Review of Deutsche Bank Free Account: norisbank
Features, Services, Fees and Opening
norisbank is a full subsidiary of and therefore financially backed by Germany’s largest bank Deutsche Bank. In contrast to Deutsche Bank itself, norisbank offers current accounts which come without any monthly fees and great perks. norisbank clients can take advantage Deutsche Bank’s dense branch network for some services (e.g. cash deposits). The bank also offers further services such as savings and investment accounts, credits, loans as well as insurances.
1. Overview: Which Bank Accounts can customers choose from?
- Free current account for individuals or couples (Top-Girokonto)
- Free current account for students (Studentenkonto)
- Premium current account (Girokonto Plus) with low requirements in terms of credit-worthiness and people with negative credit rating (SCHUFA)
Last update: 5 April 2021
2. Features: What does norisbank offer?
The “Top-Girokonto” and “Studentenkonto” come without any monthly fees (in case the account owner is older than 21 and incoming funds are below €500 a month, a fee of €3.90 is applicable) and has a German account number (IBAN):
- Free MasterCard Credit with contactless option (fully suitable for i.e. store payments, online shopping, hotel or rental car bookings)
- Free Girocard with contactless option (Maestro) for domestic cash withdrawals and cashless payment
- Mobile Payment with Apple Pay
- Free card payments in Germany and within the Eurozone
- Card payments in other currencies than Euros subject to a transaction fee of 1.75%
- Unlimited free cash withdrawals in Germany at Cashgroup ATMs (Commerzbank, Deutsche Bank, Postbank, HypoVereinsbank) or at associated retailers (i.e. REWE, Aldi-Süd, Penny, Lidl, Shell)
- Unlimited free cash withdrawals abroad with Mastercard; for other currencies than Euro an additional fee of 1.75% is applicable
- Unlimited free cash deposits at one Deutsche Bank’s cash deposit machines
For a monthly fee of €7.90 customers with low or negative credit rating receive an account with the same benefits (“Premium Girokonto”). However, instead of a MasterCard credit a debit version is issued.
3. Requirements: Who can Open a Bank Account with norisbank?
norisbank accounts are exclusively available to private individuals. Therefore, accounts cannot be opened as a freelancer or self-employed person. For the latter, norisbank cooperates with FYRST bank that offers a free account for small businesses.
Accounts can only be opened with a German residence and address.
As the norisbank “Top Girokonto” includes a real credit card, credit checks are performed when opening the account. This includes the review of SCHUFA records and salary estimations. Based on the outcome. your credit limit will be defined. If you have a negative credit history or few records (i.e. due to recent arrival to Germany) you could be rejected for the free “Top Girokonto”. In this case, norisbank will offer you to open a “Girokonto plus” with a MasterCard debit for a monthly fee of €7.90.
In any case, you should try to open the free norisbank account. In case of rejection for the free account, feel free to always use our comparison table to see the best bank accounts in Germany and reapply for norisbank at a later point in time.
4. Customer services: Which languages are supported and how is the online/ mobile banking?
Being an online bank, service is only provided remotely (phone and online). One of the special things about norisbank is that some services (e.g. cash deposits, transfers) are also available at self-service machines at Deutsche Bank branches. Deutsche Bank offers one of the most dense and best branch networks in Germany.
The mobile app comes in English and German. Unfortunately, customer service (24/7 landline phone number) and the entire web interface mobile are exclusively provided in German language. In case you have some basic German skills, this should be sufficient as the interfaces are quite user-friendly and self-explanatory.
If you require some initial support, we can recommend using Google Translate (promotional link to norisbank site) for automatic website translation.
Online banking and mobile app
norisbank provides an advanced infrastructure for internet and mobile banking. The online banking interface in your web browser includes all functions to fully manage your account. Furthermore, there is a mobile app, which includes amongst others the following useful features:
- Overview of balances, transactions and expenses
- Bank transfers
- Mobile payment (Apple Pay)
- Online postbox (i.e. bank statements, bank documents)
Further services (savings, investments, credits)
If you would like to merge all your financial activities at one bank, norisbank might be a good option for you. In its portfolio there are
- Savings accounts, building savings contracts and fixed-term deposits (in cooperation with other European banks norisbank offers the “interest market” to invest in international fixed-term deposits)
- Investment accounts (norisbank cooperates with maxblue by Deutsche Bank for investment accounts that come without monthly fees and reasonable transaction costs)
- Offers for credits and mortgages
- Insurances (customers can open household content, liability, legal, car and pet insurances in cooperation with QIRA’s digital marketplace)
5. Account opening: What steps to follow to get a norisbank account?
Opening an account is convenient, fast and done completely online. It follows the ordinary account opening process that we have described 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.
For any questions, do not hesitate to use the comment function!