Community account comparison 2022

Jointly opened current accounts, which are used for example, in order to settle common expenditures together, are called joint accounts. The variety of joint accounts is as great as the useful applications. Here you can find out all the pros and cons of this form of account, as well as the best tips around deciding on the right bank offer.

What is a joint account?

Probably almost all people in Germany are very familiar with the use of current accounts. Joint accounts are current accounts that differ in that they are opened jointly by two people. So two account holders are on record. For example, there are partner accounts designed for couples to cover joint fixed costs. Accounts for shared apartments also fall into this category, which are also used for common expenses related to housing.

In principle, two people must not only be users but also account holders, so that an account is considered a joint account. The account can then be used by both without constant consultation.

As practical as this form of account can be, it also comes with risks. Because even if the account is overdrawn, for example, both persons are equally liable.

Open a jointly managed checking account

Most joint accounts in Germany can be opened online directly via the banking institution's website. First, however, you should find out exactly which bank you want to do this too. For, depending on the requirements, there are different rates and costs, which can sometimes make up considerable differences.

Whether ING-DiBa, Deutsche Bank or Comdirect joint account – the offer in Germany is huge. To determine the ideal provider, we recommend using our joint account online comparison. No matter whether you live in the country or in the city – it helps you to get an overview of the offers of different institutes and thus facilitates your decision.

Community account comparison

Different requirements in a community need different accounts. Therefore, when you start comparing different offers online, you should then keep in mind different aspects, features and services. As a first step, it is advisable to create a list of functions that your bank account should have and sort them by relevance:

Free or fee-based bank account

For communities, which as joint account holders only rarely want to use the services, a free checking account may be sufficient. However, banks require regular cash inflows for free account management. Month after month a different minimum amount is expected as entrance with the free account management from bank to bank. ING-DiBa, Deutsche Bank, Sparkassen or Comdirect – every institution in this country comes up with different solutions for a free checking account. For younger people, such minimum deposits are often set lower, so that the accounts can remain free of charge for young people.

With fee-based joint accounts are monthly basic fees to pay, but transfers, bookings and other aspects are not infrequently cheaper than the alternative free joint account.

Functions and services

Aspects such as free cash withdrawals and payment options are also important points to consider. Free cash withdrawals are especially important if you want to settle daily expenses with the account, which are not to be made by standing order or direct debit. This also includes the overdraft interest, if you plan to overdraw the bank account from time to time. Here, of course, the interest rate is the most important criterion. This is usually negotiable directly with the bank. If one would like to have thus a free joint account, an overdraft facility at low interest rates is possible, provided that the finances are correct.

Fees are not everything, of course. Benefits and services play a major role. Among the services now offered with many such jointly managed checking accounts:

  • Get a free debit card (Visa debit card or Mastercard)
  • Use via app
  • Withdraw money for free
  • Budget planning tools for the household
  • Online banking
  • Attractive overdraft interest rate
  • EC card
  • Desired pin
  • Special deals for WG account
  • Services such as payment V-Pay

Who may open such an account?

To hold joint accounts, a variety of joint groupings can be registered as account holders. No matter whether it is a free joint account, or one with a basic fee. Possible constellations include, for example:

  • Married couples
  • Project partner
  • Flat communities
  • Couples who are not married
  • Associations
  • A group of friends

Advantages and disadvantages

Should you now set up a joint current account or rather not? One thing is clear: if you plan to keep a shared budget in order to have an optimal overview of the household finances, then such a bank account is definitely an advantage. However, such a bank account also has disadvantages.

First of all, it is essential to mention the trust issue. Because the power of attorney to close such an account is no longer available to an individual, even in the event of conflict. So you should definitely open such a bank account with someone only if you actually trust that person. After all, it would sometimes have serious consequences if financial arrangements were not honored. Having to clarify ownership in the event of a rift also carries a certain risk. To distinguish one's own money from the partner's money is impossible with this bank product. Such potential disputes about the amount in the account can of course also arise after a separation, when it comes to closing such a bank account.

  • Good overviews of joint finances
  • Spending can be done by anyone without complicated approvals
  • Cost savings by eliminating individual accounts

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