Last Update: 06 May 2024
1. Is it Worthwhile to Open an Account with Commerzbank?
Commerzbank is Germany’s second-largest private bank. It serves more than eight million clients in Germany. Founded in 1870 and headquartered in the financial capital of Frankfurt, Commerzbank is a full-service retail bank with a holistic service portfolio (i.e., credits/ mortgages, insurances), dense branch network, and international operations. We review the current and joint account, student account, business account, savings accounts, and credit cards regarding fees, features, and online opening process. Moreover, we examine how to get a Commerzbank blocked account.
2. Commerzbank Bank Accounts: Which Private Options Exist?
Commerzbank gives a choice of four different types of bank accounts, of which four come without monthly fees. Personal factors and banking needs are usually the criteria to be considered when choosing an account.
| Free Current Account | Student Account | Classic Account | Premium Account | |
|---|---|---|---|---|
| Free Girocard | ||||
| Free Visa / Mastercard (incl. Apple / Google Pay) | Optional against fee | “Young Visa Credit” | “Mastercard Debit Card” | “Premium Credit” |
| Free online / mobile banking | ||||
| Free ATM withdrawals (Cashgroup network) | ||||
| Free self-service machines (i.e. deposits, transactions) | ||||
| Free services at counter (e.g. deposits, paper transactions) | Against fees | Against fees | ||
| Priority phone hotline | ||||
| Cashack/discount portal | ||||
| Reduced overdraft fees | ||||
| Insurance package | With credit card |
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| Monthly fee | €0.00 (€9.90 if incoming funds <€700) | €0.00 | €4.90 | €12.90 |
| Check details | Check details | Check details | Check details |
Free Current Account "Kostenloses Girokonto"
The free current account “Kostenloses Girokonto” by Commerzbank is available to everyone 18 or older. Use is restricted to private use; you require a business account for freelance activities.
This German bank account has no monthly fees if there are incoming transactions of at least 700 Euros per month. Otherwise, account fees of 9.90 Euros are deducted in the subsequent month. During the first two months, the account is always free. The fee is due at the beginning of the third month if the conditions were not fulfilled during the previous month.
The free current account (Kostenloses Girokonto) includes the following features:
- Free Girocard with contactless option (Maestro)
- Free card payments in Germany and within the Eurozone
- Free online and mobile banking (i.e., transfers, standing orders)
- Mobile Payment (Apple Pay / Google Pay)
- Unlimited free ATM withdrawals at Cash Group ATMs in Germany (Commerzbank, Deutsche Bank, UniCredit/ HypoVereinsbank, Postbank) and associated retailers in Germany (with minimum purchase between €5-20, i.e. Shell, REWE, Penny, Aldi Süd, Lidl)
- Unlimited free cash deposits at Commerzbank cash deposit machines
- Personal contact in the branch and 24/7 hotline
- 50 Euros account opening bonus in case you use the account actively (at least five monthly inbound or outbound transactions of at least 25 Euros, excl. own transfers) during the first three months and consent to receive personalized advertisements
- Optional Visa or Mastercard Credit, Debit, or Prepaid against a fee
Commerzbank Student Account "StartKonto" for Pupils, Students, and Interns
The Commerzbank student account is available to people in training between programs between 7 and 27 years of age. It includes pupils, apprentices, students, interns, volunteers, and individuals performing military or federal voluntary service. To be exempt from any monthly fees, you must hand in a certificate from your education institution after the account opening. You can easily apply for a student account online. If you are younger than 18, you must do it in person at a branch or open an account online through Commerzbank’s subsidiary comdirect.
The Commerzbank student account includes the same services (i.e., complimentary Girocard, cash withdrawals/deposits, mobile payment) as the free account for individuals. Moreover, there are no conditions on incoming funds and additional perks:
- Free Visa credit card “Young Visa” with contactless option (entirely suitable for, i.e., store payments, online shopping, hotel or rental car bookings) for student account holders as of 18 years; you only require monthly incoming funds of 300 Euros to get the credit card
- Access to the “StartKonto Vorteilsportal” online portal with perks, discounts, and cashback for more than 2,000 online shops; cashback is paid out to your current account or PayPal account, and discounts are already deducted at the time of purchase
Advanced Accounts with Personalized Services and Perks
The advanced accounts of Commerzbank come with a monthly fee. They target people who want a more personalized service or require further perks. The “KlassikKonto” and “PremiumKonto” include all services of the free account “Kostenloses Girokonto”.
