Current account costs in the check: reveal hidden fees

Current account costs in the check: reveal hidden fees

Using a checking account can be unexpectedly expensive, with hidden costs that add up to an average of 120 euros annually. There are significant differences between banks in terms of account fees, as noted by Stiftung Warentest. Although some banks advertise a free checking account, the average annual amount for a checking account in Germany is 120 euros, with the maximum value being 300 euros. The number of banks that actually offer free accounts is declining - only nine banks no longer charge fees.

There are also various fees such as card costs, real-time transfers, cash deposits and others, which add up over the course of the year. Experts warn of hidden costs that can arise when using credit cards abroad, even if the bank advertises free withdrawals. It is advisable to check the current costs and services carefully before changing banks.

If hidden costs are discovered, it might make sense to look for another bank. However, it is important to note that many banks require a minimum receipt of money or salary to be exempt from account fees. If a change is being considered, the legally anchored account change assistance offers the option of automatically transferring standing orders and direct debits, which makes the move easier. It is recommended to keep both accounts parallel for two to three months during the switch to ensure that all financial transactions run smoothly.