Service that makes you feel let down: That’s how many Germans feel about their bank. But that need not be. We have put together a few tips that will make dealing with money less stressful.
1. What do I actually want?
There is no “best bank” for everyone. Although banks and savings banks generally offer everything related to private finance, they cannot and do not do everything equally well. Some institutions entice you with high interest rates on deposits or particularly cheap loans. Others focus more on service.
2. Would you rather go to a direct bank?
If you are only interested in simple financial transactions, the offer from direct banks may be sufficient. The oldest and largest is the private ING-Diba (2023: 9.4 million customers), number two is the DKB (5.4 million customers). Other large providers in this area are the Commerzbank subsidiary Comdirect and Consorsbank.
3. What do branch banks offer?
If you don’t want to rely solely on the Internet and telephony, you need a bank with a branch system. Most branches are maintained by savings banks as well as the Volks- und Raiffeisenbanken and Sparda-Banken (followed by other cooperative banks such as PSD, BBBank and GLS Bank). The large private banks (Deutsche Bank/Postbank, Commerzbank, Hypo-Vereinsbank, Santander, Targo and others) are mainly represented in large cities. Ratings and conditions of these chain stores vary significantly – even regionally.
4. Do I have to decide?
No, you don’t have to do everything at one bank; you can also handle different transactions at different institutions. Financial circumstances change over the course of life and with them the need for banking services. There are some arguments in favor of choosing a “house bank” that offers a branch for personal discussions. Otherwise, it is advisable to keep an eye out for good offers.
Source: Stern
