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Best Online Banks in Germany picked by Monito

Best Online Banks in Germany in 2024: Fees, Features, and More

Byron Mühlberg, writer at Monito.com
Jan Watermann

Reviewer

Jan 9, 2024
Advertiser disclosure

Standing out from traditional banks with their particularly low fees, attractive exchange rates for international payments, user-friendly apps, and interesting features, online banks have had a lasting influence on the German banking industry in recent years.

Today, there are more online banks in Germany than ever before, which — as we'll see — can be both a curse and a blessing. This is because, while the intense competition leads to lower fees and better features, getting an overview of the options is becoming increasingly difficult.

In this guide, we introduce you to the seven best online banks in Germany and help you to find the best provider to meet your individual needs.

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We recommend Revolut if you're looking for a smart digital alternative to traditional banks since it's probably the most complete online bank in Germany. If you sign up with our link below, you'll get a €10 top-up for free!

How Monito Scores Online Banks

To determine which online banks scored better than others in Germany, we used a consumer-first framework to analyse several key factors. To begin with, we weighed a number of concrete metrics relating to factors such as fees and rates, ease of use, credibility, service and coverage, transparency, and customer satisfaction to piece together a reliable all-around picture of which top digital banks offer the savviest solutions to German residents.

Next, we explored these results and presented our findings in the form of a series of key takeaways that we believe you should know about the three digital banks ranked highest.

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In our definition of "online bank," we only consider online-first banks and not traditional legacy banks that have pivoted to digital banking in recent years while still maintaining a brick-and-mortar infrastructure.

While we ranked these online banks on an overall list, bear in mind that this list does not mean that our choice for the Germany's best digital bank is necessarily the best choice for you. As you'll see, each online bank comes with its own unique set of pros and cons that may impact its overall relevance to you.

Without further ado, let's go through our rankings for the top online banks in Germany in 2024 —

Compare the Best Online Banks in Germany

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  1. Wise Multi-Currency Account Monito Score 8.9
    open
    • Languages
      English +21
    • Country availability
      Austria +37
    • Services
      Multi-currency account
    • Monthly fee
      Very low
    • Card delivery time
      Mid
    • Best for
      Spending while abroad
    • Bank details
      Euro IBAN +11
    • Supported currencies
      US dollar +50
    • Overdraft
    • Annual interest rate
      Very low
    • Supports cash deposits
    • International transfers
  2. Yuh Monito Score 8.6
    open
    • Languages
      German +3
    • Country availability
      Switzerland +5
    • Services
      All-in-one finance app +1
    • Monthly fee
      Very low
    • Card delivery time
      Fast
    • Best for
      Trading stocks or cryptos
    • Bank details
      Swiss IBAN
    • Supported currencies
      Swiss franc +12
    • Overdraft
    • Annual interest rate
      Low
    • Supports cash deposits
    • International transfers

N26: Best Free Current Account

Arguably the best-known mobile bank, N26 is a widely-used and much-loved German online bank with around seven million customers across the EU. N26 is also partnered with Wise's money transfer service, allowing in-app international money transfers at some of the best exchange rates on the market. Because of its complete current account offering, we recommend N26 to just about anybody interested in low-cost banking.

  • Account name: N26 Standard
  • Account type: Current (German bank details).
  • Total cost: €0 per month.
  • Noteworthy features: Instant social payments, overdraft facilities, cash deposit (in Germany, Austria and Italy).
  • More info: See our full N26 review.

Tomorrow: Best for Sustainability

Tomorrow is a fintech company affiliated with German bank Solarisbank striving for positive impact and claiming to put sustainability before profit. Customers can choose between three sustainable current accounts, the first two coming with a plastic Visa debit card, and the premium tier coming with a wooden Visa debit. We particularly think Tomorrow's basic 'Now' account is the ideal choice for sustainability-oriented customers due to its low all-around costs and pro-sustainability investments.

