N26 vs commerzBank vs sparkasse vs other| Current Bank Account | Before and After Arrival| Episode 9

Summary

In this video, the presenter provides an overview of the top five student current accounts available in Germany, highlighting their pros and cons. The focus is on N26, Monese, Commerce Bank, ING, and Sparkasse, with detailed comparisons on their services, customer support, and account opening processes. The video discusses the benefits of each bank, such as free account services and sign-up bonuses, and addresses limitations like the need for a residence permit or language barriers. The presenter recommends Commerce Bank for its ease of access and variety of services, while cautioning against other alternatives due to lengthy processes.

Takeaways

• 😀 Germany offers a variety of bank accounts for students, with five major banks being the most popular choices.
• 😀 N26 is a top choice due to its English support and ease of use, but requires a residence permit to open an account.
• 😀 Commerce Bank is recommended for students, offering both online and in-branch services, with a 50 EUR sign-up bonus and 100 EUR referral bonus.
• 😀 Sparkasse is a good option but is often less favored than Commerce Bank, based on student reviews.
• 😀 Monese provides online services and is a convenient option for students, accessible through the expat portal.
• 😀 ING and Monese are fully online banks, meaning they lack physical branches but still offer competitive services.
• 😀 Commerce Bank and Sparkasse both offer physical branches, giving them an edge for students who prefer in-person services.
• 😀 N26 charges for a physical or credit card, while a virtual debit card is free in their standard plan.
• 😀 To get a free account with Commerce Bank or ING, you need to earn at least 700 EUR monthly and be under 28 years old.
• 😀 Giro cards, provided by most German banks, can be used at retailers but not for online shopping, unlike credit cards.
• 😀 Account verification in Germany can be done online through a video call or in-person at a branch or post office.

Q & A

What are the top 5 banks in Germany for students to choose for a current account?

The top 5 banks for students in Germany are N26, Monese, Commerce Bank, ING, and Sparkasse. These banks are popular choices due to their services tailored for students, including free bank account options.

Why is N26 considered one of the best banks for students?

N26 is considered one of the best banks because it offers English support and provides a fully online banking experience. However, students need a residence permit, not just a visa, to open an account with N26.

What is the main limitation of opening an N26 account as a student?

The main limitation is that you need to have a student residence permit, not just a visa, to open an N26 account. This means you cannot open the account immediately upon arriving in Germany, but you can do so after receiving your residence permit.

What makes Commerce Bank a good choice for students?

Commerce Bank is a good choice because it offers both online and branch banking services, which makes it more accessible. It also has a reputation for good customer service and offers a 50 Euro sign-up bonus and additional referral bonuses.

How can students earn money by referring others to Commerce Bank?

Students can earn 100 Euros by referring a friend to Commerce Bank. If the friend opens an account using the student's referral code, the student will receive the bonus.

What is the advantage of choosing Commerce Bank over other online-only banks?

Commerce Bank offers the benefit of having physical branches, unlike online-only banks like N26, Monese, and ING. This allows students to visit a branch for assistance or to resolve issues in person.

What are the verification options for opening an account with Commerce Bank?

For Commerce Bank, students can choose between two verification options: visiting a branch in person or going to the post office for verification. This is in contrast to other banks that primarily offer online verification via video calls.

Is there a minimum income requirement for free accounts at Commerce Bank and ING?

Yes, both Commerce Bank and ING require a monthly income of at least 700 Euros to maintain a free account. Additionally, customers must be under 28 years old to qualify for a free account at these banks.

What is the difference between a Giro card and a credit card in Germany?

In Germany, a Giro card is essentially an ATM card that can be used for in-person transactions, like at grocery stores. However, it cannot be used for online purchases. A credit card, or a Master Debit card, is required for online shopping.

Are there any fees associated with a debit or credit card from Commerce Bank?

Commerce Bank offers a credit card or a Master Debit card, but these cards come with charges. The debit card is not free, unlike the Giro card which is provided for free.