Current account comparison 2022: How to find the best account
Checking accounts are like smartphones: it's hard to imagine life without one. Fast transfers, flexible access and individual models distinguish the offers of many banks. But which checking account is the best?
Thanks to FinanceScout24, you can find the right current account in no time at all! We present different types of accounts and show you what is important when comparing current accounts. You are well prepared for opening and switching accounts with our tips.
The most important facts in brief
- Free checking account – Does it still exist??
With some banks it is still possible to open free current accounts without fees for account management. A close look at the details helps not to overlook possible hidden costs. - What costs do you have to pay attention to?
Costs can arise, for example, for transfers, cash withdrawals at ATMs, overdraft interest and for the provision of the Girocard. Below you will find a detailed overview for your personal current account comparison. - How you can benefit from a current account with a premium?
For new customers and for referrals, some banks have a lucrative bonus in store. How high this turns out, is different. To which conditions the current account bonus is tied, you can also learn from us.
What is a current account and who needs it??
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You can think of a checking account as a personal safe deposit box for your money transactions at a bank. With your checking account, you handle cashless payment transactions, receive payments and make transfers.
And sometimes quite quickly: As a rule, there are only about two working days between the transfer and the receipt of money in the current account. With accounts of the same bank, the money is often already on the same day with the recipient.
Advantages of a current account in brief
- Secure storage of money at a bank
- Online banking allows you to manage your money wherever you are
- Paying without cash with the Girocard
- International cashless payments with a credit card
- Access to cash via ATMs or special services
- Survive lean periods thanks to overdraft facility
By online comparison to the perfect current account: This is how it works
Enter monthly payment and credit card request
Depending on the amount of your monthly income, there are a number of different options available. Some banks offer special conditions only from a certain amount of incoming money. For the current account – comparison also important is the question of whether you want a combination of current account and credit card.
Compare providers
Before you get angry later about expensive account maintenance fees or too high overdraft interest, first weigh the offers of the banks against each other in the current account comparison. Our handy overview makes this step easier.
Account switching what to look out for?
If you want to change your current account, you should check the conditions in the bank comparison. Important questions to ask are: Can I save money by switching? Do I receive additional benefits (e.g.B. more ATMs in the vicinity)? If there are awards: Are these subject to conditions? Be sure to check that there are no hidden charges when you switch to your new checking account. This can happen, for example, if you have to pay for TAN-SMS. It is also important that the bank account change is free of charge. According to a ruling by the Thuringian Higher Regional Court (Az. 1 U 541/14) should not be associated with fees.
Fill out online application
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With both direct banks and branch banks, you have the option of applying online to open an account after comparing current accounts. Fill out the relevant online application, then print it out and sign it.
Of course, this can also be done analogously: To do this, you request the application for the current account from the bank and receive it by mail. The return shipment is made by mail.
Compile the required documents
Some banks require prospective customers to provide additional documentation to open an account. This usually involves a Schufa report, account statements and salary statements. It is best to send these documents directly to the bank with the completed application.
Postident procedure resp. Videoident procedure
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Open the best account for you after the current account comparison via the Internet, you must identify yourself. Modern alternatives to the branch visit are now available for this purpose: The Postident and Videoident procedures.
- For Post-Ident, you will need the coupon from the account opening application and your ID card or passport. This allows you to perform the Postident procedure in a post office branch.
- For Video-Ident you meet with a bank employee by video call via the camera of your PC or smartphone. You show him your valid ID and your identity is already confirmed for the current account.
Obtain account data
As soon as all the steps for opening an account have been completed, the bank will send you your account details. This is usually done by mail. For security reasons, you will receive the PIN numbers and the EC card separately. Depending on the bank, you will also receive a list for the TAN procedure as well as the credit card.
If it is a matter of changing the account, two further steps are necessary:
Inform payment partner
Be sure to inform all payment partners about the change in your bank details.
Payment partners are all those to whom you have regular debts, which are collected by direct debit from your current account. This applies, for example, to mobile phone providers or energy suppliers . If these partners do not know about your change of account, you may have to pay reminder fees.
