Dramatically Slash Business Account Costs: Discover the Top German Bank Accounts Saving You Up To 925 Euros Annually
Commission has sought opinions on the following matters:
Sound the Alarm: Substantial savings are within your grasp when switching your business checking account. Don't miss out on potential savings of up to €925 per year!
With the right information, both freelancers and broad companies can slash their account costs significantly. The secret lies in scrutinizing the charges for individual booking items, which are the main drivers of prices for business accounts, as explained by financial experts in a recent survey commissioned by ntv.
Transaction Fees are the Name of the Game for Business Accounts
Unlike private accounts, business accounts are typically charged for each individual booking item transaction. The more card payments you make, the more transactions you generate, and the higher your fees will be at the end of each month.
Focus on Account Management Fees and Fee-Free Transactions
When searching for a budget-friendly provider, it's best to concentrate on the account management fee and whether high flat-rate fees at least allow for a generous number of free transactions each month.
Tailor Your Business Account to Your Needs
Business requirements vary depending on the business model and size. For businesses with 80 and 200 transactions monthly, the best options have been identified by FMH Financial Consulting.
For companies with 80 transactions, two providers stand out: Targobank and Commerzbank. Here, Targobank offers a flat-rate account management fee of €178.80 and 30 free items, with an additional €0.15 per transaction beyond 30 - resulting in yearly costs of €288.30. Commerzbank's annual total is €393.70.
Among regional banks, five institutions received the top rating of "very good" for data protection: Sparkasse Ansbach, Sparkasse Marburg Biedenkopf, Berliner Volksbank, Saalesparkasse, and Kreis- und Stadtsparkasse Wasserburg/Inn.
When it comes to more extensive companies with 200 transactions, only Targobank lands in the top, with costs of €492.30 yearly. Five regional banks received the top rating of "very good" for data protection once more: Sparkasse Ansbach, Sparkasse Marburg Biedenkopf, Berliner Volksbank, Volksbank Darmstadt Mainz, and Ostsächsische Sparkasse Dresden. The costliest provider (ranked 40th) in the survey charges €1,263 per year.
Costs are a Factor But Not Everything
"If we had examined all regional banks, we would likely have found even more significant differences between the least and most expensive providers," explains Max Herbst, CEO of FMH Financial Consulting. Smaller, local businesses often attach importance to personal contact and support, and they might not choose their business account based solely on price.
However, personal support and a favorable cost-benefit ratio are not mutually exclusive. For those dissatisfied with their current bank, this evaluation may provide inspiration - or consult the detailed version of the Giro comparison on ntv.de. Savings of €500 to well over €1,000 per year are more than worthy of consideration.
Keep in mind, though, that changing accounts brings associated costs, such as printing new letterheads, and the process requires time, as business partners and the tax office need to be informed about the new account details.
- Switching Costs
- Pricing
- Choosing the Right Bank
- Personal Support
- Data Privacy
- Business Growth
- Digital Solutions
- To maximize annual savings when choosing a business account, it's crucial to focus on account management fees, fee-free transactions, and minimizing transaction fees, as advised by financial experts.
- In addition to evaluating costs, personal support, data privacy, and business growth, it's important to consider the availability of digital solutions, as these can streamline operational processes and improve overall business efficiency.
