Review of Best Free German Bank Accounts: Commerzbank
Features, Services, Fees and Opening
Commerzbank is Germany’s second largest private bank. It serves more than 8 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. free current accounts, brokering, credits/ mortgages, insurances) and a dense branch network across the entire country. Furthermore, it maintains operations and subsidiaries abroad.
1. Overview: Which Bank Accounts can customers choose from?
- Free current account for individuals and partners (Kostenloses Girokonto)
- Free current account for pupils, students and apprentices (StartKonto) with additional perks and free Visa credit card
- Classic account (Klassik Konto) for €4.90/ month, includes personal services in branches (e.g. cheque cashings and cash withdrawals at a clerk) and MasterCard debit
- Premium account (Premium Konto) for €12.90/ month, includes personal services in branches (e.g. cheque cashings and cash withdrawals at a clerk), MasterCard and Visa card credit (each with 25 free yearly cash withdrawals abroad) and travel insurance package
Last update: 5 April 2021
2. Features: What does Commerzbank offer?
All accounts come have a German account number (IBAN). The free 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 cash 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 branch and 24/7 hotline
The Classic account (Klassik Konto) additionally includes:
- 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)
- Paper bank statements
- Priority phone hotline
The Premium account (Premium Konto) additionally includes:
- Features of Classic account (Klassik Konto), except of MasterCard debit
- Visa and MasterCard credit card with contactless option (fully suitable for i.e. store payments, online shopping, hotel or rental car bookings)
- Free card payments worldwide in other currencies than Euro payments are subject to a transaction fee of 1.75%
- Free cash withdrawals at ATMs worldwide (25 free withdrawals included with each card – MasterCard/ Visa), in other currencies than Euro an additional fee of 1.75% is applicable
- Insurance package covering account owner and partly other family members (travel insurance, mobile phone/ cash fraud)
- Flexible savings account (Tagesgeldkonto)
The account for pupils, students and apprentices (StartKonto) additionally includes:
- Free Visa credit card with contactless option (fully suitable for i.e. store payments, online shopping, hotel or rental car bookings)
- Access to online portal with perks, discounts and cashback for online shops
3. Requirements: Who can Open a Bank Account with Commerzbank?
The above mentioned accounts are exclusively available to private individuals. Those accounts cannot be opened as a freelancer or self-employed person. However, Commerzbank offers a variety of paid business accounts (promotional link). In case you look for a free alternative have a look at our comparison table to find the best free business accounts in Germany.
Accounts can only be opened with a German residence and address.
Credit checks are performed when opening the account (i.e. SCHUFA records, salary estimations). When applying for a credit card, the outcome will also be the basis for your credit limit. If you have a negative credit history or few records (i.e. due to recent arrival to Germany) you could be rejected a credit card or the overall account.
In any case, you should apply for an account with Commerzbank. In case of rejection, feel free to always use our comparison table to see the best bank accounts in Germany and reapply for Commerzbank at a later point in time.
4. Customer services: Which languages are supported and how is the online/ mobile banking?
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.
Online banking and mobile app
Commerzbank’s online banking interface in your web browser includes all functions to fully manage your account. Furthermore, there is a very advances 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
- Branch search
Further services (savings, investments, credits)
If you would like to merge all your financial activities at one bank, Commerzbank might be an especially good option for you. As it is a full-service bank, in its portfolio there are amongst others:
- Savings accounts and fixed-term deposits (even though there might be options with higher interest on the market)
- Investment accounts (Commerzbank also offers an “Online Depot” that comes with low fees compared to the usual ones offered by traditional retail banks)
- Offers for credits and mortgages
- Insurances and pension schemes
5. Account opening: What steps to follow to get a Commerzbank Account?
Opening an account is convenient, fast and done completely 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. In any case, start the application by filling out the form online in order to ensure that your account is entirely free and you also receive the opening bonus.
For any questions, do not hesitate to use the comment function!