Also inform your employer and parties who regularly transfer money to you. This is especially important if you use your current account as a salary account or business account.
It is best to run the old and the new current account in parallel for about two to three months.
Cancel old current account
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If all payment partners have been informed and the regular payments are reliably debited from the new current account, you can terminate the a lte current account
Account change after relocation may be advisable
If you have an account with a regional credit institution such as Volksbanken, Raiffeisenbanken or Sparkassen, it may be advisable to switch accounts when you move house. After all, various services such as printing out account statements and free deposits are often only available on a regional basis. It is best to check which services are available to you with your current account in your new place of residence before you move. It's also important to look at how credit cards are handled, as some banks don't allow cash withdrawals at ATMs with noninstitutional credit cards.
How to find the best checking account for you
It is annoying if the decision for a current account turns out to be not optimal in the end, too high fees for account management are incurred or additional conditions cause costs. You should therefore pay particular attention to these points when comparing current accounts:
What you should pay attention to when comparing current accounts?
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Your new checking account should suit you: Even the type of bank can be crucial. But also the possibility of withdrawing cash free of charge or being able to carry out banking transactions in good conscience may be important in the individual case.
In the following, you can find out which details are important when comparing current accounts.
Direct, neo and branch banking
When opening a current account, you can choose between direct, neo and branch banks. One of the most significant differences between direct and branch banks : At a direct bank you can do all banking transactions only online, at a branch bank with online banking both online and in the branch.
Direct banks usually have a contact form and hotline, while branch banks usually assign you a contact person.
In both cases the service quality is decisive. Check via comparison portals, test reports as well as customer opinions, which services the respective bank or savings bank offers and how well they are rated.
In addition, there are the so-called neobanks. Like direct banks, these do not have a branch network, but are often still somewhat less established. Also, the service portfolio of neobanks is usually particularly lean. More than current accounts there is sometimes not, whereby special services can serve as a balance and distinguishing feature.
Branch or direct bank?
Whether you should open an online account at a direct bank or rather a traditional checking account at a branch bank depends entirely on your personal habits and needs.
If you do everything online anyway and can easily do without a local personal contact, the current account at the direct bank is an attractive option. If you would rather be able to clarify matters in direct contact at the branch, the branch bank remains the better choice for your current account.
Cash or. Automatic network
A good ATM network allows you to withdraw free cash from your checking account without complicated planning. Therefore, when comparing current accounts, check to what extent the respective bank offers ATMs in your area.
Alternatively, the chosen bank may be a member of a banking association such as Cash Group and Cashpool
its. Then you can also withdraw cash free of charge from non-bank ATMs. Some institutions also allow fee-free withdrawals via credit card and from various retail vendors.
In addition, with your current account should also be the cash supply abroad smoothly and on favorable terms.
Credit card
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With some institutions, you also get a credit card in addition to the current account. Conditions and costs depend on the bank in question. When looking for a credit card, a credit card comparison is often a good idea in advance.
Girocard
You will receive a card from your bank after opening a current account. Some banks are now replacing it with what's called a debit card, which is similar to a credit card.
Overdraft interest
A checking account can come with an overdraft facility: This gives you the ability to overdraw your checking account each month within a certain limit. Know that you will make use of this, you should in any case look for a favorable provider and compare the overdraft interest rates.
Premiums and welcome bonuses
Many offers include a welcome bonus for new account holders. Usually these are credits or low overdraft interest rates. In almost all cases, however, certain criteria must be met in order to receive these gifts.
Moral claim / sustainability
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Not only are terms and fees important to you in a checking account, but also a bank's moral philosophy? Find out if the institution operates ethically. This also includes the question of whether banks invest in projects that do not fit your moral compass. Possibly friends or acquaintances can make personal recommendations for or against a current account at this point.
Which costs are relevant for the current account comparison?
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New customers are usually welcome at banks. That does not mean, however, that favorable banks must offer in principle a fee-free current account. In addition, there may be costs that you should already take a look at when comparing current accounts.
Annual fee (account management fee)
Numerous banks in the comparison offer you best current accounts without account maintenance fees, but sometimes this is subject to certain conditions.
