There aren’t many banks that provide a Free Business Account in Germany. Specially if you are a Freelancer, Sole Proprietor, Self Employed or a Small Business owner in Germany. Even with limited options, I am sure with the help of this guide you will find a Free Business Account that suits your needs in Germany.
I analyzed the the best free business accounts in Germany for this comparision. However I found just four banks and FinTechs that offer both free and paid account models for business customers. Specifically for Freelancers, Sole Proprietors and Self Employed, the following are the best options available without any account management fees.
Recommended
Basic Fee
€0.00
Free Bookings
50 /month
Costs / month
€0.00
- Business account for freelancers/self-employed people
- Business account with no account management fees
- All-in-One: Banking, Invoicing, Accounting
- No outgoing SWIFT transfers
Basic Fee
€0.00
Free Bookings
€0.00
Costs / month
€0.00
- 3 free euro withdrawals per month
- 0.1% cashback on all purchases
- Cannot be used if you already have a private account with N26
Basic Fee
€0.00
Free Bookings
50 /month
Costs / month
€0.00
- No basic fee for the self-employed and freelancers
- Account opening in 7 minutes with instant IBAN
- Cash solution and credit offers
- Support via email or telephone
Basic Fee
€0.00
Free Bookings
10 /month
Costs / month
€0.00
- Free account for self-employed people
- Virtual Mastercard facilitates online transactions
- Optional overdraft limit between €500 and €5,000
- No physical payment card included
- No outgoing SWIFT transfers
Can you use a Private account instead of a Business Account in Germany?
A business account in Germany is like a private checking account, but it’s specifically for business purposes. It’s useful for self-employed individuals, freelancers, and companies to keep their business and personal finances separate. Business accounts also have extra features that private accounts don’t have.
Technically, if you are a freelancer or self-employed you can use your private account for your business. You are considered natural persons under the law, just like partnerships, and you aren’t required to have a business account. However, it’s still beneficial for you to have a separate account to keep their business and personal finances clear.
On the other hand, legal entities like corporations (e.g., UG or GmbH) are required by law to open a business account. They need it to handle all their business transactions, including depositing share capital or shareholder contributions.
Even though business accounts aren’t legally required for self-employed individuals and freelancers, many banks don’t allow them to use their private account for business transactions. Banks often have terms and conditions that prohibit the use of private accounts for business purposes.
Your Bank may ask you to open a seperate Business Account in Germany if you are a Freelancer, Sole Proprietor or Self Employed. If you don’t do that, the bank may close your Private Account.
Finom Solo – Free Business Account in Germany
Finom is a FinTech company from the Netherlands. They collaborate with Berlin-based Solarisbank, which is a German bank with a FinTech background.
The Finom Solo Free business account in Germany is a basic option available to companies of all legal forms. Additionally, Finom offers three other paid account models for their business customers. Companies of all legal forms can open an account with Finom.
The Finom Solo business account comes with accounting and invoicing software. Cashback on card payments is only available for the paid account models. With Finom Solo, you will receive a virtual credit card, but you have the option to order a physical credit card. However, current account credit and other financing options are generally not available for Finom Business accounts.
| Provider | PNL Fintech BV |
| Bank | Solaris Bank |
| Supervision | BaFin |
| Deposit Insurance | €100,000.00 |
| Open Free Finom Business Account |
| Free Bookings | 50 per month |
| Transfer Fees | €0.20 after Free Bookings |
| Instant SEPA Transfers | €1.00 |
| Free SWIFT Transfers | No |
| Open Free Finom Business Account |
| Sole proprietors & self-employed people | Freelancer, Trader, Sole Proprietor, Sole trader (eK) |
| Corporations | GmbH, GmbH & Co. KG, KGaA , UG, Ltd |
| Partnerships & others | GbR, OHG, PartG, eG, KG |
| Corporations in formation | UG and GmbH in formation |
| Open Free Finom Business Account |
N26 Standard – Free Business Account in Germany
N26 is a bank based in Berlin, founded in 2013. They offer the N26 Business Standard account, a free company account specifically designed for self-employed individuals and freelancers.
The N26 Business Standard account provides unlimited paperless transactions, three free euro withdrawals per month, and a virtual debit card. You can also order a physical debit card for a one-time fee. While N26 currently doesn’t offer a credit card with an overdraft limit, you can still set up an overdraft for the free N26 Business Standard business account. If you already have a Free Personal Account from N26, you cannot open then business account
| Provider | N26 Bank AG |
| Bank | N26 Bank AG |
| Supervision | BaFin |
| Deposit Insurance | €100,000.00 |
| Open Free N26 Business Account |
| Free Bookings | Unlimited |
| Transfer Fees | €0.00 |
| Instant SEPA Transfers | €0.49 |
| Free SWIFT Transfers | No |
| Open Free N26 Business Account |
| Sole proprietors & self-employed people | Freelancer, Trader, Sole proprietor, Sole Trader (eK) |
| Corporations | No |
| Partnerships & others | No |
| Corporations in formation | No |
| Open Free N26 Business Account |
Fyrst Base – Free Business Account in Germany
FYRST is a FinTech company under Deutsche Bank. Freelancers, sole proprietors, and partnerships can use the Fyrst Base business account for free. Other types of companies have a monthly account management fee of €6, or they can choose the FYRST Complete online business account for €10 per month. The services provided by both accounts are very similar, with some differences in booking limits and costs for certain services.
