I need a German savings account

October 10, 2008 5:01 AM

What's the best account for saving money in Germany?

I have no savings right now, and that makes me a little worried.

In the US I would stick $100 a month into a money market savings account, but Deutsche Bank, my daily bank, requires a €5000 initial deposit, which I do not have, and their normal savings account only has a 0.50% interest rate which is a little low. I asked some coworkers for advice, but they could only suggest a Bausparkonto which I guess would penalize me for withdrawls.

So I ask you, friends of the internet, where is the best place to stick a few hundred euros a month with a minimal initial deposit, low hassle for transfers out of a German bank account, and no penalties for withdrawing money?

posted by cmonkey to work & money (6 comments total)

Does ING have a branch over there?

**checks**

Apparently so. I don't think they require an initial deposit (although my German isn't that good). It does look like you get €25 if you open an account with more than €5000.
posted by I_pity_the_fool at 5:46 AM on October 10, 2008

0.5% interest rate?! That's not even above inflation, isn't it?

In days like these I would almost suggest a coffee can under your bed, but some people would say I was being facetious.
posted by dunkadunc at 5:49 AM on October 10, 2008

The ING bank linked above seems like a good deal. Also they are a Dutch / English bank with the full banking garantee offered by the German Government.
posted by sebas at 5:52 AM on October 10, 2008

Etrade Germany accounts have a high interest rate for the moment.
posted by Your Time Machine Sucks at 6:10 AM on October 10, 2008

I've been happy with Postbank. I don't think they pay that much interest, though.
posted by oaf at 7:05 AM on October 10, 2008

ING it is, thanks!
posted by cmonkey at 11:09 AM on October 30, 2008