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Bank Comparison

In Germany there are two types of banks: traditional banks with branches (usually €4–15 a month for a Girokonto, 2026) and online banks (€0, often only with a minimum monthly deposit). Selection criteria: cost, language support, cash access, account opening speed. In 2026 Stiftung Warentest checked more than 750 accounts: only 12 are free for everyone without conditions [2].

Why This Matters for Immigrants​

A bank is your entry point into the financial system. For an immigrant without a long history in Germany, selection criteria differ from those of locals:

  • Language support — when your card is blocked or there's a disputed transaction, it's critical to communicate in a language you understand
  • Opening speed — online banks open accounts in the app with online identification; traditional banks often require a branch visit
  • Document requirements — not all banks accept recent Anmeldung (residence registration) without a lengthy credit history; your right to a Basiskonto (basic account) does not depend on it — see the FAQ

Traditional Banks​

Sparkasse​

  • Largest network in Germany: about 340 regional institutions, more than 20,000 ATMs (2025) [1]
  • Regional affiliation — Sparkasse München and Sparkasse Berlin are different banks
  • Each Sparkasse sets its own prices: online plans about €4–8 a month, plans with branch service about €6–15 (2026) [3]
  • In-branch service, can deposit cash

Volksbank / Raiffeisenbank​

  • Cooperative banks (Genossenschaftsbank) — customers become co-owners
  • Wide network of branches, especially in smaller cities
  • Prices, as with Sparkasse, are set by each bank

Deutsche Bank, Commerzbank​

  • Germany's largest commercial banks
  • Branches primarily in major cities
  • Fees depend on service package — from €4.90 (Commerzbank Klassik) to €13.90 (Deutsche Bank BestKonto) a month (2026) [4]

Online Banks​

DKB​

  • Girokonto €0 with monthly deposits of €700+ or under 28, otherwise €4.50 a month (2026) [5]
  • Free cash withdrawal in the eurozone; outside it without bank fees only with Aktivkunde status (deposits of €700+)
  • Tagesgeld (savings account) with variable rate
  • Support in German

ING​

  • Girokonto €0 with monthly deposits of €1,000+ or under 28, otherwise €4.90 a month (2026) [6]
  • In June 2026 ING announced new account models from mid-2027; the conditions for a free account in Germany have not been published yet [7]
  • Free withdrawal from €50 in Germany and the eurozone (Visa)
  • Support in German

N26​

  • Fully mobile bank without branches
  • Account opening via the app
  • Standard plan €0 with 2 free cash withdrawals a month, paid plans €4.90–16.90 a month (2026) [8]
  • Support in English, German, French, Spanish, Italian

Trade Republic​

  • Broker with banking account (Girokonto) functionality
  • Interest on balance — 2.50% a year with no upper limit on the amount [9]; the rate is variable and since 16 September 2026 equals the ECB deposit rate [10]
  • German IBAN for transfers and Lastschrift (direct debit)
  • Support in German and English

Comparison Table​

BankCost (2026)BranchesSupport LanguageCash Withdrawal
Sparkasse€4–15/monthYes (20,000+ ATMs)DEFree in Sparkasse network
DKB€0–4.50*NoDEFree in eurozone (Visa)
ING€0–4.90**NoDEFree from €50 (Visa)
N26€0 (Standard)NoEN, DE, FR, ES, IT2 free a month (Standard)
Trade Republic€0NoDE, ENFree from €100, €1 below

*€0 with monthly deposits of €700+ or under 28 (DKB)

**€0 with monthly deposits of €1,000+ or under 28 (ING)

Selection Criteria​

Your PriorityWhat to Look ForTypical Options
In-person service at branchNetwork of physical locationsSparkasse, Volksbank
Minimum cost€0 with or without conditionsDKB, ING, N26, Trade Republic
English supportLanguage of interface and supportN26, Trade Republic
Working with cashATM network, deposit capabilitySparkasse (deposits), DKB, ING (withdrawals)
Fast openingOnline identification in the appN26, Trade Republic
Interest on balanceRate on Girokonto or TagesgeldTrade Republic (2.50% since 16 September 2026), DKB Tagesgeld
Two-Way Door

Choosing a bank is a reversible decision. You can change banks anytime, though it takes time to update Lastschrift (direct debits). The fee difference is €0–15 a month; without a Girokonto your salary can't arrive and rent can't be debited.

FAQ​

This is not legal or financial advice.

A bank refuses an account without a Schufa record or with a recent Anmeldung. What now?​

Anyone legally resident in the EU has a right to a Basiskonto (basic account) under § 31 ZKG (Payment Accounts Act), including people without a fixed address and asylum seekers [11]. A bank that offers accounts to consumers must open one or refuse in writing with the reason no later than 10 business days after a complete application. A poor or missing credit history is not among the legal grounds for refusal; a bank may refuse, for example, if you already have an account at a German bank that you can use (§ 35 ZKG). If the bank refuses or stalls, you can ask BaFin (the financial regulator) to open an administrative procedure.