For example, at some institutions, the fee is waived only if a minimum amount is deposited monthly in the current account or if there is a continuous credit balance. Check whether you can meet these conditions on a regular basis. With a current account that offers free account management without conditions, you save unnecessary costs in the long run.
Costs for credit card
It may be that a credit card matching the current account is not offered entirely free of charge. You should therefore clarify in advance how high the costs are and what the conditions are abroad.
Costs for Girocard (formerly: EC card)
Whether the Girocard is free of charge, a bank must indicate. Direct banks usually do not charge any fees, while some regional branch institutions require a certain contribution for the provision.
Fees for second/partner card
Both credit cards and Girocards in the form of a duplicate for the partner or as a replacement are often associated with fees.
Costs for transfers
Transfers from the current account cost money at some banks. It is worth taking a look at the terms and conditions here to avoid any unwanted charges. Bank customers are also charged for transfers in real time and in foreign currencies.
Costs for foreign currencies
Money transactions in foreign currencies, such as transfers or cash withdrawals, are usually associated with costs. This applies both to the use of the credit card and the Girocard.
Debit interest
Debit interest is charged by a bank as soon as you overdraw your current account within the limits of the overdraft facility granted to you by the bank. High costs can quickly arise here.
Negative interest
The low prime rate means that banks are now increasingly charging their customers so-called custody fees. From which limit this happens with a current account, differs sometimes significantly.
ATM fees
It is possible that additional fees will be charged when withdrawing cash from an ATM. This applies in particular if the bank itself does not cooperate with the ATM operator. The fees are usually not refundable.
Current account with bonus
In the current account comparison, you can sometimes find offers where customers receive various rewards as a thank you for opening the account. This seems attractive at first glance. As is so often the case, however, a closer look is advisable, because the award of bonuses may be subject to conditions. For example, the bank may
- a minimum number or sum for money receipts,
- for payments a minimum number
- or something for the cancellation of an account with another bank
require. Before signing the contract, it is worth checking whether the premium for the current account is granted in the individual case and without any disadvantages.
Recruit new customers: rewards for referrals
While many bonuses from banks apply to new customers, there are sometimes referral bonuses for existing customers. If you are satisfied with your bank and an acquaintance is currently doing a checking account comparison, you could benefit from your recommendation. After signing the contract, you will then receive a premium from the bank.
What types of checking accounts are available and how do they differ?
If you do a current account comparison, you will quickly discover that there are several different account models available. Here it is important to be able to distinguish between them, so that the selected bank account really fits your personal needs.
Credit account
The credit account does not require an overdraft facility and thus offers protection against overindebtedness. People who want to open a current account despite negative Schufa or otherwise encounter hurdles, are appropriately provided for with a credit account. Often, this type of account is therefore also called " current account without Schufa " or " current account despite Schufa ".
Checking account for children
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Best account for the start: Even for the youngest there is an account with which they can gain their first experience. Here parents can determine how much money can be withdrawn at most. An overdraft is not possible and it is a current account without salary receipt.
The account is also well suited for transferring regular savings contributions. It's often worth it because of the more attractive interest rate.
Current account for young people
A current account must offer more for young people than for children. As a safety net remains the waiver of an overdraft facility and usually there are still attractive interest rates on the balance. Many young people get access to Internet banking with their current account and have their own EC card. How to learn to manage personal finances in practice.
Current account for students
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Students usually have to be thorough with their monthly budget. Because account maintenance fees can strain available funds, student accounts are generally free, according to bank comparisons.
Special conditions for students
Free checking account without incoming salary, favorable overdraft interest rates, discounts for certain products or services, occasional cash back and more – the benefits of student accounts are often only available up to a certain age!
Current account for employees and pensioners
A favorable current account for pensioners and employees is characterized primarily by the fact that it offers a Girocard and an overdraft facility. Retirees also often get the chance to open a free checking account. However, this usually does not come with an interest rate on the credit balance.
Joint account for communities of heirs, married couples and business partners
In some cases it is worthwhile to take out a current account for several people. This is what the joint account is designed for. It is suitable for couples and business partners, for example, but also for shared flats and communities of heirs.
