Bank 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.

Some embassies require that the student open a blocked account (sperrkonto). Detailed information on how to open a blocked students bank account is provided here. Even if you already have a blocked account, it would advantageous to open another checking bank account (Girokonto) for 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 an university, you will be considered as trainee student and most banks provide same benefits as for students.

Benefits / Bonus :  Some Banks provided added benifits for students, such as a free VISA credit card, or joining bonus as cash benifits. Keep a look out for offers, such as Postbank happy hour where benifits include free VISA card and cash bonus or Gifts.

Cost : Even though most of the banks provide 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 free account (e.g. deposit a regular monthly salary).

Cards : All the banks provide a Geldkarte (ATM Card) and most of them provide a 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 bank accounts for students in Germany.

1. DKB-CASH

This is arguably the best bank account, both for student and non-students not, since it is always free of you 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.

Features of DKB Cash  bank account for students are

• Free account with no monthly minimum input, no hidden costs
• Free VISA credit card
• 1.05% 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

  2. 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 during Happy hour offers. Time and again, 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 VISA credit card (During Happy Hour offer), otherwise first year free
• 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 cash withdrawals with Visa Card (available worldwide)
• 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 isntruction 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.

3. 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 ( atleast 2 salary deposits in the first months, regular use of bank account)
• For students between 18 and 27 years of age only.

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 sstudents

• Free bank account (student or not)
• Free Mastercard creditcard 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.

5. 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

 6. Targobank Starter-konto

Formerly Citibank, this bank also provides with an online banking website as well as a bank branches.

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

 7. ING DiBa Girokonto Student

ING DiBa provides free bank account for everyone including students. Therefore, there is no added benifits for a 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
• €75 joining bonus till 30.06.2014 (with €300 monthly stipend or salary or scholarship)

Read more about ING DiBa Bank here

8. 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

9. 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 fast opening of account. However it does not give added advantages like the above bank accounts.

Advantages

• Simple account opening with English Service, so recommended if you want a simple bank account account for basic activities during your short stay in Germany.
• Provides a 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 free of charge

Disadvantages

• Only for students below the age of 30
• Once you are not a student a charge €5.99 per month. So make sure to close the account when you leave university if you do not want to incur the charges.
• No Credit Card for students

Read more on how to open a Deutsche Bank students Blocked account here. 

 10. 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 Prepaid Card with €20 starting balance (open before 30.06.2014)
• €50 joining bonus ( if 3 monthly income of at least €400) (open before 30.06.2014)
• Free cash withdrawals at cash machines with pool girocard
• MasterCard classic (if usage of € 4,000 per year otherwise € 20 p.a)
• Worldwide free cash withdrawal of upto 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.

 11 . DAB Bank

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 online banking
• €90 as joining bonus (if salary deposit of €800 p.m) (open by 15.06.2014)
• Free Mastercard Classic
• Withdraw free cash abroad with MasterCard
• Free cash at more than 9,000 ATMs in Germany

Read more about DAB bank here, of open a DAB bank account here