Almost everyone has it: a checking account. This is where the salary comes in and transfers are made. But that is usually not cheap. Because you have to pay account management fees. These are your alternatives.
There are things that are just annoying. This also includes the flat-rate fees that your bank charges you for the current account – the so-called Account management fees.
Why do the banks charge these fees? The financial institutions are currently earning significantly less money because of the low interest rates, for example when they grant a loan. They’ll get the money back from you.
But that need not be. There are also accounts that are significantly cheaper. We will show you which these are and which cost traps you should pay attention to.
What are the account management fees?
You can not say this in global. But all too often they are too high. Many branch banks charge for their checking accounts between five and ten euros per month. And not infrequently, they even increase the fees over time.
You can find out exactly how much your account costs in the small print, which most banks hide well on their homepage. Alternatively, you can check the amount of the account fees on your account statement, because the costs will be deducted from your account balance – usually quarterly.
An account is usually only free if you pay in a certain amount per month, for example when you use the account for your wage transfers. Sometimes, however, regular incoming payments of more than 1,000 euros are necessary. Schoolchildren or students usually don’t have to pay anything for their checking account either.
Good to know: Yours too Girocard, i.e. the EC cardthat you get from your bank can cost money. Usually these are free of charge.
Is a free checking account really free?
As a rule: no. Even if there are no account management fees, you often have to pay for other bank services, such as a credit card.
These costs are sometimes only listed in the list of prices and services that you have to download or inquire about. So you can quickly get into a Cost trap tapping.
These are the most common costs for checking accounts in addition to the account management fees:
- Overdraft interest: If you overdraw your current account, you face hefty fees, the so-called overdraft interest. Often that is more than ten percent of the sum with which they slide into the red. If you also exceed the agreed overdraft facility, it becomes even more expensive. Because then you have to pay the so-called overdraft – the interest for this is usually above the overdraft interest
- Withdrawing cash from other banks: If you just need cash, but there is no machine at your bank nearby, you can also withdraw money from other machines. But that is usually expensive. Here you have to pay a few euros per withdrawal.
- cash deposit: If you want to deposit money into your own account, you have to pay for it at some banks. With many banks, several deposits per month are free of charge. In contrast, paying in cash to someone else’s account is often expensive. Note: Some banks also pay for cash payments.
Banks are not allowed to charge these costs
But there are also some services provided by your bank that must be free of charge. These include the following:
- Blocking of the giro card
- Termination of the account
- Compulsory sending of account statements (if you do not print out or access any account statements for more than 30 days)
- Account information
- Replacement of the credit card (if your bank caused the loss)
Can I deduct the fees from my tax?
Yes. You can get a flat rate of 16 euros as a Advertising expenses Specify and deduct in the tax return.
However, if you pay more, it may be a good idea to state the individual costs instead of the flat rate. Then you can possibly reduce your taxable income by more than 16 euros. However, this only applies to the costs of an account that is related to your job – i.e. the current account to which you receive your salary, for example.
How do I save the account management fees?
There is an easy way to save on account management fees: switch to a current account called a Direct bank on the Internet. This is useful if you can do without the services of your bank advisor anyway. What to consider when canceling your account read here.
Direct banks have no branches. This saves the banks enormous costs, for example for staff, but also for renting or owning real estate for the branches. For this reason, direct banks can often afford not to charge any account management fees.
In addition, direct banks usually also offer higher interest rates – as well as the option of a slight one Securities account to open and in stocks or funds to invest. The most popular direct banks with a cheap (or free) current account include, for example, DKB, Comdirect, ING, Norisbank, Consorsbank or N26.
To get a good checking account, you should definitely compare several providers. Use comparison portals on the Internet for this. But watch out for possible hidden costs for the current accounts offered (see above).
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