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In 2019, 400 German banks increased prices for current accounts
Since the beginning of October, Deutsche Bank customers have also been paying higher account management fees. The asset account alone has risen by 38 percent within two years. “We see that the banks are turning a lot of screws, the basic price of the account is not always affected,” says Ania Scholz-Orfanidis from FMH-Finanzberatung.
For example, Commerzbank now charges EUR 2.50 instead of EUR 1.50 for each paper transfer. According to a survey by the consumer portal Biallo, around 400 of 1,300 German financial institutions had already increased their prices for current accounts last year. On average, the prices for online and traditional branch accounts rose by around 30 percent and for premium accounts, which cover a large part of common banking services, by around 20 percent.
Thomas Wollmann, Director of Investors Marketing Foto: Investors Marketing
However, bank customers are unlikely to come to terms with such price increases in the future. The likelihood of migrating to another bank increases. This is the result of a new current account study by the management consultancy Investors Marketing on current accounts. According to the study, the pain threshold has been reached for price-sensitive customers. “Simple increases in the basic price, for example by EUR 1 or EUR 2, can no longer be implemented without an increased risk of migration,” says Thomas Wollmann, Director of Investors Marketing.
The account costs 3.90 euros per month
Perhaps that is one of the reasons why the Sparkasse Holstein decided on a completely new account model. “We have built a giro platform that connects the people in our region with their attitude towards life, and we have enriched it with the added value and services of our foundations,” says Steffen Müller, press spokesman for Sparkasse Holstein. To make the decision easier for customers, an account has been pre-selected for them. Anyone who does not need additional services “can opt for the GiroPur alternative model with individual price invoicing,” says Müller. The account costs 3.90 euros per month. But since every service from standing orders to bank transfers to card payments in the supermarket has to be paid for individually, it can quickly become expensive.
In contrast, all the usual banking services are included in the price of the value-added accounts. With the exception of the cheapest value-added account for 7.70 euros, the other two models also come with a free standard credit card. Additional services outside of the banking sector include discounts when booking trips and with partners in the leisure, catering and retail sectors. “The craftsman’s emergency service, glass breakage insurance for cell phones and the door opening service have been particularly popular so far,” says Müller. Anyone looking for a property will see the Sparkasse’s offers a few days earlier than any other interested party. “We do not react to offers from competitors with the account, but pursue our own strategy with our new account models,” says Müller.
Haspa has successfully positioned itself on the market with value-added accounts
In any case, Haspa has successfully positioned itself on the market with its value-added accounts, which are used by 850,000 customers. This means that around 80 percent of current accounts are kept as wild cards. “So we seem to have done a lot right, because the Joker not only convinces our customers, but also other savings banks,” says Haspa spokeswoman Stefanie von Carlsburg. After the prices were raised in 2016, “no changes to the account management fees are currently planned,” says von Carlsburg. A trial campaign is currently running, in which customers can use the Joker comfort account (EUR 10.90) for six months at the price of the Joker smart account (EUR 7.90).
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The current account on which the salary is received is, as most customers understand, the so-called house bank account. “70 percent of customers define their house bank via the incoming salary on the current account,” says Wollmann from Investors Marketing. Savings banks and Volksbanks as well as Raiffeisenbanks have a house bank quota of more than 90 percent.
In contrast, commercial banks have a quota of almost 58 percent and direct banks of only around 39 percent. “As a result, direct and commercial banks have in the past succeeded in winning accounts on the market with new customer measures. But more than just an account is necessary for sustainable penetration and emotional customer loyalty, ”says the expert.
Many banks are correcting their strategy
That is why many banks are correcting their strategy. For years Commerzbank has advertised with its free current account and for these campaigns also waived the monthly payment that is actually necessary. Not anymore. From October 1st, new Commerzbank customers who do not have a minimum incoming payment of EUR 700 will pay EUR 9.90 per month account management fee. This rule is waived for existing customers.
At ING, too, a monthly payment of 700 euros is now required for free account management. Volkswagen Bank has abolished the free current account. “The banks want active customers and not dead accounts,” says Scholz-Orfanidis from FMH-Finanzberatung: “Although there will continue to be free current accounts in the coming years, they increasingly require a certain amount of money or salary.”
There will always be exceptions
But there will always be exceptions. The HypoVereinsbank promises free of charge for five years with its PlusKonto, which actually costs 9.90 euros per month. After that, the price can still be zero if you use many other financial products from HypoVereinsbank. The comparison portal Biallo found 38 current accounts that are free of charge without any conditions.
These include offers from Degussa Bank, Santander Bank, Comdirect, Norisbank, Consorsbank, DKB and 1822direkt, the direct bank of the savings banks. The Sparda-Bank Hamburg also offers a free current account, but Biallo does not count this because an annual fee is due for the EC card.
Another provider for a free account has now started. In addition to a free account, the C24 bank of the Check24 comparison portal also offers a premium account for 9.90 euros that includes reimbursements for purchases on Check24 as well as extensive insurance benefits. However, the accounts do not have an EC card, only a credit card that can be used to withdraw money from ATMs free of charge.
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