Deutsche Bank AktivKonto Checking Account Review: Opening Process and Features

Here in Berlin, I opened up a checking account at Deutsche Bank because they offered an online banking interface in English as well as free ATM withdrawals at Bank of America in the US. I chose the most basic account offered at Deutsche Bank, the AktivKonto. If you are a student 30 or below, the Student Account—the StudentenVorteilsKonto--is even better because it is free.

The other two kinds of checking accounts they offer are the PlusKonto and the BestKonto. The PlusKonto offers a second ATM card for free, among other services, which is great if you share the account with someone. The BeskKonto gives you a gold Mastercard or Visa credit card, which is unnecessary since I already have so many credit cards.

Here are my experiences so far as well as some first impressions of this checking account:

Opening Process

The opening process went very smoothly. I went to the Deutsche Bank branch at Potsdamer Platz and requested to open an account with an English-speaking banker.

I only needed my passport, no opening deposit needed. I don’t think he checked my credit. I signed a lot of papers and received my ATM card, ATM password, online banking password, and TAN numbers (more on these later) in the mail a few days later. Even though the online bank is in English, all the documents they sent me were in English.

Account Features, Transfers and Usability

For the basic fee of 4,49 euros per month, you get a checking account with no minimum balances. Since I was starting a new job, I asked to have the 50% career beginner bonus. This saves me half of the monthly basic fee. This applies to accounts opened during the first year of employment for one year and requires regular salary deposits for customers up to 31 years of age. Now I pay only 2,24 euros per month for the AktivKonto.

Features

Included in this account is an ATM and Electronic Cash card, which is the German version of a debit card. You can withdraw for free at Deutsche Bank ATMS or the ATMs of the Cash Group banks in Germany or abroad: Commerzbank, Dresdner Bank, HypoVereinsbank, and Postbank. Deutsche Bank’s international partners are Bank of America in the US, Barclays in the UK, BNP Paribas in France, Scotiabank in Canada and Mexico, and Westpac in Australia and New Zealand. If you withdraw from any other ATM, it is a whopping 5 euros per withdrawal!

Beware: the monthly statements are free, but they deduct postage from your account! You may print them for free at certain ATMs equipped with a printer.

In Germany, checks are dinosaurs—and you have to pay 1,50 euros per each check drawn and presented.

Transfers
All transfers are free online, and the transfer limit is 1000 euros per day. Receiving transfers from Germany, EU, and EEA countries are free as are issuing transfers via online banking. Transfers via remittance forms and telephone customer service cost 1,50 euros each as are repeating transfers set up, updated, or cancelled by telephone or at the bank branches.

Their online bank allows you to schedule transfers 60 days in advance and see the last 120 days of your account actions. For every transaction made online, such as online transfers or address change, you must enter a TAN number even after signing in with your password.

Transfers within Germany made via online banking up to 4p.m. will be executed the same day.

Standing orders is British for repeating payments. Updates or cancellations should be made at least 3 days before the date of execution.

Usability
The interface is very simple and utilitarian.

More Information

Customer Service: 0 18 18 – 10 00, open 24/7.
I have never called customer service, as the charge is 9,9 eurocents per minute.