The classic account (KlassikKonto) costs 4.90 Euros per month and additionally includes:
- Up to two MasterCard Debit with contactless option
- Free personal services with a clerk at the branch (i.e., cheque cashing, paper bank transfers, cash withdrawals, cash deposits)
- Reduced interest rate for overdraft
- Priority phone hotline
The premium account (PremiumKonto) costs 12.90 Euros per month. It includes all benefits of the classic account except the MasterCard Debit:
- Up to 2 Mastercard or Visa Credit with contactless option (entirely suitable for, i.e., store payments, online shopping, hotel or rental car bookings)
- Free card payments in Europe, in currencies other than Euro payments are subject to a transaction fee of 1.75%
- Free cash withdrawals at ATMs worldwide (12 free domestic and 25 free international withdrawals included with the credit card), in other currencies than the Euro, an additional fee of 1.75% is applicable
- Further reduced interest rate for overdraft
- Insurance package covering the account owner and partly other family members (travel insurance, theft/robbery/fraud)
Joint Account "Gemeinschaftskonto"
All Commerzbank accounts can also be opened as a joint account. Then, both account holders are legally entitled to manage the account and receive access and bank cards. For joint accounts, the same account types as for individuals are available: “Kostenloses Girokonto,” “KlassikKonto,” and “PremiumKonto.” Unfortunately, joint accounts can only be opened in Commerzbank branches in person.
Commerzbank recommends opening a joint account with its online subsidiary comdirect. They also have a free account that we have checked in our comdirect review. Their conditions are usually more beneficial than with Commerzbank. They have a free Visa Debit card included in their free account. Their premium accounts, including credit cards, start at 2.90 Euros monthly.
Do you want a free German bank account without conditions? Our comparison of 20 bank accounts without monthly fees includes options with international withdrawals, complimentary credit cards, or no requirement of a German residence.
3. Commerzbank Credit Cards
Commerzbank issues six different types of credit cards in combination with their private bank accounts. Obtaining a Commerzbank credit card without a bank account is not possible.
All credit cards are subject to a yearly base fee. For alternatives, check out our comparison of free German credit cards! Additionally, all Commerzbank credit cards have the following fees for international transactions and cash withdrawals:
- Foreign currency transaction fee in non-Euro countries: 1.75% (0.59% in the European Economic Area, i.e., Norway)
- ATM withdrawals: 1.95%, at least 5.98 Euros (up to 37 free cash withdrawals per year with Premium Credit Card
| Prepaid Credit Card | Mastercard Debit | Classic Credit Card | Young Visa Credit Card | Gold Credit Card | Premium Credit Card | |
|---|---|---|---|---|---|---|
| Bill Payment | Prior top-up | Real-time | Monthly | Monthly | Monthly | Monthly |
| Free non-Euro transactions | 1.75% (0.59% in European Economic Area) |
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| Free ATM withdrawals | 1.95% (at least €5.98) | Germany: 12 yearly International: 25 yearly |
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| Insurance Package | Travel | Travel, luggage, flight, cell phone misuse |
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| Priority Pass | “Standard” |
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| Yearly fee | €39.90 | €42.00 | €39.90 | €0.00 (with Student Account only) | €99.90 | €0.00 (with Premium Account only) |
| Check details | Check details | Check details | Check details | Check details | Check details | |
Prepaid Credit Card
The Commerzbank prepaid credit card is a rechargeable payment card. To top it up, you must transfer money to the credit card account in advance. The card can be used online, worldwide, at all Mastercard or Visa acceptance points with online authorization and ATMs with the Mastercard or Visa logo within the scope of the topped-up credit balance. For application, no credit checks are required. The yearly cost of the prepaid credit card is 39.90 Euros.
