Generally, international students come to Germany with blocked accounts (sperrkonto). Most of the blocked accounts are used only to get a visa but do not provide additional services, e.g., debit cards, online payments, etc. So, international students always search for another bank account to get money from blocked accounts, access additional services like online payments or credit cards, etc.
Because of only a few large banks present in Germany, students have only a few options to open student accounts. Most of the banks in Germany exist regionally and on a microscale. Only a few banks have their network across the country, e.g., Deutsche Bank, Commerzbank, Post bank, and Sparkasse.
Types of banks in Germany:
There are four types of banks in Germany:
- Public savings banks
- A public savings bank is the Sparkasse.
- Private commercial banks
- Private banks are Deutsche Bank, Postbank, Commerzbank, Dresdner Bank, and Unicredit Bank AG (HypoVereinsbank). These four banks are the largest in Germany and called cash groups.
- Cooperative banks
- Cooperative banks are Volksbanks and Raiffeisenbanks, Sparda-Bank, and PSD Bank.
- Virtual Banks (Direct banks)
- Direct banks are bunq, N26, ComDirect, and DKB. These types of banks only exist virtually and offer only online banking without physical branches and ATMs. Direct banks also offer student accounts, but their bank cards can only be used on selected ATMs.
Private banks are located mostly in big and small cities, whereas cooperative and public savings banks are almost everywhere. For example, Sparkasse is present in the whole of Germany, even in remote villages.
Top-4 bank accounts for students offered by the public and private banks:
Top-4 most popular bank accounts for students and trainees in Germany are ‘startkonto‘ offered by Commerzbank, ‘das jungeskonto’ provided by Deutsche Bank, ‘giro plus‘ offered by Post bank, and ‘schülerkonto’ offered by Sparkasse.
Comparison of bank accounts for students
Here is the comparison of student bank accounts offered by public and private German banks.
Commerz Bank | Deutsche Bank | Post Bank | Sparkasse | |
Account Name | Startkonto | Das Junges Konto | Giro Plus | Schülerkonto |
Charges (Opening/Monthly/Annually) | Zero | Zero | Zero | Zero |
Free Debit Card | Yes | Yes | Yes | Yes |
Cash Withdrawal | Free (Free withdrawal also on cash group ATMs)* | Free (Free withdrawal also on cash group ATMs)* | Free (Free withdrawal also on cash group ATMs)* | Free only on Sparkasse ATMs. Charges on all other ATMs. |
Credit Card | Free Visa Credit Card if you receive 500 euros each month in this account. | No | No | No |
ATM’s Availability | Branches all across Germany. Free withdrawal also on cash group ATMs. | Branches all across Germany. Free withdrawal also on cash group ATMs. | Branches all across Germany. Free withdrawal also on cash group ATMs. | 25,000 Sparkasse ATMs across Germany. |
Services in English | ATM/Website | Website/Customer Service/ATM/App | ATM | ATM |
Blocked Account Facility | Yes** | Yes | Yes** | Yes** |
Mobile App | In English | In English | In German | In English |
*Cash Group is a union of the four largest German private banks and their subsidiaries. **After arrival in Germany.
Top-4 student accounts offered by direct banks:
Popular bank accounts for students offered by direct banks are ‘girokonto student’ by ING, ‘girokonto‘ by Comdirect, ‘girokonto’ by N26, and ‘DKB cash‘ by DKB.
Comparison of bank accounts for students:
Here is the comparison of the best four student accounts offered by direct banks.
ING | Comdirect | N26 | DKB | |
Account Name | Girokonto Student | Girokonto | Girokonto | DKB Cash |
Charges (Opening/Monthly/Annually) | Zero | Zero | Zero | Zero |
Free Debit Card | Visa | Visa | Free Master Card | Visa |
Cash Withdrawal | Free cash withdrawal on all vending machines with VISA mark | Free on 9,000 ec-Maestro-Karte ATMs plus CashGroup and Shell Gas Station ATMs | Free withdrawal on ATMs with Mastercard signs | Free withdrawal on ATMs with Visa signs |
Credit Card | Free credit card (VISA) | Free credit card | Master Card | Free Visa credit card |
ATM’s Availability | In Eurozone 90% of all machines with Visa mark | 9,000 ec-Maestro-Karte ATMs plus CashGroup and Shell Gas Station ATMs | Withdrawal only on ATMs with Mastercard signs | Free withdrawal on ATMs with Visa signs |
Branches | As a direct bank few branches | No | No | No |
How to open a German bank account?
You need the following documents to open a student account in any German bank:
- City registration
- Valid visa/Residence permit
- Passport
- Admission letter/student card
Visit a public or private bank personally to open a student account. Apply online to open a student account in a direct bank.
FAQ about bank accounts for students in Germany:
A normal bank exists actually with branches and a Direct bank exists only online.
In Germany, the current account is called GiroKonto.
Deutsche Bank (DB) is the biggest bank in Germany.
Cash Group is a coalition of the four biggest German private banks and their subsidiaries.
Germany has more than 1,800 banks but only a few banks offer student accounts.
A TAN (transaction authentication number) is used for online-banking as a one-time password to approve financial transactions. The TAN functions as a second layer of security for online transactions. Nowadays photo TANs are necessary to use for online banking in Germany.
The SEPA (Single Euro Payments Area) allows European customers to make cashless euro payments to any account located anywhere in Europe. Customers just need IBAN to receive and transfer money with SEPA.
‘Gebuhrenfrei Mastercard Gold’ is very popular with international students in Germany.