Massive cost differences in checking accounts | Chamber of Labor Styria, October 27, 2020

Graz (OTS) In line with the topic of (cost) saving around World Savings Day, AK market research compared the costs of 14 current accounts, among other things. Result: The costs are between 0 and 160.26 euros.

The annual costs were recorded for 160, 280 and 400 bookings per year and whether a credit card is included or not. If you disregard youth and student accounts, you pay for 160 and 280 bookings per year from 0 euros (DADAT Bank) to 132.88 euros or 137.28 euros (Steiermärkische). The prices of the accounts for 400 bookings are between 5.70 euros (DADAT Bank) and 160.26 euros (Raiffeisen-Landesbank Steiermark Graz account). Even with the same bank, the fees can differ greatly. At SPARDA-Bank five account models were compared: For 160 bookings you pay between 56.52 and 133.44 euros. In general, online banks are cheaper than branch banks. In the branch banks, however, you can contact the employees personally.
AK market researcher Josef Kaufmann: “You can only find the right account by analyzing your own payment behavior and your own needs.”

Account overdrafts are expensive

Especially if the overdraft of accounts happens continuously or for a longer period of time, you should think about rescheduling. Therefore, the AK market research also recorded the cost of loans (over 10,000 euros over five years): The effective interest (all costs and fees included) are between 3.5 and 7.38 percent and are therefore lower than the overdraft interest.

AK demands: remember better information and the interest cap

Since everyone needs actual access to an account, the banks should provide information about the basic account on their websites, according to Kaufmann. In addition, the overdraft once granted should not be able to be withdrawn overnight. As in the Consumer Credit Act, a six-week deadline should be observed. According to the Payment Services Act, those who permanently exceed their account limits must be informed by the bank about a suitable installment loan. Kaufmann: “But the loan should also be granted.” In addition, the AK is calling for debit interest to be reduced in view of the current low level of interest rates – to consider an interest cap.

The study can be found at

Inquiries & contact:

Chamber for workers and employees for Styria
Marketing & Communication
Hans-Resel-Gasse 8–14
8020 Graz


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