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English Information about Banking in Germany

 
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  • Home
  • Bank Account
    • 1822direkt
    • Comdirect
      • Open a ComDirect Account Online – Detailed Instructions
    • Commerzbank
      • Open a Commerzbank Account – Instuction with Screenshots
    • Consorsbank
    • DAB-Bank
    • DKB Bank
    • HypoVereinsbank
    • ING DiBa
    • Netbank
    • Noris Bank
    • Number26
      • Apply for Number26 Account – Detailed Instuctions
    • Postbank
      • Open a Postbank Giro Plus – Instuction with Screenshots
    • Targobank
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  • Guide
    • Select a Bank Account in Germany
      • Banks with English Service
    • Open a German bank account
      • Open a DKB bank account
        • DKB Euro bank account for non-residents
        • English DKB bank account opening form
      • Open a Postbank Account Online – Screenshots
      • Open a Commerzbank Account online – Screenshots
      • Open a ComDirect Account online – Screenshots
    • Freelancers and Self-employed
    • Open a Student Blocked Account
      • Best Bank account for students
      • DKB Bank Account for Students
    • German bank accounts for non-residents
      • Open Comdirect bank account for non-residents
    • Information
      • Bank Cards
        • What is a Girocard?
        • V Pay – pay cash in Europe
        • What is a Maestro card?
        • What is Cash Group?
        • What is cash pool?
        • What should you do in case of loss of card?
      • Money Transfer
        • Local Money Transfer in Germany
          • What is a SEPA money Transfer?
          • Direct Debit Mandate
          • Wrong Transfer
        • International money transfer
          • Cheap money transfer options
      • Internet Banking
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Bank Deposit guarantee in Germany

Why should you care about deposit guarantee insurance while opening a bank account in Germany?

Banks have gone insolvent in the past and specially after the financial collapse in 2009 and the troubled Euro Banks, one must always consider how safe your money is and in case of insolvency whether a deposit guarantee is provided and if so how much.

The deposit guarantee is a customer’s protection in case the bank goes insolvent. Depending on the security provided by the bank, your money can be recovered either partially or in complete.

Legal framework for bank deposit guarantee in Germany.

In accordance with the EU directive 1998, Germany has adopted a Deposit Guarantee and Investor Compensation act (Einlagensicherungs- und Anlegerentschädigungsgesetz). Accordingly, German banks have to voluntarily deposit into a deposit insurance fund (Einlagensicherungsfonds). In case of bankruptcy, compensation is made from the deposit made by the bank. However not all banks in Germany are part of the deposit insurance fund such as foreign banks. The list of banks taking part deposit insurance fund can be checked out line from the Association of German banks website.

Banks however can guarantee additional deposit insurance by voluntarily paying additional funds into a deposit insurance fund (Bundesverband privater Banken eV) Some banks even guarantee 100% of the deposit to the bank customers to prove their credit worthiness and improve them credit ratings.

How much of bank deposit is guaranteed in Germany

According to the 1998 act upto 90% of deposit to a maximum of € 20,000 was compensated. This was then increased 100% compensation up to a sum of € 50,000.

As of January 2011, a 100% compensation of bank deposit up to a maximum of € 100,000 for investor.

The German Federal government has already given an unlimited government guarantee on the bank deposit; however this might not be a statutory warranty.

