A critical glance at the bank and current account

Commerzbank: Account opening, yes or no?

For some people, the Commerzbank can be the best choice for opening a current account and possibly other banking services too. Therefore, we are presenting here the most important facts that you should know before opening an account.

At the end of the page, you will see some alternatives, so that you can make your own personal decision on a sound basis!

Commerzbank Bonus

In Germany, the Commerzbank pays a premium to new customer when opening a current account.

1. Be careful, when a bank pays you money for opening an account!

Whenever someone offers you money – this also includes a bonus or a premium – so that you buy a product, be particularly critical. Even if it is a free current account at first sight, as in the case of the Commerzbank!

Nobody gives away anything!?

The following thoughts come into mind of critical observers:

  • If it was the best current account in Germany, then the Commerzbank would not have to pay money for an account opening …
  • A bank does not give away money. It will try to get it back through (hidden) fees …

Exactly these ideas are correct!

But! There is another reason that many people do not know: banks often have very ambitious goals in terms of attracting new customers. In order to achieve this, they are sometimes or occasionally willing to pay high advertising premiums. These are paid from the marketing budget and must therefore not be covered (immediately) by the new customer.

By this, you can profit from the bank as a new customer when you take advantage of the offer … especially if you thought of opening an account at that bank anyway.

The truth is: there is no best current account!

There is only a current account that fits best to your requirements. Depending on your needs, several current accounts can fit you optimally.

Sometimes, none may fit to 100%. In these cases, people often have two or three current accounts. Due to the high number of free current accounts in Germany, this is not a problem. 🙂

2. Glance at the conditions of the Commerzbank

Please take a look at this checklist to find out how well the current account of the Commerzbank really suits you:

  • Permanently no account management fees
    Caution: Only applies to monthly incoming transfers of at least Euros 1,200. If the amount is below that limit, Euros 9.90 per month will be charged. As it does not have to be a salary payment, the minimum incoming transfer can be made from another bank.
  • Free online banking and banking app
    Although you can do your banking online, you can additionally use the numerous branch offices of the Commerzbank. A transfer on a paper form is as cheap as an online bank transfer: Euros 0.
  • No fees for transfers
    This applies to all transfers in Euros in Germany or to any other SEPA-country. The classic international transfers or transfers in foreign currencies are subject to charge.
  • Free cash deposits and withdrawals
    You can use the ATMS or the staff at the counters in any German Commerzbank branch office for cash deposits and withdrawals. This service is free of charge. Using the EC-card (debit card), you can withdraw cash free of charge at about 9,000 ATMS of partner banks (Cashgroup) in Germany.
  • Free bank card
    The Commerzbank Girocard, often called “EC-card” (debit card) is included free of charge in the current account. With this card, you can withdraw cash or make cashless payments.

If you agree with these points, then, of course, there is nothing to stop, if you take a start balance at the account opening or possibly additional bonuses. Here you can find the link: www.girokonto.commerzbank.de.

3. The big advantage of the Commerzbank

… are the numerous branch offices in Germany!

I know that not everyone appreciates bank branch offices and I myself must admit that I mainly use the machines of the branch offices outside the opening hours (to not become a victim of a sales pitch). 😉

Deposit machines and banking terminals in the branch offices

That I love the deposit machines of the Commerzbank, I have shown in this article about the direct bank subsidiary Comdirect in a video clip: How to deposit cash.

However, not all people are like me, and secondly, a branch office can make sense, if

  • one has a problem and a personal clarification seems more appropriate than through a call centre,
  • one wants to deposit cash,
  • one wants to withdraw larger amounts of cash,
  • one wants to have a bank safe / security box,
  • one prefers personal advice.
Commerzbank Branch

Not every branch office looks so modern like this “flagship” branch office in Berlin. However, the Commerzbank has a program to modernize its branch offices gradually.

Although opening an account in the branch office is possible, I would prefer the online account opening. Why? You will find out in the next section.

