Where to open a (secondary) account?

Current account comparison: DKB and Commerzbank

Due to the fact that the Commerzbank has announced to “swallow” the Comdirect and take it from the market and as a consequence some smart bank customers will become again involuntarily a branch bank customers, the time has come to present a new comparison.

In this comparison we use the current Commerzbank-conditions, even if Martin Zielke‎, CEO of the Commerzbank, has announced that his customers should prepare themselves for fee increases.

However, who wants to have a branch bank and direct bank in one bank should consider the new constellation as interesting …?

Always applicable
It depends on what you need and want to use:

DKB
DKB
Commerzbank
Commerzbank
Account management always free of charge! free of charge for new customers
(2 years of waiting period after cancellation)
Cards to the account DKB Visa Card DKB Girocard
Visa and Girocard for free 🙂
Commerzbank Girocard
Girocard free of charge, Credit card must be applied for separately through the branch office; annual fee:  €0-39.90
Cash supply
in Germany
on the part of the DKB wordwide free of charge at every ATM using the Visa Card free of charge through the Girocard using the ATMs of the Commerzbank, Postbank, Deutsche Bank, UniCredit
Cash supply
abroad
always with a withdrawal fee between 1 and 3.7 % at least  €5.98
Account opening online really?
Card payment
in Euros free of charge
in other currencies free of charge from 1.50 per payment
Online use
transfers free of charge
standing orders free of charge
online banking, banking app free of charge
Branch office use
personal contact there are no branch offices within the opening hours
At the branch bank services, the Commerzbank could use its advantages. However, this often depends on the person. It is only little comparable and being a special portal with the focus on the best German direct banks, we do not consider it our thing.
Interest
for balance 0.20 % (Visa call money) 0.00 %
overdraft facility 6.74 % 9.75 %
overdrawn overdraft facility 6.74 % 12.25 %
Extras for smart bank customers
emergency cash, emergency Visa-Card free of charge
Initial balance
Bonus payment? none out of principle; the conditions are permanently so good that they do not have to pay customers for the account opening regular new customer promotions – you currently get a  €100 bonus for the account opening and use – please see details as a footnote at the account opening

As we have not yet dealt a lot with the Commerzbank, you can find an information video about the account opening here (it is similar at the DKB – except for the notification of the IBAN and direct online access during the opening procedure):

Account opening
Requirements 18 years old + place of residence in Germany, Austria, Switzerland or German citizens abroad 18 years old + place of residence and tax residence in Germany
Start the account opening: Weiter zur Bank
www.dkb.de
Weiter zur Bank
www.commerzbank.de
If you are not sure yet about which bank is the better choice for you, then please take a look at the detailed thoughts below the table before you start the account opening.
Questions and supplements on the table are welcome through the comments feature at the end of this page. Heartly thanks!

The Two-Account-Model

Yes, many of our smart bank customers use a two or multiple account model. For around 70 per cent of our frequent readers, the DKB plays a decisive role in the account structure.

DKB Liebling

Most of our readers decided to get this account » www.dkb.de

Is the Commerzbank with their branch offices a welcome supplement?

Part of our Youtube-viewers is sceptical, shown by numerous reactions on our video about the complete takeover with subsequent withdrawal from the market. This is perhaps due to the reputation that the bank has made itself – on the other hand, because the viewers have decided for a direct bank without branch offices. It feels like a backward summersault to them.

Perhaps also, because the CEO of the Commerzbank has annouced to the Comdirect-customers to take advantage of the Commerzbank benefits, and almost at the same time, he has let the Commerzbank-customers know of higher fees in the future.

In contrast to the Comdirect, which really works profitable although offering free current accounts, credit cards and securities accounts, the Commerzbank does not work profitable although charging all its fees.

Of course, you can choose a bank out of “political” convictions (e.g. some bank customers do that by paying fees for the account management, because the bank sets greatly on being “green”) or you ask yourself one of the primary questions of life:

What benefit does it have for me?

It is hardly important for your personal account use what some bank CEO has said (this changes from time to time – also CEOs are subject to periodical changes), but rather:

What benefit has the account at that bank and what do you have to pay for it?

The answer is quite easy:

If you are not an existing customer of the Commerzbank and have not been a customer in the past two years, then the account does not cost you anything!

Commerzbank Girokonto Prämie

Could be attractive for some people » www.commerzbank.de

But you have the effort of account opening and another position in your Schufa.

Except for the personal cash deposits and withdrawals, which are now subject to a fee of Euros 1.50 at the Commerzbank, you have a useful advantage compared to the DKB: If something should happen, you can go personally into a branch office! Whether this is still causing joy to the few remaining bank clerks of the Commerzbank, is evaluated with great difference. However, you still have this option!

When the DKB-hotline is again congested, which happens regularly since about 2 years due to the customer flow, then you could feel a little helpless.

This is why I personally recommend to you:

Always have at least one secondary account in the backhand. Set it up completely and use it sporadically. This is important, so that you are familiar with the procedures.

I recently had an attorney in my counselling, who did not have access to his DKB-account for one week at the PSD2-change (Payment Services Directive 2, this does not happen anymore at current account openings). After being highly satisfied with the DKB for years, he had cancelled his account at a branch bank to save the monthly fees …

You can open an account with branch office at the Commerzbank for the emergency. As long as there are no monthly account management fees … it is a good thing. For those, who do not want to miss out on the Euros 100 initial bonus, it is another good reason:

DKB – almost a must as an account with the permanently best conditions!

If you are not yet a DKB-customers, then I recommend the account opening. Even if the customer service is lacking quality from time to time, the bank is unbeatable as a whole regarding conditions since years.

For people who rather prefer branch offices, the DKB would be a good choice as a secondary bank:

What do you think?

Of course, I am always looking forward to supplements and suggestions from the community through the comments feature. I will perhaps take some of your ideas for the next Sunday video!

A heartly thanks for your commitment!

Further comparisons of current accounts:

[Total: 3   Average: 5/5]

Who writes here?

Richard helps people through this special portal to find bank products in Germany and abroad and shows how to use them optimally. You can register as a “fan” and, by doing so, watch even more instructions and videos.

4 Responses to “Current account comparison: DKB and Commerzbank”

  1. Ivan says:

    Hi Richard, great article thank you very much! Do you recommend DKB for freelancers?

    • Richard Banks says:

      Yes, as personal account.

      • Ivan says:

        What about some stories they are closing private accounts if used for business?

        • Richard Banks says:

          Yes, this has happened to some people in the past. Business accounts are subject to different conditions than private accounts, and in the account contract you sign that you use the account for private purposes. If you then use it as a business account, you are clearly violating the contract and have to expect its termination. This is common in other industries as well.

          Anyway, I also have to admit that even in my circle of friends, some freelancers have been using the DKB account for years. The risk of discovery naturally depends on the type and turnover of the operated business.

          Personally, I only use the DKB account privately. For my business activities I use other banks. Unfortunately, business accounts in Germany and other EU countries are usually subjects to monthly account management fees. That’s simply the way it is. After all, you also get services in return.

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