With its new checking account comparison, BaFin is responding to a long-standing demand from consumer advocates. The online offer is intended to help consumers make decisions.
Which account is right for me? In the jungle of fees associated with the various account models, the financial regulator BaFin offers consumers new orientation. This Wednesday (January 15th), the Federal Financial Supervisory Authority is launching a website at kontovergleich.bafin.de, which lists the costs and services of all current accounts for private individuals in Germany.
How much are the monthly fees for a checking account? Is there a credit card and how much does it cost? How high is the interest if the account is overdrawn? The portal is intended to provide answers to these and other questions. 27 comparison criteria are listed for all account models. According to BaFin, it includes almost 6,900 different account models from around 1,100 providers.
BaFin: No seal of quality or recommendation
With just a few clicks of the mouse, users can define the characteristics of their desired account and compare up to three account models directly, BaFin announces.
“The search results are presented neutrally and without advertising,” emphasizes the authority. The account comparison does not give “a recommendation for an account or a provider”, and the inclusion of offers is “not a BaFin seal of quality for account providers or their payment accounts, but is required by law”.
In addition to current accounts, the BaFin account comparison lists account models for minors, trainees, students or people in retirement. There are also so-called basic accounts: With the implementation of an EU directive, every person who is legally residing in the EU has been entitled to a current account in Germany since June 19, 2016. Previously, for example, people without a permanent address or refugees often found it difficult to open an account.
“Long-standing demand implemented”
The account comparison creates “transparency in the current account market,” says Federal Finance Minister Jörg Kukies (SPD). “Everyone can use the portal to find the account that suits them best, free of charge and with little effort,” says Federal Consumer Minister Steffi Lemke (Greens) in promoting the new offer.
Financial expert Dorothea Mohn from the Federal Association of Consumer Organizations welcomes the new platform, which implements a long-standing demand: “With the comparison website, more than 80 million consumers in Germany can now finally independently compare the costs of payment accounts. Anyone who finds their account too expensive and If you're looking for a new checking account, you can easily compare the conditions of all banks on the website.”