Is money safe with an online bank or with Trade Republic?​

Deposits at a bank with an EU licence are protected up to €100,000 per person per bank; in Germany the compensation is paid within 7 business days (2026) [12]. DKB, ING and N26 hold German banking licences, so German deposit protection covers their deposits. Trade Republic keeps client cash in trust accounts at partner banks (their deposit protection of up to €100,000 applies there) and partly in money-market funds: that part is not covered by deposit protection but is held separately from the broker's assets as Sondervermögen (segregated assets) (2026) [14]. Securities in a depot are a separate matter: they remain the client's property and are not part of deposit protection.

Can an employer refuse to pay salary into an account with a foreign IBAN?​

No. The EU SEPA Regulation (No 260/2012, Art. 9) requires employers, landlords and authorities to accept an account with an IBAN from any EU or EEA country [13]. Refusing an account only because of the country code at the start of the IBAN breaches the regulation, even if an online form accepts only "DE". An account at a bank in another EU country works for salary too.

Sources​

  1. Deutscher Sparkassen- und Giroverband — Finanzbericht 2025 der Sparkassen-Finanzgruppe (about 340 Sparkassen, 20,000+ ATMs), 2026. https://finanzbericht.dsgv.de/
  2. Stiftung Warentest — Girokonten im Vergleich: Hier geht Bank noch kostenlos (750+ accounts, 12 free for everyone), 2026. https://www.test.de/Girokonto-im-Test-5069390-0/
  3. NeueBanken — Kontoführungsgebühren bei der Sparkasse 2026 (ranges by plan), 2026. https://www.neuebanken.de/kontofuehrungsgebuehren-sparen/
  4. Reisetopia — Die Deutsche Bank Kontoführungsgebühren im Überblick 2026; Lohnt sich das Commerzbank Girokonto? (AktivKonto €6.90, BestKonto €13.90; Klassik €4.90, Premium €12.90), 2026. https://reisetopia.de/girokonto/deutsche-bank-girokonto/kontofuehrungsgebuehren/, https://reisetopia.de/girokonto/commerzbank-girokonto/
  5. Handelsblatt — DKB Girokonto im Vergleich 2026 (€4.50, free from €700 or under 28), 2026. https://www.handelsblatt.com/vergleich/dkb-girokonto/
  6. Handelsblatt — Das ING Girokonto im Vergleich 2026 (€4.90, free from €1,000 or under 28), 2026. https://www.handelsblatt.com/vergleich/ing-girokonto-vergleich/
  7. Börse Online — ING: Girokonto nicht mehr lange kostenlos? (ING Go, More, Extra, Max from mid-2027), 2026. https://www.boerse-online.de/nachrichten/geldundvorsorge/ing-girokonto-nicht-mehr-lange-kostenlos-20406090.html
  8. N26 — Wie oft kann ich kostenlos Bargeld abheben? (Standard: 2 withdrawals a month), 2026. https://support.n26.com/de-de/zahlungen-ueberweisungen-und-abhebungen/abhebungen/wie-oft-kann-ich-kostenlos-bargeld-abheben
  9. Finanzen.net — Trade Republic erhöht Zinsen auf 2,5 % (from 16 September 2026, no amount cap), 2026. https://www.finanzen.net/nachricht/aktien/trade-republic-erhoeht-zinsen-auf-2-5-15937098
  10. European Central Bank — Monetary policy decisions, 10 September 2026 (deposit facility rate 2.50% from 16 September 2026), 2026. https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.mp260910~314e508016.en.html
  11. Zahlungskontengesetz (ZKG) § 31 — Anspruch auf Abschluss eines Basiskontovertrags; BaFin — Basiskonto, 2026. https://www.gesetze-im-internet.de/zkg/__31.html, https://www.bafin.de/DE/Verbraucher/Bank/Produkte/Basiskonto/basiskonto_node.html
  12. Einlagensicherungsgesetz (EinSiG) § 8 (€100,000 per depositor), § 14 (payout within 7 business days) — gesetze-im-internet.de, 2026. https://www.gesetze-im-internet.de/einsig/
  13. Regulation (EU) No 260/2012 (SEPA Regulation), Art. 9 — Reachability, EUR-Lex, 2012. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0260
  14. NeueBanken — Trade Republic Sicherheit: BaFin & Einlagen im Check 2026 (trust accounts at partner banks, part in money-market funds as Sondervermögen); zendepot — Trade Republic Einlagensicherung, 2026. https://www.neuebanken.de/trade-republic-sicherheit/, https://zendepot.de/depot/trade-republic-einlagensicherung