Comdirect was named Germany’s Best Bank by Euro Magazine. But does Comdirect provide the best free bank account in Germany? I’ll discuss that by sharing the Features of Comdirect bank and some of the things you need to be careful about when you open the Free Bank Account from Comdirect.
Comdirect Free Bank Account in Germany
Free Comdirect Bank Account
The Active Current account from Comdirect comes with a fantastic deal – it’s completely free for the first 6 months after opening, and even after that, there’s no account management fee!
All you need to do is fulfill just ONE of these three conditions:
- Have a monthly minimum income of €700
- Use Apple Pay or Google Pay at least 3 times a month for payments at supermarkets, shops, or petrol stations which won’t cost you a thing as I will share later on in the guide
- Make one trade or execute a securities savings plan on a comdirect broker account per month.
Free Comdirect Bank account for Students
If you happen to be under 28 and fall into the categories of a student, pupil, trainee, or intern, you’re in luck! The account will remain free for you, regardless of meeting any of the conditions mentioned earlier.
But, here’s the catch: If you don’t meet any of these conditions, a monthly account management fee of €4.90 will be charged. So, make sure to keep an eye on those conditions to enjoy all the benefits without any extra charges!
Free visa debit card and Starting Credit
When open the free bank account from comdirect , you’ll get a Visa card with no annual fee. It’s important to note that this is a debit card, not a credit card. So, whenever you make a payment, the amount is immediately deducted from your current account.
It’s a convenient and hassle-free way to manage your finances. Comdirect often runs a new customer campaign where you can get a welcome bonus of 50 euros. It’s super easy to claim, simply use this link to signup and follow the process.
How to Withdraw Cash with Comdirect
When it comes to cash withdrawals with your Visa card, here’s the deal: you can enjoy free cash withdrawals worldwide, but keep in mind that it’s limited to 3 withdrawals per month.
The good news is, there are no additional fees for foreign transactions or currency conversions. However, it’s worth noting that in certain countries, ATM operators may charge their own fees, and unfortunately, German banks don’t reimburse these fees.
To tackle this, If you’re traveling to countries where ATM fees are common, consider using a travel credit card for card payments instead. That way, you can enjoy free card payments worldwide. To take advantage of that You can use one of free credit cards in Germany like the TF Bank Mastercard Gold or head over to the Credit Section to checkout more options.
Comdirect Bank Girocard
Now, if you’d like, you can add a Girocard to your account for just 1 euro per month. This card allows you to withdraw money as often as you like from Cash Group ATMs across Germany without any fees.
The Cash Group includes Commerzbank, Deutsche Bank, Hypovereinsbank, and Postbank. What’s more, the Girocard lets you withdraw cash for free at Shell gas stations and various retail stores like dm, Rewe, Penny, and Aldi Süd.
and here’s an extra tip: You can also make cash withdrawals at retail stores using the comdirect app, even without the Girocard. Just keep in mind that withdrawals made through the app are treated the same as those with the Visa card.
So, the monthly limit of 3 free cash withdrawals still applies. If you exceed this limit, each additional cash withdrawal at an ATM or through the app at a checkout will cost a flat rate of 4.90 euros.
Cashless and Contactless payment with Comdirect
When it comes to countries that use the euro as their national currency, you’re in luck! You can use your Visa card to make payments without any charges. However, if you’re outside the euro area, foreign currency fees will apply.
Additionally with this free bank account in Germany , you can make mobile payments using either Apple Pay or Google Pay. The best part? Both Apple Pay and Google Pay are completely free for you to use. And if you’re a fan of Garmin devices, you’ll be happy to know that Garmin Pay is also available for free mobile payments.
Now, when it comes to depositing cash, it’s worth noting that many direct banks don’t offer this service for free. However, with the comdirect account, you have the option to use deposit machines and counters at Commerzbank branches up to three times a year at no cost. For any additional deposits, there’s a flat rate fee of EUR 4.90.
Comdirect Online banking and real time transfers
With the comdirect account, you can enjoy online banking even if you don’t want to use your smartphone. How? Well, if you opt for mobileTAN, all your online banking can be done via SMS. It’s as simple as that to confirm your transactions securely.
But that’s not all the comdirect account has to offer. Get ready for instant payments and real-time transfers! When it comes to receiving money, it’s absolutely free. However, if you want to send a real-time transfer, there’s a flat rate fee of just 1 euro.