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  • Home
  • Bank Account
    • 1822direkt
    • Comdirect
      • Open a ComDirect Account Online – Detailed Instructions
    • Commerzbank
      • Open a Commerzbank Account – Instuction with Screenshots
    • Consorsbank
    • DAB-Bank
    • DKB Bank
    • HypoVereinsbank
    • ING DiBa
    • Netbank
    • Noris Bank
    • Number26
      • Apply for Number26 Account – Detailed Instuctions
    • Postbank
      • Open a Postbank Giro Plus – Instuction with Screenshots
    • Targobank
    • Volkswagen Bank
    • Wüstenrot Bank
  • Credit Cards
    • Free Credit Cards
      • GenialCard – Instant Online approval
      • Barclaycard New Visa
      • PayVIP MasterCard Gold
      • Advanzia MasterCard Gold
        • Advanzia Bank
      • SunnyCard – Interest free Credit Card
    • Co-Branded Credit Cards
    • Airline Credit Cards
      • Miles & More Blue
      • Miles & More Gold
      • Barclays Germanwings Gold
    • Prepaid Credit Cards
      • Kalixa Prepaid MasterCard
      • LBB Prepaid VISA credit card
    • Credit Card with easy Loan – easyCredit
  • Loans
    • Car Loan in Germany
  • Invest
  • Guide
    • Select a Bank Account in Germany
      • Banks with English Service
    • Open a German bank account
      • Open a DKB bank account
        • DKB Euro bank account for non-residents
        • English DKB bank account opening form
      • Open a Postbank Account Online – Screenshots
      • Open a Commerzbank Account online – Screenshots
      • Open a ComDirect Account online – Screenshots
    • Freelancers and Self-employed
    • Open a Student Blocked Account
      • Best Bank account for students
      • DKB Bank Account for Students
    • German bank accounts for non-residents
      • Open Comdirect bank account for non-residents
    • Information
      • Bank Cards
        • What is a Girocard?
        • V Pay – pay cash in Europe
        • What is a Maestro card?
        • What is Cash Group?
        • What is cash pool?
        • What should you do in case of loss of card?
      • Money Transfer
        • Local Money Transfer in Germany
          • What is a SEPA money Transfer?
          • Direct Debit Mandate
          • Wrong Transfer
        • International money transfer
          • Cheap money transfer options
      • Internet Banking
  • Deals
 

Best Bank account Deals

  • Commerzbank bonus - upto €175 + 11k miles joining bonus

    Valid till March 31, 2016- open a free Commerzbank account and get upto €175 euro as cash bonus and 11,000 award miles from Miles and More till March 31, 2016

  • Number26 bank now open to other countries!

    Now open to residents of Greece, Spain, Slovakia, France and Ireland. Open a free German bank account with free MasterCard.

  • Commerzbank Weekendbonus - €100 + 8k miles joining bonus

    Valid on weekends till further notice- open a free Commerzbank account and get €100 euro as cash bonus and 7,000 award miles from Miles and More till December 31, 2015

See the list of the best bank account promotional offers and deals in Germany

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How to open a German bank account

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

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Blocked Account in Germany

Applying for a student Visa, au pair or Jobseekers Visa? You need a blocked account. Guide with a comparison between Fintiba and Deutschebank blocked account and process what is a blocked account and how to open a student blocked account from your home country.

Read More

Free Credit Cards in Germany

List of credit card providers with free credit cards in Germany. Advantages of each free credit cards and compare the charges and information about the free credit card in Germany.

Free Credit Cards

Free Advanzia Mastercard Gold Credit Card

The Advanzia bank Free Mastercard Gold credit card offers a lifetime free Credit card with free foreign usage without any transaction charges, free cash withdrawal, free travel insurance, and up to 7-weeks interest-free credit.

Read more!

Best Credit Card Deals

  • Hanseatic Bank - €30 Joining bonus free Credit card

    Apply for Free credit card before 19 April 2015 and get joining bonus of €30. Free Credit Card with Instant online approval, transfer to bank account from credit card and cash back offers.

  • Barclaycard New Visa Offer : €25 joining bonus for free Credit card till Aug 2014

    Apply by Sept 30, 2014 and get €25 joining bonus. Lifetime Free Credit Card with joining bonus.

  • GenialCard Offer - €10 cashback for free Credit card

    Apply by 31 May 2014 and get cashback of €10. Free Credit Card with Instant online approval, transfer to bank account from credit card and cashback offers.

See other best Credit Card promotional offers and Deals in Germany

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