BaFin account comparison

BaFin’s account comparison website enables you to compare payment accounts that are on offer in Germany. Two types of payment accounts exist: current accounts and basic payment accounts. The key difference is that savings banks, cooperative banks and private banks can decide for themselves whether they offer customers a current account. This is not the case with basic payment accounts, which banks are required to open for you if you have no other account and meet the conditions under the German Payment Accounts Act (Zahlungskontengesetz – ZKG).

The BaFin account comparison website only covers payment accounts, i.e. current accounts and basic payment accounts. You cannot use the website to compare other types of accounts, such as business accounts and call deposit accounts.

Providing an overview

BaFin’s account comparison website provides you with an overview of the current accounts and basic payment accounts on offer. This includes a range of details such as account maintenance fees as well as overdraft and credit interest rates. You will also see whether the accounts are available as online accounts. Various filters and other criteria can be set to narrow down the search and obtain an initial selection of accounts.

Contact the providers to open an account

Please contact the provider directly for more detailed information about any of the accounts. The payment account agreement will be concluded with the provider. This agreement will specify the agreed fees and costs as well as the general terms and conditions and any other provisions. BaFin is not involved in opening the account or the conclusion of any such agreements.

BaFin is impartial and makes no recommendations

Please also note that BaFin will not recommend any accounts or providers to you. BaFin’s account comparison is independent and impartial. BaFin has a statutory responsibility to make this account comparison tool available and does not pursue any commercial interests by doing so. The aim of the platform is to increase transparency and improve comparability.

Where does the data for BaFin’s account comparison website come from?

The data for BaFin’s account comparison website is submitted by the providers themselves. BaFin does not process this data; we publish it without any changes. The publication of this data should not be viewed as a seal of approval for any of the accounts on offer.

If account details change, the provider must update them within three business days. The only exception here is the information about the number of ATMs. This has to be updated on a semi-annual basis. The date of the most recent update of the data is shown together with the information about each payment account.

Separate from BaFin’s supervisory activities

The information on BaFin’s account comparison website has no connection whatsoever to BaFin’s work as a financial supervisory and settlement authority. Information gained from such activities does not have any influence on the account comparison. Information on BaFin’s work and activities is available to the public on its website: www.bafin.de.

In order to make it easier to compare accounts, they are all presented using a uniform layout so that you can find the right one using a step-by-step approach.

Initial overview showing six criteria

The initial overview displays all registered payment accounts and provides information on each using the following six criteria for comparison:

• the monthly fee for account maintenance
• whether a debit card is covered by the monthly fee
• whether a credit card is covered by the monthly fee
• the interest rate for an authorised (arranged) overdraft
• the credit interest rate
• whether it is an online account

Detailed overview and direct comparison

The detailed overview provides you with more information than the initial six criteria. It lists all of the details that the providers have submitted to BaFin.

You can initially select up to 20 accounts to be compared. You can then select three of these accounts for a direct comparison that shows detailed information side by side.

You can apply various filters and manually enter certain details to adjust the search or look for specific account providers by name.

Alphanumerical sorting of providers

By default, account providers are sorted in alphanumerical order by name. This is the name of the account provider as it is recorded in the commercial register. If account providers use a name other than this, e.g. after a merger, they are sorted according to their alternative name. If an account provider offers multiple payment accounts, they are also sorted alphanumerically by name.

Fees and conditions

Fees and conditions are the main point of comparison on this website. Please remember that the fees for certain accounts may be structured differently.

Some accounts may, for example, have a monthly fee for account maintenance that covers certain payment services while additional fees are charged for others. For instance, there may be additional fees for depositing or withdrawing cash, for card payments or for direct debits or credit transfers. The glossary section explains each of these various payment services.

In some cases, the accounts are also subject to certain conditions or require specific usage patterns from account holders, e.g. monthly payments into the account or how often you use payment services. More detailed information can be obtained from the account providers.

Save comparison results and use the QR code

Once you have completed your comparison, you can save and print your results as a PDF file or CSV export. Each PDF file recording a direct comparison also contains a QR code. This enables you to access the comparison online again or to forward it. Please note that when you access the online comparison again, up-to-date data will be used and the comparison results may therefore change.

The German legislature tasked BaFin with setting up the account comparison website. This is due to the requirement that all EU member states must ensure that consumers can access an independent and free-of-charge account comparison website.

BaFin’s account comparison is the only comparison website in Germany that has been set up in accordance with the requirements of the Payment Accounts Act (Zahlungskontengesetz – ZAG). By making this website available, BaFin is contributing towards the collective protection of consumers.

BaFin

The abbreviation “BaFin” refers to Germany’s Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). BaFin supervises banks, financial services providers, insurance undertakings and securities trading. It is also Germany’s national resolution authority. Furthermore, it is entrusted with the important task of collective consumer protection. BaFin plays a crucial role in this area by providing information to improve the financial literacy of consumers.

BaFin performs its functions in the public interest in accordance with the German Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz – FinDAG).