With all of its features There are however some things that you do need to consider with the Free Comdirect Bank Account
Comdirect Bank Account management fee
Here’s the deal: account management is completely free, but there’s a catch. You need to meet at least one of the conditions. Don’t worry, though, the minimum payment required is set at a fairly low amount of €700.
This €700 doesnt have to come from an employer, you can simply transfer this amount from another account that you have. But hey, if you can’t or simply don’t want to meet that condition, there’s another option for you.
All you need to do is make three payments per month using Google Pay or Apple Pay, and voila! You’ll be exempt from the account management fee. The best part? There’s no minimum turnover required, and you won’t have to worry about any additional fees.
Oh, and here’s another way to dodge that account management fee: if you make a trade or execute a savings plan on a comdirect depot, you’re also in the clear. So, keep these options in mind to enjoy a fee-free account management experience.
Limited withdrawals and Cash deposits:
If you decide not to order the Girocard, you’ll have 3 free withdrawals per month available with both the app and the Visa card. So, keep that in mind to manage your cash withdrawals wisely.
When it comes to depositing money with the comdirect account. Good news! Depositing money is completely free of charge. However, there’s a limit of 3 deposits per year that you can make without any additional fees. If you exceed this limit, each additional deposit will cost a flat rate of EUR 4.90.
Foreign currency fee with Comdirect Bank Account
Withdrawing money with your comdirect Visa card is absolutely free no matter where you are in the world. How awesome is that? But here’s a small catch: when it comes to card payments, they can only be made in euros.
So, if you find yourself outside the euro zone, there’s a foreign currency fee of 1.75% that you need to keep in mind when using your card for payments.
But don’t worry, you can use the TF Bank travel credit card that you can add to your wallet. This card will come to your rescue, helping you avoid those pesky foreign currency fees. And the best part? It’s absolutely free! So, stay tuned to discover this fantastic travel companion.
Comdirect High Overdraft fee
Currently, the annual interest rate for the overdraft facility is 10.65%. Now, when we compare this to what many other banks offer, it falls somewhere in the middle range.
So, what does that mean for you? Well, it means that the interest rate is not the highest out there, but it’s also not the lowest. It’s kinda like finding yourself in the middle of the pack. But as a Viewer of Ahsan Finance I am sure you know that you should never use this option.
Comdirect Premium Account Options
In addition to the Free Active Account from Comdirect, there are also some premium offers.
Comdirect Extra checking account
First up, we have the Extra checking account, which comes at a monthly cost of €2.90. With this account, you get some cool extras. Instead of just 3, you’ll have 5 free cash withdrawals worldwide. Plus, you’ll receive a real credit card with no annual fee, allowing you to make payments worldwide without worrying about foreign currency fees. And here’s a bonus: real-time transfers are free too!
Comdirect Girokonto Plus checking account
Next, we have the Girokonto Plus, priced at €9.90 per month. With this account, you can withdraw cash as often as you like, no charges involved! That’s right, no limits on those cash withdrawals worldwide.
Just like the Extra account, you’ll also enjoy a real credit card without an annual fee, making it convenient for your international transactions. But wait, there’s more! You can deposit cash as frequently as you want, completely free of charge. And yep, you guessed it, real-time transfers are on the house as well.
Travel Insurance with Comdirect Bank Account
But here’s the real cherry on top: the travel care package. This amazing bundle includes various travel insurances to keep you protected. You’ll have travel cancellation insurance, covering the whole family up to EUR 10,500.
There’s also travel health insurance, ensuring coverage for the whole family when traveling abroad. Don’t worry about your luggage either, as there’s luggage insurance with compensation of up to EUR 1,500. And let’s not forget rental car protection, which covers your deductible up to EUR 1,000.
Plus, you’ll have round-the-clock emergency services, including telephone support, emergency cash, and emergency replacement for travel documents.
Is the Free Bank Account from Comdirect worth it?
The comdirect free bank account has some pretty cool conditions on offer. This free bank account in Germany allows you free Apple Pay or Google Pay three times a month. Plus, they throw in a Visa card at no extra cost, making it a breeze to withdraw money three times a month anywhere in the world, completely free of charge.
If Comdirect Bank’s features don’t work for you, then head on to the Banking Section where I compare other Free Bank Accounts in Germany.
Disclaimer: None of the content in this article is meant to be considered as investment advice, as I am not a financial expert and am only sharing my experience with stock investing. The information is based on my own research and is only accurate at the time of posting this article but may not be accurate at the time you are reading it.