A Glimpse into German Checking Account Fees: Verivox Survey Reveals 2024 Trends
Cost Increases in Paid Checking Accounts: A Verivox Survey Predicts a 20% Price Hike by 2024 - Rising fees for every fifth fee-based current account predicted by Verivox survey for 2024
Wanna know how much you're forking out for that checking account? Here's the lowdown
In a recent survey, Verivox disclosed some eye-opening statistics regarding fee variations in checking accounts across different banking institutions in Germany.
Approximately 29% of respondents found fees of 50 euros per year to be rather moderate, with 22% incurring between 50 and 99 euros, and more than one in five (21%) paying between 100 and 200 euros for account management.
It's worth noting that customers of savings banks tend to bear higher fees compared to their counterparts at direct banks and nationwide branch banks. Around 30% of savings bank account holders pay fees in the three-digit range, with 5% shelling out more than 200 euros annually.
"Savings banks maintain a presence in rural areas, which involves costs, thus they might get passed on to consumers," explains Oliver Meier from Verivox. However, the fee burden at other branch banks is "significantly less frequent" in the three-digit range.
On the flip side, customers of direct banks are more likely to enjoy a free checking account, with 43% enjoying this perk. Meanwhile, a quarter of nationwide branch bank customers also manage to get their checking account fee-free.
Verivox commissioned market research institute Innofact to survey 1003 adults in March, ensuring the survey is representative of the population.
Here's a quick rundown of the fee differences among the three main types of banks:
- Savings Banks (Sparbanks): Monthly fees are generally minimal but still can vary. ATM withdrawals are typically free at savings bank ATMs or within its network. Card fees, too, are generally lower than commercial banks.
- Direct Banks: Monthly fees are often waived, aiming to attract customers. ATM withdrawals often have some limits but may incur a small fee beyond that. Card fees are usually low or non-existent for basic debit cards.
- Nationwide Branch Banks: Monthly fees can range from 1.90 to 13.90 euros per month. ATM withdrawals are generally fee-free at bank-owned ATMs but may incur a small fee at other ATMs. Card fees can be higher, especially for credit cards and account management fees.
Keep in mind that specific average fees for each category in 2024 aren't publicly available. However, it's clear that direct banks offer the lowest fees, followed by savings banks, with nationwide branch banks potentially charging the highest fees depending on the services provided.
So there you have it. It's always wise to have a peek at the fees before joining a particular bank, so you don't get caught off guard with unexpected charges!
- In the Verivox survey, the fifth payable amount for a giro-account, linked to a particular bank, was found to be 2024 euros, as per the responses of one out of five respondents.
- The fees associated with savings banks tend to be higher when compared to their counterparts at direct banks and nationwide branch banks, according to the Verivox-survey.
- Fees were found to be the least at direct banks, according to the representative Verivox survey, with 43% of those banks offering free checking accounts to their customers.
- The Verivox survey revealed that savings banks have a larger presence in rural areas, which may result in higher fees for consumers due to associated costs, as explained by Oliver Meier from Verivox.