When accessing the checking partner account, there are two possible arrangements: With the And account, decisions can only be made jointly; with Or accounts, each individual is able to make money transactions without approval from the others.
Business current account
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A business account is tailored to the special needs of self-employed entrepreneurs. It can be used commercially, which is often associated with special conditions and sometimes higher account management fees.
What's practical about the business checking account is that it allows for the separation of personal and business payments. Against the background of possible audits by the tax office in the future, this is a relief.
Garnishment-free account
With the garnishment-free current account, your credit balance is protected up to about 1.100 euros protected monthly. Taking out this type of current account is only worthwhile if you have debts and garnishment is likely to occur.
To convert your current account into a so-called P-Konto, you must submit an application to the respective bank or savings bank. The following applies here: In the case of a seizure, the bank must have already completed the conversion four days after receipt of the application.
Frequently asked questions and answers about the current account
How safe is my money in a checking account??
The money in a current account is protected by the deposit guarantee of up to 100.000 € per bank within the EU covered by law. Online banking also has security mechanisms: for example, TAN procedures or smartphone apps with fingerprint sensors are available for transactions.
It should be noted that although receiving the TAN via SMS is popular, the chip TAN procedure or even the use of a specially set up app are more secure. Also find out if there are any additional fees for generating transaction numbers.
Security tips for your checking account:
- Check your bank statements several times a week for irregularities. So you can quickly report strange account movements on the current account.
- Always keep your EC card and checking account access data in a safe place. You should not keep the PIN for your card in your wallet.
- Have your current account blocked immediately if you lose your EC card. This is possible nationwide in almost all cases via the uniform hotline (116 116).
- Always check your transfers thoroughly for transposed numbers.
How much money should I keep in the checking account?
As a rule, it makes sense to keep only as much money in the checking account as is necessary for regular expenses. If necessary, it may also be worthwhile to have a certain buffer to absorb unforeseen expenses without incurring overdraft interest.
The current account is not suitable for investing money due to the low interest on credit balances. Here it is worthwhile to compare financial investments , through which current alternatives can be illuminated and the risk of possible penalty interest can be kept as low as possible.
Some institutions have offers available where the current account itself earns interest. The interest is paid out annually, quarterly or monthly. As a rule, however, more interest-bearing investments can be found with a daily deposit account comparison or time deposit comparison.
How quickly can I use my new account?
Once you have completed the online application and mailed it to the bank, it takes about one to two weeks before you receive your cards and numbers.
How to cancel a current account?
You can cancel your current account by mail or in the branch. In the case of online banks, a separate service is usually available for this purpose. Usually there is no deadline for the cancellation of the current account. You only need to provide your name, address and account details. Immediately after the cancellation of the account it is deleted from the Schufa.
Can my opening application be rejected?
Yes, this is possible. For example, if you have negative Schufa records. In this case, the credit account without overdraft facility is an alternative and also here a current account comparison helps.
Does the Schufa have any significance for my current account??
Yes, the Schufa gives information about your creditworthiness. If there are negative Schufa entries, it can happen that the financial institution rejects your opening application.
My current account has been blocked – What do I do now??
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Current accounts can be blocked by account seizures, private insolvency and on suspicion of manipulation by third parties. So, for example, if you type the PIN incorrectly three times or report your card lost.
To unblock the account, you go to local banks with your ID card. If you had your checking account blocked due to a lost debit card, you can reapply for it directly. For online checking accounts, unblocking is done with the help of customer service through a secure process.
What can I do if I have overdrawn my account?
Even though it is best to avoid overdraft, overdraft can occur with a checking account: For example, if the rent is posted a day early and the salary a day late.
To avoid high overdraft interest, balance the negative amount on your checking account as quickly as possible. If that's not possible, it's recommended that you convert your debt to an installment loan or use a line of credit or an overdraft facility. Both forms are usually accompanied by more favorable terms and conditions.
Checking account guide
Read here what is meant by a current account, and which target group specific accounts (current account for self-employed, students, children & Co) are available. Also: Checklist for comparison, how to use the overdraft facility correctly and tips for terminating your old current account.