Germany is a country of people who don’t like changing their current account – at least when it comes to checking accounts. Around three out of ten Germans avoid changing their current account out of sheer convenience. This is shown by a representative survey commissioned by CHECK24.1
A total of 29 percent of respondents said that convenience is preventing them from changing their current account. For 17 percent, changing current accounts is too complicated and 12 percent of Germans are not persuaded to switch accounts even by lower account management fees at another bank.
The main reason why people do not change their account is satisfaction with their current checking account (51 percent).
“Many Germans do not change their checking account out of convenience and thus pay unnecessary fees”says Tim Koniarski, Managing Director of Cards and Accounts at CHECK24. “There are some free current accounts with no conditions in our comparison. Convenience shouldn’t stop people from changing accounts either: With CHECK24’s account switching service, the account can be moved easily and without complications and all direct debits are transferred automatically. Despite this, many Germans pay too much for their accounts.”
Expensive laziness: 76 percent of those who are reluctant to change pay account management fees
Among those surveyed who do not want to switch because of convenience, 76 percent pay monthly fees for their checking account. Over half of those even pay more than five euros in account management fees per month. Only 13 percent of those who do not want to switch pay no fees at all for their checking account.2
“Even a fee of five euros per month adds up to 60 euros in avoidable costs per year”says Tim Koniarski. “With free checking accounts, you save these monthly expenses. Consumers should not accept fees from their main bank. It is worth regularly comparing the terms and conditions of different banks and switching.”
More than half of those who are reluctant to change have had a current account for more than ten years
The majority of those who are reluctant to switch because it is more convenient have had their current checking account for more than ten years – 55 percent in total. 13 percent have never had another account. Many Germans are loyal to their checking account and bank and often pay unnecessary fees for years.
30 percent of respondents who do not want to switch out of laziness have had their current checking account for more than one year and less than ten years.
Find a free account on CHECK24 and switch easily with the CHECK24 account transfer
In the CHECK24 comparison, consumers can find free current accounts. The comparison portal offers free digital account transfers for all current accounts opened directly through CHECK24. This service informs employers or insurance companies, for example, about the new account details and conveniently transfers direct debits to the new account.
When choosing the right checking account, customers should take their individual user behavior into account: Different fees apply for overdrafts, credit cards and withdrawals. Consumers who have questions about a checking account can receive personal advice from CHECK24’s card and account experts by phone or email from Monday to Friday.
1Source: YouGov. The data used is based on an online survey conducted by YouGov Deutschland GmbH on behalf of CHECK24, in which 2,030 people took part between July 16, 2024 and July 18, 2024. The results were weighted and are representative of the German population aged 18 and over.
2Source: YouGov. The data used is based on an online survey conducted by YouGov Deutschland GmbH on behalf of CHECK24, in which 2,030 people took part between July 16, 2024 and July 18, 2024. The results were weighted and are representative of the German population aged 18 and over. Data basis: all respondents who refrained from switching for convenience (598).
