Your bank account, your credit history, your debts — the foundations that influence everything else.
Why This Matters
Your bank account is more than just a place for money. It's the starting point for:
- Your creditworthiness (Schufa)
- Your ability to rent an apartment
- Your chance of getting favorable loans
Main Account Types
| Type | German Name | Purpose |
|---|
| Checking account | Girokonto | Daily transactions, salary |
| Savings account | Tagesgeld | Savings with instant access |
| Fixed deposit | Festgeld | Savings for a fixed term |
Common Mistakes
| ❌ What many do wrong | ✅ What to do instead |
|---|
| Living permanently in overdraft | Build emergency fund, overdraft only for emergencies |
| Using BNPL without thinking | Understand BNPL = credit, know Schufa impact |
| Ignoring Schufa | Check for free once a year, correct errors |
| Paying high account fees | Use a free Girokonto |
Section Topics
| Article | What You'll Learn |
|---|
| Girokonto | How to open a checking account, which bank to choose |
| Savings accounts | Tagesgeld and Festgeld — where to put your savings |
| SCHUFA | Credit history — the new 2026 scoring system |
| BNPL | When "buy now, pay later" becomes a debt trap |
| Overdraft (Dispo) | Why Dispo is the most expensive credit |
| Bank comparison | Traditional vs online banks |
Key Numbers
- 70% of Germans don't know their overdraft interest rate
- 10.76% average overdraft rate (up to 17% at some banks)
- 45% of young people use BNPL
- 50% of debt counseling cases among young people involve BNPL
Where to Start
- Check your Schufa — Free once a year at meineschufa.de
- Find your overdraft rate — Do you know what your bank charges?
- Rethink BNPL — Is "pay later" really a good idea?