Best Bank Account for Students in Germany – 2023

Having a bank account is undeniably crucial, regardless of one's location. However, it holds even greater significance for international students studying in Germany. Managing finances effectively becomes an essential aspect of their stay in a foreign country, and a bank account is at the core of this financial stability. Moreover, it is imperative to note that a bank account is not merely a convenience but a mandatory requirement for various aspects of life as an international student in Germany. From receiving stipends and scholarships to paying rent and bills, a bank account is the linchpin that facilitates these necessary transactions and ensures a smooth and organized financial journey during their time in Germany.

• To rent an apartment
• Buy SIM Cards
• Internet subscriptions
• And to get salary for your job

The banking system in Germany differs significantly from that in Sri Lanka and many non-EU countries, which can be confusing and intimidating for international students. When I arrived from Sri Lanka, it took me some time to grasp how things worked here.

To alleviate any potential confusion, this article aims to provide a concise overview of the most suitable bank account options for students in Germany. It will commence by elucidating the intricacies of the German banking system and the essential factors one should bear in mind before embarking on the journey of opening a bank account in this country. Following that, it will furnish a comprehensive list of the top choices available, ensuring that students can make an informed decision when selecting their preferred bank account.

Choosing the Ideal Bank Account for Students in Germany – Key Considerations

Understanding that the German banking system may diverge significantly from what you're accustomed to is a vital first step. To navigate this unfamiliar terrain, let's acquaint ourselves with the key facets of the banking system in Germany. In essence, this entails a comprehensive evaluation of the following factors when selecting your preferred bank account:

Account Types : 

Germany offers a variety of account types, each with its own set of features and fees. You should weigh the advantages and disadvantages of options like current accounts (Girokonto), savings accounts (Sparkonto), or student accounts (Studentenkonto) to determine which aligns best with your financial needs.

Fees and Charges :

Be vigilant about the fees associated with your chosen bank account. German banks often charge monthly maintenance fees, withdrawal fees at ATMs, and transaction fees for international transfers. It's imperative to select an account with fees that match your usage patterns and budget.

ATM Accessibility :

Consider the bank's ATM network and accessibility. Opt for a bank with a widespread ATM network to avoid excessive withdrawal fees when accessing your funds.

Online and Mobile Banking :

In today's digital age, convenient online and mobile banking services are paramount. Ensure your chosen bank provides user-friendly digital platforms for easy account management.

Customer Support :

Assess the quality of customer support services offered by the bank. Efficient customer support can be invaluable, especially when dealing with any unforeseen issues or queries.

Language Support :

For international students, having English-speaking staff and English-language banking services can significantly ease the banking process and communication.

By meticulously evaluating these factors, you can make an informed decision and choose the bank account that best suits your unique requirements while studying in Germany.

Essential Requirements for Opening a Bank Account in Germany

In general, there are two main requirements for opening a bank account in Germany. These requirements tend to be the same across all banks.

1. A German Residential Address
2. Your Personal Identity Proof

Exceptions : A few bank accounts could reject foreign applicants, as their requirements could include ‘having financial history in Germany’. Also for the citizens of USA who apply to open a bank account, requirements could be additional as a result of the FATCA.

Best Bank Accounts for Students in Germany

1. Commerzbank

The first and foremost option we take a look at is Commerzbank. I put this in first place because no other bank in Germany offers such good services at FREE of cost for students.

Commerzbank Aktiengesellschaft is indeed a prominent player in the German banking landscape, with a significant presence in both domestic and international finance. The bank's headquarters are located in Frankfurt am Main, and it operates on a global scale. Notably, as of 2019, Commerzbank held the distinction of being the second largest bank in Germany, based on the value of its balance sheet, underscoring its substantial influence in the country's financial sector.

Commerzbank offers a wide array of services for you to choose from.

• Free Current Account (Kostenloses Girokonto) – free
• Free Current Account Student Version (Startkonto)- free
• Classic Account (Klassik Konto) – 4.90€ per month
• Premium Account (Premium Konto) – 12.90€ per month

Advantages of opening a Commerzbank Account:

• FREE of cost Current Account

• Zero ATM Withdrawal fees

• No foreign currency transaction fees

• Ease of Accessibility (1200+ branches)

• Excellent Customer Support in English & German

• Mobile App & Online Banking features Simple process to open your bank account.

