Rising Bank Account Fees and Shortage of Free Accounts in Germany
It has been reported today that free bank accounts have become rare in Germany, with a study conducted by the magazine “Finanztest” revealing that customers are facing increased fees for banking accounts, transactions, and cash withdrawals.
While consumers can still benefit from significant interest rates on savings accounts, many accounts are costing customers more due to various banking service fees.
Bank accounts in Germany have become expensive and rare
“Stiftung Warentest,” which operates a free website for comparing bank accounts, evaluated the terms of salary and retirement accounts at 175 banking institutions until August 31st.
The results have been published in the current issue of “Finanztest” magazine, revealing a shortage of free bank accounts that are completely exempt from fees or considered “affordable” from experts’ perspective, with their annual fees not exceeding 60 euros.
The magazine stated that out of 460 account models reviewed, only nine account models are available for customers online without any conditions. In the previous year, 12 free accounts were found.
The magazine explained that despite banks offering low account management fees, they impose charges on debit cards or transfer transactions.
Furthermore, the magazine added that it’s difficult for many customers to get an overview of all these fees.
In conclusion, an expert from the magazine stated that there are no signs of the return of free bank accounts at the moment, and she expected another decrease in their numbers in the near future.
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