Mastercard Debit Card
The Commerzbank MasterCard Debit is similar to the prepaid credit card. However, you do not need to recharge it but all transactions are directly deducted from your current account. Hence, the limit of the debit card is equal to your bank account balance, including potential overdraft. Commerzbank MasterCard Debit is free with the classic account “KlassikKonto.” Otherwise, the monthly fee is 3.50 Euros.
Classic Credit Card "ClassicKreditkarte"
The Commerzbank Classic Credit Card can be issued as a Visa or MasterCard. The features and transaction fees are the same as for the Commerzbank Prepaid and Debit Cards. In terms of invoicing, this is a Charge Credit Card. It means you have a defined credit limit based on prior credit checks. The open amount will only be deducted automatically from your bank account once a month. The Classic Credit Card is fully suitable for hotel and rental car bookings since providers can block a security amount on them. The yearly cost of the “ClassicKreditkarte” is 39.90 Euros.
Young Visa Credit Card
The Commerzbank Young Visa Credit Card is included in the Commerzbank student account without additional fees. Its features are comparable to the Classic Credit Card.
Gold Credit Card
The Commerzbank Gold Credit Card “GoldKreditkarte” includes additional perks compared to the Classic Credit Card:
- The insurance package includes international travel health insurance, international travel accident insurance, travel cancellation insurance, trip interruption insurance, travel service, and emergency call insurance. Paying for your travel by credit card is not required to be covered.
- The Priority Pass Standard Membership allows you to obtain access to airport lounges worldwide for you and an accompanying person for 30 Euros per visit per person.
The yearly cost of the GoldKreditkarte is 99.90 Euros.
Premium Credit Card
The Commerzbank Premium Credit Card “PremiumKreditkarte” includes some additional perks compared to the Gold Credit Card:
- You receive two credit cards: Visa and Mastercard.
- In addition to the insurances mentioned above, luggage insurance, flight delay insurance, and cell phone misuse protection are included.
- 12 free ATM withdrawals in Germany and 25 international ATM withdrawals
The Premium Credit Card is exclusively available with the Premium bank account “PremiumKonto.”
4. Commerzbank Savings Account: What are the Interest Rates?
Commerzbank offers different types of savings accounts. They are free of charge, and you do not necessarily need an existing bank account with them.
| Status: April 2024 | Flexible Savings “Topzinskonto” | Flexible Savings “Sparkonto mit Sparcard” | Fixed-term Deposit “Festgeld” | Flexible Savings Newborn & Children | Broker Account “DirektDepot” |
|---|---|---|---|---|---|
| Interest rate (per annum) | 3% flexible rate | 0.5% | up to 2.80% (example 1-year duration) | 1% | Dependent on investment |
| Check details | Check details | Check details | Check details | Check details |
Flexible Savings Account "Topzinskonto Plus"
The Commerzbank Savings Account “Topzinskonto Plus” is an instant savings or money market account (“Tagesgeldkonto”). You can save flexibly and access your money without observing a notice period. You can withdraw and deposit money from your reference account (usually your current account) via online banking.
For newly opened accounts, the current interest rate is 3% per annum (April 2024). The account is turned into a regular “Topzinskonto after 12 months. You then receive the standard conditions of the current 0.75% interest per annum (April 2024).
Interest is credited six months after the account opening. Once the standard conditions apply, interest is credited annually on December 31.Customers receive promotional interest when they transfer funds to a “Topzinskonto Plus” account, provided the funds have not been invested in an account with Commerzbank AG, comdirect, or Onvista in the last six months.
Savings Account "Sparkonto mit SparCard"
The “Sparkonto mit SparCard” is also a flexible savings account. You can access up to 2,000 Euros a month and access the entire amount with a notice period of three months. To access the money, you do not need to transfer it to a reference account. You can directly withdraw it at a Commerzbank ATM, as you will receive a corresponding ATM card. This card is not a debit card usable for any payment but serves the only purpose of withdrawing cash.
The interest rate is flexible, currently at 0.5% per annum. The interest is paid out annually on December 31.
Fixed-Term Savings Account "Festgeld"
Commerzbank offers a “Festgeldkonto”, known as a “fixed-term deposit” or “term deposit account.” They also offer it in different currencies (Euro, US Dollar, British Pound), with varying interest rates. With a fixed-term deposit, you choose the duration of your savings beforehand. You cannot access the money in between. In return, you are guaranteed (a usually beneficial) interest rate for the duration.