In conclusion, Commerzbank emerges as a compelling choice for banking needs. Its standout attributes primarily revolve around exceptional customer service and the convenience of accessing the bank's array of services, making it an appealing option for individuals seeking a seamless and customer-centric banking experience.

The sole notable drawback to consider with Commerzbank is its minimum incoming deposit requirement of 700€ per month. However, it's worth noting that for students who receive regular monthly payments into their blocked accounts, this requirement may prove to be inconsequential, as it aligns with their financial circumstances and is unlikely to pose a significant hurdle.

                      CLICK HERE TO OPEN YOUR COMMERZBANK ACCOUNT NOW

2. N26

This is definitely one of my favorite banks in Germany! There are several reasons why, let us get into it one by one.

N26 is indeed a notable German neobank, with its headquarters situated in Berlin. Its operations extend across several member states of the Single Euro Payments Area (SEPA) and have also expanded to the United States, demonstrating its international reach and influence in the fintech sector.

Let’s examine the attributes of N26 Bank:

• FREE Savings Account – You can open a bank account with N26 without any account management fees. Accordingly, this is a main criteria for choosing the best bank for students.
• FREE Cash Withdrawals – Customers can withdraw cash for free at more than 55,000 ATMs
• ZERO Currency Conversion fee – With N26 bank you won’t have to pay any surcharge for payments made in a foreign currency.
• Customer Support in English – N26 is the only German bank that operates 100% in English. On the other hand, most German banks don’t even have an English website. If you don’t speak German, N26 is one of the best options.
• FREE International Transactions – If you are an international student,

As far as FREE bank accounts go, this is as good as you get. On the whole, I believe that N26 and Commerzbank are the two best options available for students.

                          CLICK HERE TO OPEN YOUR N26 BANK ACCOUNT NOW

3. Comdirect

Comdirect Bank AG holds the distinction of being the third-largest German direct bank and serves as an internet subsidiary of Commerzbank. Established in 1994 under the Commerzbank umbrella, the company underwent a significant development when it went public in the year 2000. However, it's important to note that Commerzbank integrated Comdirect Bank AG into its operations on November 1, 2020, marking a pivotal moment in its corporate history.

Comdirect's online-only banking model is particularly advantageous for expats in Germany. As an expatriate, having a bank that operates entirely online can simplify and streamline your banking experience, offering the convenience of managing your finances from anywhere with internet access. This flexibility is especially valuable for expats who may need to navigate financial matters across borders and time zones, making Comdirect a practical choice for their banking needs in Germany.

The following are some benefits of opening a bank account with Comdirect:

• Zero Account administration costs – There are no account management fees required to create a Comdirect bank account.
• Free Securities Depot Account (Depotkonto) – If you’re interested in investing in shares, ETFs, or other securities transactions, you may apply for a free securities deposit account.
• No-cost Visa Card for Life global free cash withdrawals
• Deposits in Cash Made Without Fees. 

For students looking to register accounts in Germany, Comdirect appears to be a fantastic choice. Customer assistance, however, is only offered in German, which is a notable drawback..

        CLICK HERE TO OPEN YOUR COMDIRECT BANK ACCOUNT NOW

4. Deutsche Bank

Deutsche Bank's "Das Junge Konto" is a specialized banking service tailored to students, reflecting its commitment to catering to the unique financial needs of this demographic. As one of the preeminent and widely recognized banks in Germany, Deutsche Bank boasts a vast customer base, with over 27 million customers globally. Its extensive network includes approximately 2,500 branches worldwide, encompassing 1,680 branches within Germany, further solidifying its position as a prominent and accessible banking institution in the country.

Consider some of the benefits of opening an account with Deutsche Bank are:

• Student Savings Account with No Fees
• Accessibility – Internet Banking & many Branches around Germany with complete customer support in English
• Free withdrawals of money (at CashGroup ATMs)

Open an account at Deutsche Bank, but be aware of one significant drawback. Only students can use it for free. When you graduate from college, the cheapest bank account plan will cost you about 6 euros a month.

   CLICK HERE TO OPEN YOUR DEUTSCHE BANK ACCOUNT NOW

5. Wise Borderless Account

International students who want to make payments while they relocate overseas should use the Wise (previously Transferwise) Borderless Account. You receive a free Euro Bank account with an IBAN when you open a Wise Borderless account.

