No more penalties: DKB abolishes storage charges

In recent years, the conditions for holders of checking and savings accounts have been systematically deteriorating. The main reason for this was the radical policy of zero and negative interest rates of the European Central Bank (ECB). As banks charged high fees for custody of assets, financial institutions gradually passed this additional burden on to their clients. The result was so-called trust fees, popularly known as penalty interest. This means that anyone who bunkers more than the specified limit on their account pays the bank an annual fee.

Increasing the interest rates makes penalty interest redundant

Most financial institutions have given relatively high limits on exemptions between € 50,000 and € 100,000. The Deutsche Kreditbank (DKB), for its part, recently requested a payment of EUR 25,000. In response to soaring inflation in Europe, the ECB unexpectedly and drastically raised its main interest rate from 0% to 0.5%. July 21, 2022, and also raised the so-called deposit rate from -0.5 to 0 percent. This means that banks will no longer pay any fees if they temporarily park their money at the ECB. It also eliminates the need for financial institutions to charge customers a trust fee.

DKB removes penalty interest from all accounts

Many banks have not yet abolished penalty interest. Ironically, the DKB, which is particularly costly in this context, is now positioning itself as a pioneer and is saying goodbye to it as one of the first financial institutions. As the DKB informs on its official website, the storage fee for its customers will be passé from 27 July 2022. Anyone currently subject to the payment of penalty interest pays an additional fee proportionally only in the third quarter of the year up to the specified date. The cancellation of penalty interest applies to all DKB accounts and cards without exception. Conversion is automatic, no action on the part of the customer is required. In addition to DKB, a competitor of ING, among others already on July 1, 2022, it abolished the storage fee. Many other banks are likely to follow suit soon.

Girocard partner for free?

Girocard cash withdrawal fee

Fee for cash withdrawals by credit card from ATMs

free partner credit card?

Free as an active customer (AK), outside the euro area 2.2%

6.58% as AK, otherwise 7.18%

Free as an active customer, outside the euro area 2.2%

not from 700 euros of incoming money / month, otherwise 3.90 euros / month

in Germany, max. 6 withdrawals a month for free, then € 2; outside Germany 1% of sales (at least 6 euro)

in the first year, then only with a turnover of at least € 4,000 / year, otherwise € 29.90 / year

in Germany, 2% (at least EUR 2.11); across the EU free of charge; outside the EU 1.75%

free of charge with a monthly fee

Girocard for a fee, no cashback, no Apple Pay

not from 700 euros incoming money / month or as an active customer or under 28, otherwise 4.90 euros

free in Germany and the euro area, otherwise 1.75%

no (1.90 euro / month), free Visa debit card

4.90 euro; for Visa debit card: 3 withdrawals per month worldwide free of charge, from 4 transactions: 4.90 euro

free of charge with a monthly fee

not from 700 euros of incoming money / month, otherwise 9.90 euros / month

in Germany 1.95%, otherwise 1.95% + 1.75% + 0.59%

free with monthly fee, branches available

Credit card for a fee, no cashback

not from 700 euros of incoming money / month, otherwise 4.90 euros / month

from 50 euros free of charge in Germany with 1,200 ING machines, otherwise operator fees, except for Germany 5 euros

from EUR 50 free of charge in Germany and the euro area, otherwise 1.99%

free of charge with a monthly fee

2 euro / withdrawal for free with cash26

only virtual credit card, a physical Mastercard costs 10 euro / month

3 free withdrawals per month, extra 2 euro withdrawals, free with Cash26

no, but affiliate offers

Physical credit card and Girocard withdrawal from vending machines for a fee only

not for incoming payments of more than 500 euros / month or less than 21 years of age, otherwise 3.90 euros

Worldwide free with partners Dt-Bank and Cashgroup plus 12 free withdrawals with others, then at least 6 euros

Free for the first year, then € 24 / year

in Germany, 2.5% (at least EUR 6); also free of charge in the euro area; outside the euro area 1.75%

free of charge with a monthly fee

high interest rate on the overdraft, the credit card is no longer free from the second year

in Germany at Postbank / CashGroup ATMs free of charge

Free visas in the first year, then € 29.90 / year

in Germany, 2.5% (at least EUR 5); otherwise in the euro area free of charge; outside the euro area 1.85%

750 + 4300 partner branches

monthly fee, penalty interest from EUR 25,000, high interest on overdraft, no Google / Apple Pay

not from 600 euros of incoming money / month, otherwise 3.95 euros / month

EUR 10 from EUR 50,000 (more than EUR 100,000)

free of charge in Germany with 3,200 machines; otherwise 1% (at least € 5.95), outside Europe plus 2%

with a loan at Targobank’s ATMs free of charge in Germany and the euro area, otherwise 3.5% (minimum EUR 5.95); outside the euro area 1.85% + 2%

yes (with Visa Online Classic)

free with monthly fee, branches available

no cashback, no Google / Apple Pay

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