The current interest rate for the Commerzbank fixed-term deposit depends on the duration of the savings. For 12 months, it is currently at 3%; for 24 months, at 2.25%; and for 36 months, at 2% per annum (February 2024).
To open a fixed-term deposit at Commerzbank online, you need an existing reference account in the same currency. So, for Euro accounts, you could easily open a free current account with them first.
Savings Accounts for Kids and Newborns
Commerzbank offers two accounts dedicated to minors with a flexible interest rate of currently 1% (February 2024). Without notice, up to 2,000 Euros per month can be flexibly accessed. Savings accounts for kids can only be opened at a Commerzbank branch.
Broker Accounts
As an alternative to traditional Savings Account, securities such as ETFs have become a famous option. Commerzbank offers different types of broker accounts(“Depot”). Amongst them are online or student broker accounts without base fees. Additionally, there are also premium broker accounts for active investors or customers desiring personal investment advice.
Searching for highter interest rates on savings? Use our calculator on Germany’s and Europe’s best savings accounts to make the best out of your money.
5. Commerzbank Blocked Account
If you are in Germany with a visa as a student or job-seeker, you might require a blocked account. It proves that you have sufficient funds to finance your stay.
There is currently no Commerzbank Blocked Account. Hence, you require another bank to open the blocked account. A popular alternative to a Commerzbank Blocked Account is Fintiba. They offer good conditions and a straightforward account opening process. You can open the blocked account online from anywhere in the world.
For any daily transactions, you still require a current account. The funds from a blocked account cannot directly be spent or withdrawn. They must be paid out in tranches from the blocked account to a reference account beforehand. Therefore, the free Commerzbank Girokonto or Student Account is complimentary to your blocked account.
6. Commerzbank Business Accounts
As a freelancer or self-employed person, you require a business account to manage business-related earnings and expenditures. Equally, you can open the Commerzbank Business Accounts for a legal entity.
The business accounts include business-related services and options: interfaces to professional online banking or tax software, and partner offers for business software as well as equipment. There are two different business account types and business credit cards available.
TIP
Interested in a business account without monthly fees?
Our overview consolidates free business accounts in Germany without limited transactions and perks such as cashback or credit cards.
Classic Business Account “KlassikGeschäftskonto”
The Classic Business Account has a low base fee and you pay for additional services individually:
- No monthly fee during the initial six months, afterward 12.90 Euros per month
- 100 Euros welcome bonus if you have an online or in-person consultation with a clerk and opt-in to receive promotional offers
- Girocard included
- 10 inbound / outbound transactions included; additional transactions cost 0.20 Euros.
- Business Card Premium, Premium Debit (paid)
Premium Business Account “PremiumGeschäftskonto”
The Premium Business Account with premium features includes, amongst others, more complimentary transactions and a credit card:
- 17.90 Euros during the initial two years (if it is opened as a “Founder’s account” and the business was registered less than three years ago), afterward 29.90 Euros per month
- 100 Euros welcome bonus (see Classic Business Account)
- Girocard included
- Free Business Card Premium or Business Card Premium Debit
- 50 inbound / outbound transactions included; additional transactions cost 0.15 Euros.
Business Credit Cards
There are three different types of credit cards that supplement your Commerzbank business account. Cash withdrawals and payments outside of the Eurozone come against a cost (same conditions as for private credit cards):
- Business Card Classic for 34.90 Euros per year
- Business Card Premium Debit for 5.90 Euros per month (includes travel insurance package)
- Business Card Premium Debit for 79.90 Euros per year (includes travel insurance package and 0.55% cashback on retail transactions)
7. Commerzbank Customer Service
Service Portfolio
If you would like to merge all your financial activities at one bank, Commerzbank might be an especially good option for you. It is a full-service bank. Besides the already mentioned current accounts for private and business use, investment accounts, credit cards, and savings accounts, there are also offers for credits, mortgages, insurance, and pension schemes. For all these options, you can request personal consultation at one of their branches.