  • Account name: Now
  • Account type: Current (held by Solarisbank, German bank details).
  • Total cost: €3-€9 per month (depending on how much you withdraw).
  • Noteworthy features: Climate contributions, savings pockets
  • More info: See our full Tomorrow review.

Revolut: Best All-Rounder

A major name in the digital banking sphere, Revolut has stood at the forefront of Europe's low-cost online financial services sector in recent years. With over 12 million users, the London-based fintech is not only available in Germany but across the world. However, because it's not yet a bank in all EU countries, we think Revolut is best used as a spending tool next to a main bank account, as opposed to in place of it.

  • Account name: Standard
  • Account type: Current (Lithuanian bank details).
  • Total cost: €0 per month.
  • Noteworthy features: UK bank account details, multi-currency balances.
  • More info: See our full Revolut review.

Wise: Best Multi-Currency Account

Wise is not a bank but a money transfer operator well-known for offering some of the cheapest international transfers globally. (In fact, according to our rankings, Wise is indeed the best money transfer service of all.) However, money transfers aren't Wise's only game; they also offer the Wise Multi-Currency Account — a low-cost foreign currency spending account and card product that's best in class on the market.

  • Account name: Multi-Currency Account
  • Account type: Electronic Money Account (held by Barclays in the UK, Wells Fargo in the US, DBS in Singapore, etc.).
  • Total cost: €0 per month.
  • Noteworthy features: International money transfers, multiple account details, multi-currency balances.
  • More info: See our full Wise Multi-Currency Account review.

bunq: Best Paid Current Account

Dutch neobank bunq doesn't really lift a candle to some of the other contenders on this list in terms of affordability. That's because bunq doesn't offer a free account, and many of its services come with additional fees. However, for those who don't mind paying higher fees every month for an online bank account, then bunq comes packed with many interesting features and perks to take advantage of.

  • Account name: Easy Bank
  • Account type: Current (French, Spanish, German, or Dutch bank details).
  • Total cost: €2.99 per month.
  • Noteworthy features: Bill splitting, Wise money transfer integration,
  • More info: See our full bunq review.

Vivid Money: Best Cashback

A partner of German bank Solarisbank AG, Vivid Money isn't a bank in and of itself but a fintech company offering a digital account and card. By combining a checking account with cashback features, Vivid Money users can save up to 25% on everyday purchases and easily refinance the account management fees of €9.90 per month that comes with the premium tier (although there is a free tier too offering less cashback). This excellent cashback is the reason we think Vivid Money has the best rewards program of any online bank in Germany.

  • Account name: Vivid Prime
  • Account type: Current (held by Solarisbank, German bank details).
  • Total cost: €9.90 per month.
  • Noteworthy features: Cashback program, fractional investment (stocks, ETFs, crypto, precious metals), multi-currency balances, insurances.
  • More info: See our full Vivid Money review.

Starling: Best EUR Account for UK Residents

Starling Bank is a fully-authorised bank in the UK that's well known for its fee-free current account. In fact, because this account is entirely free and gives you access to an impressively complete range of financial services (including overdraft facilities, loans, joint accounts, youth cards, pensions, Euro and US dollar accounts, interest, etc.), we think Starling offers the best online bank in the UK — one we recommend as a complete replacement for an account at a high-street bank.

  • Account name: Personal account
  • Account details: UK IBAN
  • Licensing: Bank
  • Total cost: £0 /month.
  • Noteworthy features: EUR and USD bank account details, savings, pension scheme, youth card, interest, overdraft.
  • Availability: United Kingdom only
  • More info: See our full Starling Bank review or go to the website.

The Best Online Banks in Germany Compared

To wrap things up, let's take a look at how the product, service, and pricing of a few of the online banks we explored compare to one another in Germany. We've chosen to compare the standard plan of Vivid Money, Tomorrow, bunq, and N26 because of their similar all-round product offerings:

Last updated: 26/11/2021
¹ Uses Wise's platform for international money transfers
² First card only
³ Germany, Austria and Italy only

FAQ About Online Banks in Germany

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