Cost-free checking accounts
Many customers do not like the policy of many banks that charge high fees for running a checking account. So it is no surprise that many people find offers for cost-free bank accounts highly appealing. However, they are not suitable for everyone. There are certain groups of customers that will not get a free bank account at all. People who receive social welfare are usually excluded. Oftentimes a minimum monthly income is required.
Some banks offer cost-free transfer accounts without preconditions, including the EC card or credit cards. Many banks do not operate nationwide though, so people who are not locals cannot apply for such an account. Nationwide operating banks often limit the use of free transfer accounts to online banking only.
People who are interested in using online banking only should take a look at the offer of the comdirect bank, the ING-diba or the Wüstenrot Bank. Other banks offer free bank accounts, but they require a credit card contract with a yearly fee.
Always, an important question is how the customer can get cash from his account. In most cases, it will be paid out through automated teller machines. One problem here is that smaller banks do not have a widespread network of their own ATMs. Withdrawing cash from an ATM operated by a bank with whom you do not have an account may require fees as high as 7,50 euros per transaction. This can make a cost-free bank account quickly irrelevant. It is better to use a bank that provides access to worldwide ATMs through the use of a credit card.
Those who neither wish to pay fees on ATMs nor have a desire to use a credit card will benefit most from the dense network of ATMs owned by the local Sparkasse or Volksbank. Both offer excellent infrastructures but usually demand fees for their checking accounts. It is possible though to save a lot of money by using online banking for transfers and print out your bank statements at home. Using these options can save most of the fees demanded by these banks.
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