How to open a bank account in Germany
A simple step-by-step guide on how to open a bank account in Germany. Open an online Germany bank account and documents required to open a German Bank account
Read MoreBank account for students and trainees in Germany
For an international student, one of the first things to do will be opening a checking / current bank account (Girokonto) in Germany, that is if you haven’t opened one already from your home country.
Blocked Account
Some embassies require that the student open a blocked account (sperrkonto), which you can do at Deutsche Bank, Fintiba or X-patrio. Click here for detailed information on how to open a blocked students bank account and comparison of different blocked account. Even if you already have a blocked account, it would advantageous to open another checking bank account (Girokonto) for the daily transaction. This is because it is free of charge and there are added advantages or benefits provided for a student which you may be missing out on in your Deutsche bank blocked account Sperrkonto.
Factors to consider when looking for a students account
Age: Some banks provide a bank account for students only under a certain age (e.g under 18, under 27, etc.). Therefore, make sure you qualify as a student for the bank. Also note that if you are doing an internship or under training but still registered with a university, you will be considered as trainee student and most banks provide the same benefits as for students.
Benefits / Bonus: Some Banks provided added benefits for students, such as a free VISA credit card, or joining bonus as cash benefits. Keep a lookout for joining bonus offers.
Cost: Even though most of the banks provide a free bank account for students and trainees, there may some banks which has some hidden costs such as transaction charges or withdrawal fees. Always read the fine print or look out for such charges. Most of the banks will charge you account fees once you are no longer a student. Therefore, make sure you cancel the bank account once you finish your studies or see if they have other conditions for a free account (e.g. deposit a regular monthly salary).
Cards: All the banks provide a Geldkarte (ATM Card) and most of them provide an EC/Maestro Card. However, some bank also provides a VISA or MASTERCARD Credit card for students which is very useful since you can make online purchases from websites.
List of Best Banks for Students and Trainees
Below is a list of best banks for students which provide added benefits. All the listed bank account are free for students in Germany.
1. N26
This is probably the best bank account for international students because it is entirely in English, starting from applying online in English, English video verification to using the bank account on an English language mobile and web app. The fully online bank N26 (formerly called Number 26) provides the most modern facilities and also provides a free bank account. This account also provides a free credit card (Prepaid Card) along with the account. Therefore, this is the easiest and the best option for someone new in Germany. Read more why it is the best account for a newcomer foreigner in Germany.
The current account of N26 is a modern free bank account which is subject to German deposit insurance. The N26 account is also called the smartphone account as it allows the use of the account only if you have a smartphone.
Advantages of N26 bank account for students
- Free modern checking account
- Free Mastercard Credit Card
- Free Worldwide cash withdrawal using Mastercard (5 times per month for a free account)
- No Credit score checking or recorded
- Smartphone settings (lock card / unlock with just one click)
- English website
- Transfer in real time with Transferwise
- The account opening is the fastest in Europe – in just 8 minutes via Smartphone or online
- Read more information about N26 account
Problems with the N26 bank account
- Requires a smartphone to use the account.
- Problems in opening an account for citizens who cannot do PostIdent (e.g., India, Pakistan). Check if you can open an account.
2. DeutscheBank Das Junges Konto
DeutscheBank is the most well known and most used account by students, mainly because they have English speaking customer service and a fast opening of the account. However, it does not give added advantages to the above bank accounts. Since it has branches in all cities, you can verify your identity at the bank branch closest to you. So, if you cannot open an online account because your passport is not accepted for PostIdent, this is the best option for international students.
Advantages
- English speaking customer service and English internet banking. Recommended if you want a simple bank account for basic activities during your short stay in Germany.
- Branches for verifying your identity, so useful for citizens who cannot do PostIdent.
- Also provides a students Blocked account.
- Agreement with Bank of America, free cash withdrawal in DB ATM’s using BoA card
- ATM card can be used in any Cash group ATM is free of charge
Disadvantages
- Only for students below the age of 30
- Once you are not a student the cheapest bank account with DB will cost €5.90 per month. So make sure to close the account when you finish your university studies to avoid incurring the charges.
- No Credit Card for students
Apply for DeutscheBank Students bank account
3. DKB-CASH
This is arguably the best bank account, both for student and non-students since it is always free irrespective of your student status. Therefore, you can still maintain the bank account after you have completed your studies. It provides a free VISA credit card with free cash withdrawals anywhere in the world. Therefore, you can have a Euro currency bank account even after you leave Germany. In case you still have money left on your bank account, you also earn a decent interest (higher than most checking account) on your balance on the VISA card. Unfortunately,
Features of DKB Cash bank account for students:
- Free account with no monthly minimum input, no hidden costs
- Free VISA credit card
- Interest paid on credit card balance
- Free cash withdrawals with Visa Card (available worldwide)
- Free ISIC membership added with VISA credit card
- Open to students 18 years and above (no upper age limit) (student age >18)
- Read more about DKB bank account for students here
Some Disadvantages
- It checks your Schufa credit score, so there are chances that you will be refused a bank account if you are new in Germany and here on a limited stay.
4. Postbank Giro plus
Postbank also provides a good service bank account and is free for students of any age. What makes it interesting is the joining bonus for new customers. Earlier they had Postbank offers Happy Hour offers which provides various added benefits such as cash bonus for account opening, Free VISA card etc. when you open an account online at particular times (e.g. from 6pm to 8pm, or 8pm to 8am or on all day on weekends etc,). For the latest happy hour offer, check here.