4. The opening of a current account

As mentioned above, I prefer the online account opening! If you now decide to open an account, you can completely open it within 5 to 10 minutes. The production of your EC-card starts and you will receive all welcome documents in a few days by mail.

You neither had to get an appointment in the branch office, nor schedule additional time nor had travel expenses … isn’t such a modern way of opening an account brilliant? Okay, or at least very pleasant. 😉

Start the online account opening

Go to the information page of the current account ► www.girokonto.commerzbank.de and click on the yellow button “Jetzt Girokonto eröffnen“ (open current account now) to access the application form:

Commerzbank Account Application Current Account

If you have a question about filling the application of the account opening, you can find help by phone every day of the year, also on weekends.

Please note that the current account can only be opened online with a place of residence (registered address) in Germany. If you are a German expatriate or currently abroad, but have an address in Germany and can pick up the mail later or forward it, then it will work in most cases.

If you do not live in Germany, but are interested in opening a bank account in Germany, then please take a look at this page: Open a current account in Germany.

Legitimating

After filling the online application form completely, you will be asked to legitimate yourself. This means that the bank will check your personal data through an ID-card or passport. This is required by law.

There are two possibilities:

  • Legitimating through an employee of the Post
    For this, you print the PostIdent-coupon or download it on your Smartphone and go with it to any post branch office in Germany. The post staff will write down the details of your identity document. Then, you confirm the correctness with your signature and the document is sent free of postage to the Commerzbank.
  • Legitimating via video chat
    In this modern identification procedure, you hold your identity document in front of a web cam, so that the identification staff can read it. He/she will check the security features through the web cam and take photos of you and the identification document provided by you.

How the legitimating via video chat works:

The account opening + legitimating can also be completed using a tablet or Smartphone: www.girokonto.commerzbank.de

Account opening completed!

5. Variants of the current account

5.1 Start-Konto (start account) for young people

Actually, it is the same bank account as described above with the only difference that the account management is free of charge without deposits. From a monthly deposit of Euros 300 and good creditworthiness, one also gets a free Visa Card.

The Start-Konto is for young people between 18 and 30 years, if they are still in a training, students or in an internship. Proof is required!

Here you can find further information and the account opening: www.startkonto.commerzbank.de

5.2 Business Account

In Germany, private accounts are – as seen above – often available without a monthly fee and no extra costs for bookings on the account. However, the situation is different for business accounts (also known as commercial accounts). There are usually fees for the account management and all transactions. Also at the Commerzbank.

At the Commerzbank, one can open business accounts for

  • self-employed and freelancers without entry in the commercial register
  • companies with entry in the commercial register (e.g. UG, GmbH, Aktiengesellschaft, e.K.).

Opening an account in a non-German legal form, e.g. Ltd. or LLC, can only be done through a branch office. All German legal forms and individual entrepreneurs with the company headquarter in Germany can apply for a business account online.

Find further information and the account opening here: www.geschaeftskonto.commerzbank.de

6. Further banking services

6.1 Instalment loan

The instalment loan – often just called loan – is in great demand at the Commerzbank. This has a reason too: the Commerzbank has a very modern application way for loans of private persons.

First, one selects the amount of the loan and in how many monthly instalments one wants to pay it back. The interest rate and the monthly payments are immediately displayed. Clever bank customers like to change the duration in order to calculate the best interest rate or a well payable monthly rate.

The Commerzbank aids future borrowers by the button “Alternativen anzeigen” (show alternatives). By clicking on it, different durations, the interest rate, the monthly rate and the total burden are displayed. A nice comparison!

Commerzbank Loan

Calculation tool for the appropriate loan. Very easy to use. On the right, the phone number of a hotline is shown, which helps to fill the online application.

Once you have decided on a variant, the application process is similar to the one of the current account. In this case too, the legitimating is required by law. This can also be done via video chat and has the advantage that the loan is paid very quickly. In the best case, already after 3 to 4 days.

Money-back-guarantee in a loan?

If you are not satisfied with the loan (for whatever reason) or you no longer need the money, one can return the loan within the first 30 days free of charge and interest. You simply transfer the entire loan amount back to the bank account of the Commerzbank. Case settled! Great, isn’t it?

