Cologne The checking account forms the basis for day-to-day payment transactions. According to figures from the Deutsche Bundesbank, the total number of current accounts at financial institutions in Germany was around 114 million at the end of 2021.
A study by the market research institute “dreiakt” has shown that a narrow majority of 51 percent of Germans have only one bank account. 47 percent stated that they maintained two or more bank accounts. According to the survey, every German has an average of 1.7 bank accounts.
Many banks still offer free checking accounts. But that could soon come to an end. “The free checking account without conditions will soon no longer exist,” says Max Herbst from FMH financial advice. His prognosis: Either the checking account will be linked to minimum cash receipts or even to salary or pension receipts. “But you shouldn’t demonize a bank because it charges for a service. The question is how high and valuable the service is,” says Herbst.
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