Features of Postbank Giro Plus bank account for students are
- Free account with no monthly minimum input
- Free to withdraw cash at over 9,000 ATMs of Cash Group (DB, Sparkasse, Postbank, HVB) and in more than 850 Postbank Finance Centers and in many branches of Deutsche Post
- Free for everyone (student or not) under the age of 22 and students/trainees (on internship) of any age (no upper age limit).
Check the detailed step by step instruction with screenshots and English translation for opening a Postbank Giro plus account online for students.
To read more and open a Postbank Giro Plus for students click here
5. Volkswagen Young Giro
For students between 18 and 27 years of age, Volkswagen bank provides a girokonto with the following services
- Free account management
- Free Visa card and Free cash withdrawal using VISA card
- €50 starting bonus ( at least 2 salary deposits in the first months, regular use of bank account)
- For students between 18 and 27 years of age only.
To read more about Volkswagen Young Giro students account click here
6. 1822Direkt Girokonto Studenten
1822 Direkt is an online bank with an always free bank account and provides added benefits for student account for students aged 22 to 26.
Features of 1822Direkt Girokonto Studenten bank account for students
- Free bank account (student or not)
- Free Mastercard credit card for students
- Free withdrawal in any of the 25,000 SparkasseATMs
- Free cash withdrawal in European countries with euro currency with the credit card
- Students under 26 (student age <26)
To read more and open a 1822Direkt Girokonto Studenten account for students click here.
7. Commerzbank Startkonto
Commerzbank is one of the big banks with branches and not a direct internet bank, therefore, you will always have a bank branch to go in case you need assistance. Moreover, it one of the few websites with provides English language service by provides English language online banking website.
Features of Commerzbank startkonto bank account for students are
- No account fees or hidden costs
- English Language online banking website
- Bank branches all over Germany
- Free Visa credit card Young (if monthly deposit is €500)
- 5 Free Album Downloads
To read more and open Commerzbank startkonto bank account for students click here
8. Targobank Starter-konto
Formerly Citibank, this bank also provides with an online banking website as well as a bank branch.
Features of Targobank starter-konto bank account for students are
- Free account management – no minimum deposit and no monthly payment necessary.
- English Language online banking website
- Free Girocard with free access to over 2,900 ATMs of the cash pool.
- Free online Classic card for students.
To read more and open a Targobank Starter-Konto for students click here
9. ING DiBa Girokonto Student
ING DiBa provides a free bank account for everyone including students. Therefore, there is no added benefits for students. However, it provides all facilities required by a student and therefore recommended.
Features of ING DiBa Girokonto Student bank account for students are
- Free girocard and VISA Card
- Free cash withdrawal using VISA card
- Free account management – even after graduation
Read more about ING DiBa Bank here
10. ComDirect Girokonto
It provides a free bank account for all users. There is no separate account or added benefits for a student. However, the facilities provided are more than adequate for a student and therefore recommended.
Features of ComDirect Girokonto bank account for students are
- Free account management – no minimum cash receipt
- Free girocard and Visa card
- Free cash withdrawal Worldwide
- €50 starting bonus ( if at least 5 transactions of 25 euros each month for the first 3 months)
Read more about ComDirect Bank here or apply online now
11. Netbank
It provides a free bank account for all users. There is no separate account or added benefits for a student. However, the facilities provided are more than adequate for a student and therefore recommended.
- Free banking, no minimum cash input required
- Free cash withdrawals at cash machines with pool girocard
- MasterCard classic (free if usage of € 4,000 per year otherwise € 20 p.a)
- Worldwide free cash withdrawal of up to 5 times p.m with the MasterCard classic
- For more information about Netbank Girokonto click here
To read more and open a Netbank Girokonto for students click here.
12. Transferwise Borderless Multicurrency Account
Aimed at international students moving abroad, Transferwise Borderless account provides free Euro Bank account with IBAN details.
Using this bank account, you can spend or receive money for free, in that currency, just like you would with a local account.
You can sign up and get verified online, all without a local address or visiting a branch. Additionally, you can also get a free US, UK, Australia, and New Zealand Bank account based on what currency you need to use.
You can also get a Mastercard debit card if you are a German resident. Using the debit card you can spend in the currency of your bank account free of charge, and withdraw cash up to €200 free of charge.
Apply now for a Transferwise Borderless Bank Account
What a helpful guide! Wish I had seen this when I first came to Germany. I had no idea there were so many banks in Germany, let alone banks offering free accounts for students. 🙂
I have applied for Deutsch Bank Blocked Account since two weeks by German embassy OMAN .Still i have not recieved any answer.
Is Sutor Bank a reliable bank for a blocked account? I am opening through Fintiba. Please advise.
yes, 2 of my friends did the process its reliable and better then Kotak bank
same here i need to know about the fintiba too .
Update your info.
The cheapest Postbank Girokonto costs 1.9€/month!
i want to open an blocked account in Fintiba, doe it allwed by german consulates and embassy?
Will be running a full review on Fintiba shortly. From quick review official website of German embassy in India and Pakistan list Fintiba as accepted bank account.
Pakistan – http://www.pakistan.diplo.de/Vertretung/pakistan/en/06Legal/2__visa__longterm/2__Study__visa__Seite.html
India – http://www.india.diplo.de/contentblob/3589060/Daten/3726486/sperrkonto_neu.pdf
can US citizens open Fintiba blocked account?
Does Sparkasse bank also provide such opportunites
can i open DKB, N26, commerzbank, or deutsche bank account if i open my blocked account from Expatrio ? Please help me guide in a right way.
As i heard that Expatrio uses Monesse, but i dont wanna use it as it has hell lot of bad reviews. So is it possible creating a current account in banks mentioned above after opening blocked account from Xpatrio
Yes, please check the page on blocked accounts.