Banks
One of the main concerns for students is to manage their finances. Banks play an important role & are regularized. It is very important to select an appropriate banking partner to avoid problems popping up in the future.
One of the first things to do after enrolling at the university is to open a bank account which is also one of the most confusing decisions to take. To convert the 3 month study applicant Visa into a 1 year resident permit, it is essential to demonstrate financial sustainability by depositing money into the bank account.
Banking is not free. Fees are levied either on transactions, fixed price per month or sometime even both. Don’t worry. There is a relief for students. Some Banks do not charge any fees for student account.
If safety of deposits is your primary concern, then be assured German Banks are safe, thanks to the Deposit Insurance. Since 30 June 2009, Deposits up to €50,000 is guaranteed. From December 2010, Deposits up to €100,000 will be guaranteed. So no matter which bank you choose (with some exceptions) your deposits are guaranteed to certain extent.
Bank selection could be made based on the following criteria
- Account maintenance fees if any
- Transaction fees if any
- EC card (equivalent of Debit card) fees
- Visa Card fees
- Online banking
- Bank branch network & ATM network
- Interest rate on Instant access savings account
- Money transfer facilities
Sorted in alphabetical order of the Bank name
| Bankers Product | Bank Type | Monthly Fee |
Number of Free ATMs |
Dispo Interest | Credit Interest | Credit Card Type | Credit Card Fee |
| .comDirect Girokonto-Bundle |
Direct | NIL | Cash Group 7000 ATMs | 9.90% | 2.10% | VISA | NIL |
| Commerz Bank Aktiv Konto |
Retail outlets | 5.90€ | Cash Group 7000 ATMs | 13.24% | 0.00% |
VISA MasterCard |
19.90€ 19.90€ |
| Deutsche Bank Junges Konto |
Retail Outlets | NIL | Cash Group 7000 ATMs | 12.75% | 0.00% | VISA |
|
| DKB Deutsche Kreditbank AG DKB Cash |
Direct | NIL | Free Worldwide Withdrawal | 7.90% | 0.50% | VISA | NIL |
| HypoVereinsbank Unicredit Group WillkommensKonto |
Retail Outlets | NIL | Cash Group 7000 ATMs | 11.65% | 0.70% | MasterCard | NIL |
| ING-Diba Girokonto |
Direct | NIL | Free Europewide Withdrawal | 9.38% | 0.00% | VISA | NIL |
| Netbank GiroLoyal |
Direct | NIL | Free Worldwide Withdrawal | 9.00% | 0.10% | MasterCard | 20€ |
| Norisbank TopGiro |
Direct & Retail Outlets | NIL | Cash Group 7000 ATMs | 12.50% | 1.25% | MasterCard | NIL |
|
Post Bank Giro plus |
Retail Outlets | 5.90€ | Cash Group 7000 ATMs | 13.50% | 0.00% | VISA | First year free, 22.00 € from second year |
| Targo Bank Aktiv- Konto | Retail Outlets | 4.90€ | Cash Pool 2500 ATMs | 13.99% | 0.00% | VISA | 30€ |
Source: http://dynamisch.vergleich.de (09.08.2010)
