee is additionally charged. If you are sending money to an international Monese account, there will be no fees.
  - Monese’s customer service is subpar. You can use Monese as long as you have no issues and don’t require assistance.
  - Additionally, you should be aware that Monese is not a bank on its own. Instead, it works through a partner bank named “Prepayment Solutions EU SA,” which is notorious for its long transfer times. It typically takes 2–3 days for transfers to reach your bank account.

Given that you may establish a Monese account without an address, we can state that it is an excellent alternative for you to open your bank account if you don’t currently have one. However, you must have a physical address in order to obtain a debit card, and other than the account maintenance cost, it is not a completely free bank account.

We began by establishing a few criteria to shortlist the banks after doing a quick review of all the different banks. Finding the best bank for students that provides high-quality services at the most reasonable cost is our main goal. Therefore, constantly consider the benefits offered by the banks and make wise choices.