Supported Languages
Commerzbank is one of the few banks that offer their services in German and English language. Customer service (24/7 landline phone number), the mobile app, online banking, and part of the website are available in English. Also, most of the clerks in the bank branches should be able to provide personal service in English.
Below you can find some video tutorials on the account features. Here, you may also want to adjust the settings and let YouTube show automatically edited subtitles in English or your language of preference.
Commerzbank Online Banking and Mobile Application
Commerzbank’s online banking interface in your web browser includes all functions to fully manage your account. Furthermore, there is a very advanced mobile app, which includes amongst others the following useful features:
- (Photo) bank Transfers
- Locking of bank cards
- Mobile payment (Apple / Google Pay)
- Push notifications in real time to control card usage
- Review of balances and limits (unfortunately transactions are not shown in real-time)
- Online postbox
- Brokering
- Branch search
8. Commerzbank Online Account Opening: How does it Work?
Requirements: Who can Open a Bank Account with Commerzbank?
Job Requirements
The current accounts are exclusively available to private individuals. Those accounts cannot be opened as a freelancer or self-employed person if you want to receive payments from your customers or pay your suppliers. However, Commerzbank offers a variety of paid business accounts. If you are looking for a free alternative, check our comparison table to find the best free business accounts in Germany.
Residence
All accounts can only be opened with a German residence and address.
Creditworthiness
For savings accounts, there are usually no restrictions. Credit checks are performed when opening a current account (i.e., SCHUFA records or salary estimations). When applying for a credit card, the outcome will also be the basis for your credit limit. Suppose you have an adverse credit history or few records (i.e., due to a recent arrival to Germany). Commerzbank might reject a credit card or the overall account in that case.
No matter what, you should try to apply for an account with Commerzbank. In case of rejection, always use our comparison table to see the other free bank accounts in Germany and reapply for Commerzbank later.
What Steps to follow to Open a Commerzbank Account?
Opening a Commerzbank account is convenient, fast, and done entirely online. It follows the ordinary account opening process for opening a bank account in Germany: You will have to fill out the online form with your data and then identify via Post- or Video-Ident. Additionally, Commerzbank also allows personal identification in one of its branches. Start the application by filling out the form online to ensure your account is free and you also receive the opening bonus.
Unfortunately, the account opening process is only available in German. However, we have prepared a step-by-step guide in English for you to easily sign up in a few simple steps in just 8 minutes.
9. Conclusion: Is Commerzbank a Good Bank?
Commerzbank is well-established and Germany’s second-biggest private retail bank. They propose a full-service portfolio, so that customers can manage all their financial matters with the same institution. Additionally, to all modern online banking options, they still offer the possibility of in-person services at their branches. For this reason, it is remarkable that their accounts and products come with favorable conditions or often without monthly fees.
- The Commerzbank student account is one of the best student accounts in Germany. There are no monthly fees. Moreover, students receive a legit credit card and access to a cashback and discount portal.
- Their current account comes without monthly fees if customers have at least 700 Euros of incoming funds. A Visa or MasterCard and further premium services can be purchased on top. Alternatively, you can connect your Commerzbank account with a free credit card from another provider.
- As a freelancer, self-employed person, or organization, you must get a dedicated account for business-related transactions. Commerzbank offers a variety of paid accounts and special promotions for recent founders. Commerzbank business accounts are especially interesting for people valuing personal service, professional add-ons (e.g., for taxes or software), or already having their private account with Commerzbank. Only considering the price, there exist cheaper business accounts with online banks.
- The flexible savings account offers competitive interest rates especially during the first six months. There is also a broker account without quarterly fees if you have a savings plan or trade frequently. For other savings account types, it might make sense to compare what other banks offer.
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Disclaimer:
The information in this post is non-binding and for informational purposes only. It is not a complete market overview. We do not take responsibility for the accuracy and up-to-dateness of the data. Please re-check the final conditions and prices on the providers’ websites (§18 ZKG).
We do not intend to provide financial advice. All investments involve risks of loss.
Some of the links in this article are promotional links. We gain a commission if you purchase an item or open an account following this link. It helps us keep this site running and does not come at any cost to you.