Cash withdrawals can be made nationwide at Cash Group ATMs (Deutsche Bank, Commerzbank, HypoVereinsbank). Account users can also make cash deposits and paper-based bookings at Deutsche Bank branches. Cash deposits and withdrawals are also available at favorable conditions within the Cash Group ATM network.
Self-employed individuals, freelancers, or partnerships that have been in business for at least a year can receive a current account loan and growth financing for the FYRST Base online account, even if they use it for free. FYRST also offers various financing options for business customers. FYRST Base includes a debit card by default, but it is also possible to request a credit card.
| Provider | Fyrst |
| Bank | Deutsche Bank AG |
| Supervision | BaFin |
| Deposit Insurance | €100,000.00 |
| Open Free Fyrst Business Account |
| Free Bookings | 50 per month |
| Transfer Fees | €0.19 after Free Bookings |
| Instant SEPA Transfers | €0.40 |
| Free SWIFT Transfers | No (1.5% Fee) |
| Open Free Fyrst Business Account |
| Sole proprietors & self-employed people | Freelancer, Trader, Sole proprietor, Sole Trader (eK) |
| Corporations | No |
| Partnerships & others | No |
| Corporations in formation | No |
| Open Free Fyrst Business Account |
Kontist Free Business Account in Germany
Kontist GmbH is a Berlin-based FinTech company established in 2016. They offer two paid business accounts, along with a free online account specifically designed for freelancers and the self-employed. Kontist GmbH collaborates with Kontist Service GmbH and Kontist Steuerberatungs GmbH for their business accounts, and they work with Solarisbank for traditional banking services.
The Kontist Free account is a free option that allows for unlimited paperless transactions and provides a virtual Master Debit Card. Users can set up an overdraft limit ranging from 500 to 5,000 euros. Account activities are communicated to users in real-time through push notifications.
The free business account offered by Kontist only includes basic banking services. Additional features such as accounting and invoicing software, a DATEV interface, and automatic real-time tax calculation are only available in their paid business accounts. Depending on the individual’s creditworthiness, a current account credit ranging from 500 to 5,000 euros can be arranged.
| Provider | Kontist GmbH |
| Bank | Solaris Bank |
| Supervision | BaFin |
| Deposit Insurance | €100,000.00 |
| Open Free Kontist Business Account |
| Free Bookings | 10 per month |
| Transfer Fees | €0.15 after Free Bookings |
| Instant SEPA Transfers | €0.35 |
| Free SWIFT Transfers | No |
| Open Free Kontist Business Account |
| Sole proprietors & self-employed people | Freelancer, Trader, Sole proprietor, Sole Trader (eK) |
| Corporations | No |
| Partnerships & others | No |
| Corporations in formation | No |
| Open Free Kontist Business Account |
Free Business Account – Not in all cases
Whether a business account in Germany remains free or not depends on how it is used and the type of account.
When comparing the four free business accounts in Germany, you’ll notice that each account model offers different services. The actual costs for the free business account will depend on the specific services provided and the fees charged by each provider.
Both Kontist and N26 Bank offer unlimited paperless transactions at no extra cost for their free account models, Kontist Free and N26 Business Standard. The other three accounts have a limit of 50 free paperless transactions, with additional charges for any transactions beyond that.
Finom allows free cash withdrawals from ATMs up to a maximum of 10,000 euros per month. N26 Bank offers three free withdrawals per month for their free N26 Business Standard account. However, FYRST and Kontist generally charge fees for cash withdrawals.
Not all free account offers provide the option for cash deposits and paper-based transactions. If these services are available, they usually come with a fee. It’s worth noting that FYRST offers low-cost cash deposits, with a fee of only €0.01 per deposit.
Conclusion
A free business account in Germany is beneficial for self-employed individuals and freelancers who have low transaction volumes and primarily use the account online.
However, there are only a few providers that currently offer free business accounts in Germany. These accounts typically offer basic banking services and may provide various types of financing, depending on the provider. Some FinTech companies, like FYRST and Finom, offer accounting software for both their free and paid account models.
To determine if a business bank account without an account management fee is suitable for your needs, it’s important to compare different offers. Figure out your requirements and consider the conditions for the banking services offered.
If you have a high number of monthly transactions and frequently withdraw cash, a free business account may not be the best choice. The variable costs associated with transfers, cash withdrawals, and other transactions are often higher than the account management fee for a business account that offers a wider range of services.
You can head over to the Banking or Credit sections if you are looking for the Best Free Bank Accounts in Germany or want the Best Free Credit Card in Germany!