Banks and savings banks: Basic accounts in Germany are more expensive than in other European countries

Enlarge image

ATM in Berlin: Basic accounts are free in France, Ireland and Poland

Photo: Jochen Eckel / picture alliance

So-called basic accounts for consumers are generally more expensive in Germany than in most other EU countries. This is shown by a comparison by the Federal Association of Consumer Organizations (VZBV), which SPIEGEL has previously received. According to this, a basic account with normal use in Germany last year cost up to 27.83 euros per month in individual cases. The top price was significantly higher than in also wealthy countries such as Denmark (up to 13 euros) or Finland (up to 10 euros). In France, Ireland and Poland, basic accounts were free. The evaluation takes into account a total of 26 European countries.

“The costs for a basic account in Germany are by far the highest in a European comparison,” says Ramona Pop, board member of the VZBV. This is a real problem for many consumers' access to digital payments. “Participation in modern social life is unimaginable without an account,” says Pop.

In order to make it easier for consumers to access payment transactions, the European Union enshrined the right to a basic account for consumers in 2014, which is intended to offer basic functions at affordable conditions. Asylum seekers, homeless people or people with poor credit ratings are also entitled to the account.

Demand for capped fees

However, Germany gave the banks a lot of leeway when it came to implementing the rules into national law. A “reasonable” price is required, which should be based on market fees and the user behavior of the account holder. The VZBV is now demanding that politicians should instruct the German banking regulator Bafin to cap the amount of basic account fees.

The German Banking Industry Association points out that banks and savings banks independently set the price for the basic account. In other European countries, however, the account management fees are higher - the basic account can also be offered cheaper because it is cross-subsidized by other customers. The association rejects a price cap "as maximum government prices have negative effects and would undermine competition between the various providers." The average price of the basic account could even rise through upper limits.

mic