You can read further information and the loan application here: www.ratenkredit.commerzbank.de

6.2 Financing of construction

One cannot only get “small” loans at the Commerzbank, but finance real estate from the empty lot to the multi-story residential and commercial building. Different purposes are financed from the initial construction, purchase of an existing property, renovation and modernization work, up to the (expansion) construction of your own plans.

Interestingly, one can apply for the construction financing even with large amounts from the online application to the payout completely without branch office (only online). Who needs advice or help when filling the online application, can take advantage of the hotline.

Further information and the entry form for interest calculation here:www.baufinanzierung.commerzbank.de

Preliminary conclusion

The Commerzbank is the second largest private bank of Germany. It provides banking services for nearly all purposes. On this page, we have reported briefly on the most frequently used features of the current accounts and business account and about loan and real estate financing.

The big advantage of the bank is the combination of branch office and online portal!

Nowadays, many people become customers of the bank through an online application, but to clarify issues or problems, they visit the branch office. This is good and legitimate!

Commerzbank worldwide

As seen on this map, the Commerzbank operates almost everywhere on earth. The information about account, card and loan on this page, however, refer to the German market.

Alternatives to the Commerzbank

  • Deutsche Bank

    The Deutsche Bank is the largest German private bank and the classical competition of the Commerzbank. From the perspective of the customer, the offerings for private customers are similar. Larger service differences can be found in the comparisons to the two following direct banks.

  • DKB (Deutsche Kreditbank)

    The DKB wins most customers through its free current account, because it always includes a true Visa Card. With the Visa Card, one can withdraw cash free of charge around the globe (also free of charge in foreign currencies). This internet current account is very popular in Germany.

  • Onlinekonto of PayCenter

    Perhaps this is somehow an unusual offer: PayCenter is a provider, where you have to pay fees for the account management and account usage. This circumstance has an important background: the provider earns good money since years. It does not matter whether you use the account or not. That gives you two important securities:

    • your account won’t be cancelled, if you use it “too much” or “too little”.
    • account and provider remain permanently in this form (= virtually a guarantee of existence for the account).

    The account opening is possible with a place of residence in Germany or abroad. There is no creditworthiness check. No Schufa query. No Schufa entry. The account can be used as a business account (corporate account). Soon, the online banking will be available in English too. The account opening is possible within 2 minutes: See all information.

What do you think of the Commerzbank? Are you already a customer?

The comments box is activated for smart bank customers in order to share their experiences. Many thanks for reading this page until the end. 🙂

Pictures: Commerzbank AG

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Please rate the article:
Rating: 4.6/5 (7 votes cast)
Commerzbank: Account opening, yes or no?, 4.6 out of 5 based on 7 ratings

Who writes here?

Someone who gained experience with more than 100 banks in more than 20 countries during the past 15 years. My name is Gregor and if you click to continue you can find out why I am here and what this site is for ⇒ continue.

17 Responses to “Commerzbank: Account opening, yes or no?”

  1. Le Hong Quang says:

    Hello,

    Currently I’m using the Giro Card Maestro in Commerzbank and it’s very difficult to buy online tickets / booking hotel (Airbnb) or flight.

    So if I want to open a debit VISA / Mastercard card, what is the fee and is there any requirement for this?

    I only live in Germany for next 3 months.

    VA:F [1.9.22_1171]
    0
    • Le Hong Quang says:

      Also, my colleague will come to Germany every 6 months to work for BOSCH, so I want to know which one is suitable for us. Most of us are using English only.

      Thank you so much 🙂

      VA:F [1.9.22_1171]
      0
    • Editorial Team says:

      Hello,

      you will probably not have much luck with finding a German bank willing to open an account for only a 3 months duration.

      I fear the most viable option might be the one to use the card from your country. Sorry 🙁

      VA:F [1.9.22_1171]
      0
  2. Ansh says:

    Hello,

    can we have overdraft limit in commerzbank and what will be the charges.

