Just ten existing bank accounts come without any unwarranted fees.
Once upon a time, it was still free, as per Finanztest's examination. This statement holds true for the majority of checking accounts, with around 660 of them being analyzed. On average, account holders shell out 119 euros annually. Depending on the account type, transitioning can lead to savings of 100 euros or more every year.
Completely free bank accounts remain scarce, according to Stiftung Warentest's findings. Only 10 out of 660 accounts meet this criteria, with the number staying the same as five years ago.
Account management fees can vary from zero to 300 euros. The typical yearly expense for account holders is 119 euros. Depending on the account type, switching can result in savings of 100 euros or more annually.
Finanztest magazine categorizes accounts with annual fees of up to 60 euros as "acceptable". Despite price hikes last year, this segment has remained constant. The testers rated 73 account models as "fair".
Regular income as a requirement
The Stiftung Warentest categorizes the 10 accounts without any conditions as "unconditionally" free, requiring only regular income or salary deposits, regardless of the amount. Heike Nicodemus from the foundation explains, "Basic banking services such as transfers, a card, and card payments are all included". The "Smartkonto" of C24 Bank, the "Edeka-Konto" of the Edekabank, the "Standard" of N26, and "BestGiro" from Santander are some of the examples when conducted online.
At 17 other banks and savings banks, a free checking account is subject to additional conditions. For instance, a certain amount must be deposited each month. Nicodemus elaborates, "Some require 700 euros, but the Frankfurt Sparkasse demands 5000 euros in income for a free account." Some providers also require a specific number of transactions or newsletter registration.
There's a greater assortment of free offers for young adults in apprenticeships or higher education.
Three crucial tips for a checking account
- Analyze your habits. If you seek to pay less for your account, sometimes all it takes is altering your behavior and utilizing the account differently than before.
- Request a more affordable account model from your bank. If you pay more than 60 euros per year for your account, start by asking your own bank for a more favorable account model.
- Switch banks. If this doesn't result in savings, consider switching accounts.
How to successfully transition accounts.
The absence of investment opportunities is a characteristic of the 10 free accounts, as they solely focus on basic banking services. To save 100 euros or more annually, one can consider switching to an account with fewer requirements or conditions.
Investing in a premium account with fees can sometimes yield higher interests or benefits, making it a viable option for some individuals seeking more financial returns.