• FREE International and Domestic money transfers
• Registration can be completely online, without a residential address in Germany
• Once you get a German residential address, you will receive a Mastercard Debit Card
• FREE Cash Withdrawals upto 200€

In summary, Deutsche Bank's "Das Junge Konto" emerges as a fantastic option, especially for newcomers to Germany. The convenience of being able to open this account without requiring a permanent home address in Germany can be a significant advantage for those who have recently arrived in the country, making it a welcoming and accessible choice for students and expats alike.

CLICK HERE TO OPEN YOUR WISE BORDERLESS ACCOUNT NOW

6. DKB (Deutsche Kreditbank AG)

Deutsche Kreditbank (DKB) holds the distinction of being the second-largest direct bank in Germany, boasting an impressive customer base of 4.5 million individuals. As a fully owned subsidiary of Bayerische Landesbank, DKB offers a notable feature by providing a free bank account service accessible to all, regardless of their status as a student in Germany. This inclusive approach underscores DKB's commitment to offering accessible and cost-effective banking solutions to a wide range of customers within the country.

Let’s examine the DKB Bank Account’s characteristics:

• Free bank account for working adults and students.
• Account administration is free.
• Get a free visa credit card.
• Cash withdrawals are free.
• Positive interest on the balance of a credit card.

While DKB Bank account offers numerous advantages, it's important to be aware of a notable drawback. When applying for this account, your Schufa credit score will be assessed. This can be a potential hurdle for international students who are newcomers to Germany, as there is a significant likelihood that their application may be declined based on their limited credit history within the country. It's crucial to consider this aspect when deciding if DKB is the right choice for your banking needs as an international student in Germany.

CLICK HERE TO OPEN YOUR DKB ACCOUNT

7. Vivid Money

N26 revolutionised the banking system in Germany with its 100% digital banking services. Likewise, Vivid Money is also growing to be one of the top ‘Neobanks’ in Germany.

Vivid Money offers two primary bank account services – Vivid Standard & Vivid Prime

The Vivid Standard Bank Account is completely free of cost, in the same way as N26.

Let us take a look at the features of the Standard bank account specifically:

FREE to open and maintain

FREE metal Visa Debit Card

ZERO Foreign Currency transaction fee

24/7 personal support in English and German

However, the services of Vivid Money is not suitable for those who frequently use cash for transactions. There are free withdrawals upto 200€, after which there is a fee of 3% on withdrawals.

CLICK HERE TO OPEN YOUR VIVID MONEY BANK ACCOUNT

8. Monese

Compared to traditional German banks, Monese indeed stands out as a unique player in the financial landscape. It's important to note that Monese is not even a "German Bank" in the conventional sense. Instead, it is a British company that offers digital financial services, primarily catering to the Eurozone. Monese distinguishes itself by offering a range of flexible options for both free and paid account services, providing customers with adaptable choices to suit their individual banking preferences and needs.

As per our criteria, we explore the features of the FREE of cost account more.

• Starter Account for Monese with NO account maintenance costs.
• For the delivery of the Mastercard that is included with the Starter Account, there is a €4.95 Card charge that must be paid beforehand.
• Despite the fact that current accounts are free, domestic ATM withdrawals cost €1.50. Fees for foreign ATM withdrawals are 2%.
• A 2% currency conversion fee is additionally charged. If you are sending money to an international Monese account, there will be no fees.
• Monese’s customer service is subpar. You can use Monese as long as you have no issues and don’t require assistance.
• Additionally, you should be aware that Monese is not a bank on its own. Instead, it works through a partner bank named “Prepayment Solutions EU SA,” which is notorious for its long transfer times. It typically takes 2–3 days for transfers to reach your bank account.

Monese indeed presents an attractive alternative for individuals who need to open a bank account without a fixed address. It offers a convenient solution for this situation. However, it's important to note that while you can establish an account without an address, obtaining a debit card requires a physical address. Additionally, it's worth mentioning that, apart from the account maintenance cost, Monese's bank account is not entirely free, and users should be aware of potential fees associated with certain services or transactions.

CLICK HERE TO OPEN YOUR MONESE BANK ACCOUNT