How much can the checking account cost? Stiftung Warentest compared hundreds of account models and found huge differences in fees. Twelve accounts are still completely free.
When it comes to interest rates, the major turnaround is in full swing. Since the ECB’s key interest rate increase, most banks have abolished negative interest on savings – there are even savings interest on overnight and fixed-term deposits again. When it comes to account fees, on the other hand, things are not looking so good for bank customers: Because there are very few free current accounts, reports Stiftung Warentest.
The “Finanztest” experts compared 432 account models from 165 banks and savings banks. Only twelve of them were free without conditions, eleven of which were national offers. Online banking, a Girocard and withdrawing money from our own network of machines were free of charge here. There is still a free current account at the direct bank DKB, the PSD Bank Nürnberg or the Sparda-Bank Hessen (for a complete account comparison)
More than 60 euros is too expensive
In the most expensive case, however, the account management cost the “Finanztest” model customers a whopping 360 euros a year. The range shows: Even if you don’t want to go to one of the few completely free providers, you can save a lot of money by switching. “Finanztest” considers annual account costs of up to 60 euros to be acceptable. The testers found 79 account offers below this limit. Last year there were 91.
In any case, consumers should not only consider the basic price of the account in their bill, but also any other fees that may be incurred. This applies, for example, to the question of which bank cards you want to use. The Girocard (formerly EC card) is free of charge or very cheap at many banks. If you also want to have a credit card, you often have to pay an additional 30 or 40 euros a year. Even those who do not do their banking online only have to pay more in case of doubt: paper transfers or telephone services usually cost extra.
According to the “Finanztest”, anyone who is annoyed by excessive fees has various ways to save: Consumers can consider whether they need expensive extra services at all and possibly simply change their behavior. You can also find out whether your own bank offers an account model that is cheaper for you. If this is not the case, there is always an option to switch to another bank.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
