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Living in BFG? German bank accounts.

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Hi all!

I'm trying to write a researched article for you all about German bank accounts. For now I'll post what I have and edit/repost more info as it comes to me. Of course, feel free to add your own wisdom!

Kurz und gut: don't expect what's free in the UK to be free in Germany! Germans generally pay for their banking. Monthly fees and even additional charges for some transactions seems to be the norm at most banks.

For example, Sparkasse Gütersloh charge €4 per month for a current account (called "S Direkt"). On top of that, you'd pay €0.90 (per statement) for statements through the post, and €1.50 for every transfer you make if you go to a cashier in branch and do it the old fashioned way filling in a little slip. If you made one transfer per month and chose to have your statements through the post you paid €76.80 per year just to have a bank account and to use it a bit!

Most transaction fees can be avoided (in Sparkasse for sure!) if you do them yourself at the machines in branch - and you can do most transactions at them too, not just paying in and out - even print your own statements and transfer money (free!) to your UK bank account. What's even better is you can ask a member of staff to help you to use the machine instead of going to a cashier and paying!

Transaction fees quashed, you'd still pay €48 per year just to have a bank account (S-direkt) at Sparkasse (Gütersloh).

At Postbank, https://www.postbank.de/-snm-0184330283-1214914731-0102b00001-0000000240-1214938829-enm-privatkunden/pk_giroplus/konditionen.html;jsessionid=40CF1A4B6A5CE5DA3777127683C7FB31DCC2
you pay no monthly fee, as long as you pay in at least €1,250 per calender month (pay in less than that and you'll pay €5.90 that month!)

More to come...
Please note: I am NOT Martin Lewis, just somebody else called Martyn that likes money saving!

Comments

  • egon
    egon Posts: 439 Forumite
    Hi Martyn

    SEB also doesn't charge monthly account fees, if you put in over €1250 per month.

    http://www.seb-bank.de/de/Privatkunden/Konten-Karten/Giro4Free_618.html
    I wish Germany had a website like moneysavingexpert!
  • bonsibabe
    bonsibabe Posts: 1,055 Forumite
    Sparkasse in Paderborn/Sennelager charge €7.80 a month for an account with them. I have not had any other charges apart from using a cashpoint other than theirs and that was a bit steep at €7.50 just to take money out. So I learned my lesson quickly and only use their cashpoints now!
    LBM - August 2008 - Debts then - £33390 :eek:- 2nd LBM - November 2009 - Debts then - £18500:mad:
    Current debt levels: OD £3860, Loan 1 £6091, Loan 2 £5052, Parents £260, Total £16133 :eek: As at 01 May 2012 - 51.69% paid off :j
    Aiming for a No Spend Christmas 2012!
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