    VA:F [1.9.22_1171]
    0
    • Editorial Team says:

      Hello,

      everybody who opens up an account online will be assigned a local branch. The people in that branch are the ones responsible for an overdraft agreement. Good luck!

      VA:F [1.9.22_1171]
      0
  3. Bilal says:

    Hello,

    I am British citizen living in the UK and I will be starting a PhD in Germany in September. As a student, I am interested in the StartKonto account. Am I able to set up this account online from the UK using the video verification service like the GiroKonto account?

    VA:F [1.9.22_1171]
    0
    • Gregor says:

      That could be possible, if you use your new physical address in Germany. The Commerzbank don’t send post and cards outside Germany for new clients.

      VN:F [1.9.22_1171]
      0
  4. Doms says:

    Hey,

    I have been charged today 300 Euros which as been taken from my account. I got salary today. I earn 1200 euros and this bank charged me for 1/4 of my salary.

    It is my 2nd month in Germany and 2nd month in this bank. I used to work in a bank in Poland but I’ve never heard of charges that would be that high, even for messing up SEPA transfers or having an overdue balance on the credit card…

    I did 4 transfers from Commerczbank to Polish bank mBank, from account in Euro to account in PLN. Is it possible that the charge comes from these transfers?

    Can someone help me please.

    VA:F [1.9.22_1171]
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    • Susanne (editorial staff) says:

      Hey,

      it would be the best if you make that enquiry directly at the bank branch that is in charge of your account and ask them for the reason. From our perspective, we don’t have the means of knowing the background of this matter and reason for this charge.

      VA:F [1.9.22_1171]
      0
      • Doms says:

        Hey,

        Thanks for the reply. That is what I did. The charge was an automatic payment towards credit card’s negative balance. It was taken automatically and I was not aware of such functionality, thus the concern.

        Have a good day!

        VA:F [1.9.22_1171]
        0
  5. Patrice says:

    How about the credit card at Commerzbank? Is it easy to get? I just opened an account with them, and I would like to have a credit card as well.

    VA:F [1.9.22_1171]
    0
    • Susanne (editorial staff) says:

      “Easy” is of course a relative word, so I can neither say “Yes” or “No” to that. Commerzbank cannot give me any information on another person’s behalf, but recommends a personal discussion of this question in on or their local branches. If you call to arrange such a discussion, you might even have the possibility for an English language service. The granting of a credit card very much depends on the individual circumstances of the account holder, therefore I cannot give a general answer here, sorry.

      As a side note:
      With DKB, a credit card is standard when you open an account with them: https://www.deutscheskonto.org/en/dkb/

      VA:F [1.9.22_1171]
      0
  6. Patrice says:

    Thanks for your response. Yes, DKB was my first choice, but they rejected twice, they’re too picky, so I went with Commerzbank, which I like so far.

    VA:F [1.9.22_1171]
    0
  7. Remya says:

    Could someone tell me who much is the maximum withdrawal limit for the Commerzbank debit card for a day or week ?

    VA:F [1.9.22_1171]
    0
    • Editorial Team says:

      The standard cash withdrawal limit is 2000 EUR/day and week, i.e. you can withdraw up to 2000 in one day, but then you have already reached your weekly limit as well.

      You do have the option to change your limit to 5000 EUR daily and 9500 EUR weekly, but in order to do you, you need to go to a local Commerzbank branch in order to personally sign this request.

      VA:F [1.9.22_1171]
      0
  8. Ola says:

    I have a question regarding account management fees. It’s said that I need to have incoming transfer of at least 1200€ per month if I want to have this account for free. But does it have to be one transfer of this amount or it’s a sum of all incoming transfers (e.g. one of 600€ and the other also of 600€)?

    VA:F [1.9.22_1171]
    0
    • Editorial Team says:

      No, the amount of 1200 EUR does not have to come in one sum in order to qualify for being free of charge. The 1200 EUR requirement refer to the sum of all monthly incoming transfers.

      VA:F [1.9.22_1171]
      0

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