Girokonto (Checking account)
Most of the German bank accounts (Girokonto) are also called current account or checking account. This expression is maybe the first word a potential customer might ask when he/she will contact the bank in Germany.
Girokonto is basically an account. Purpose of Girokonto is to make payments and receive income. People can use bank account to transfer funds to other accounts. Or withdraw, cash in money, paying standing bills. For example paying the phone bill, pay for the monthly rent, redraw money from ATM etc.
The fees for using this Girokonto, are usually free. Or maybe up to a few euros per month. It depends on the selected German bank you wish to work with.
In addition, most banks offer a free credit card for their German citizen account holders. These people passed the checking their credit score and history.
As for opening a bank account in Germany for non residents, we extremely suggest to ask FIRST for “EC card” which can be used for the services at bank machines (ATM).
The main reason is, that the bank may deny your request for opening a bank account in Germany. If the bank will need to request a credit card. We do advise that only after your German bank account will be active for 6 months. You will request a credit card. Your bank will need to check your credit score and history. If all will be fine with your German account, most probably, bank will approve your request.
Compare Girokonto (Checking account) In Germany
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Tagesgeldkonto (Call money account)
In addition to a Girokonto, the banks offer also Tagesgeldkonto (current account).
The main different between those two is that in Tagesgeldkonto, its not possible to use it for bank transfers. Or standing payments, income. Also its not possible to overdraw the account. There for, redraw money from Tagesgeldkonto account from any ATM, is simply not possible!
However, the Tagesgeldkonto owner, may get access to the money at any time and receives interest. A Tagesgeldkonto is usually free of charge and the owner receives better interest rates compared with a Girokonto account. Many people prefer the Tagesgeldkonto as an option to save extra cash at a different account. Most German banks will request a Tagesgeldkonto account holder to declare a current account.
Sparbuch (Account book)
One of the most Traditional account in Germany is the Sparbuch, which provides the customer the option to save money in Germany. Most of the times, Branch banks will offer this service. Like a Tagesgeldkonto, it is not possible to overdraw the Sparbuch, use it for bank transfers, direct debits, standing orders or withdrawal at ATMs.
Depotkonto (Custody account)
If acustomer main target is to invest in Germany by purchasing securities, stocks or bonds. Customer may need this account – Aktiendepot (or Depot or Aktiendepot).
By holding Depotkontoaccount, the customer may manage the sales and purchasesfor those activities. Having a custody account in Germany, can be beneficial. Transaction fees may be lower than in your home country. Despite the customer may pay a yearly fee for this account, most of the direct banks in Germany, do offer the account free of charge.
Customer will may need to be complete trade actions, personally.