The 15 Best Banks In Germany: Unlocking Finance Excellence

As a student in Germany, you need to hold a bank account for various purposes. The happy news is that German banks are regarded as one of the best banking systems in the world. With some of the world’s top banks dotting the banking scene, you have plenty of options. One of the best banks in Germany, Deutsche Bank was recently named the greatest bank in the world in the Forbes list (source: Forbes). It holds net assets of $81.90 Billion (Source: Deutsche Bank’s Financial Reports 2024) and provides a range of services customised to meet the demands of today's world. Before we discuss the best banks in Germany at length, let's understand the structure of German banks and the German banking system.

Overview of Banking System & Banks in Germany!

The German banking system is unique in Europe. Its three-pillar structure consists of private banks, public banks, and cooperative banks, known as tier 1, tier 2, and tier 3. 

There are over 1,800 banks in total. In 2024, Germany's banking market anticipates Net Interest Income to hit US$188.80bn (Source: Statista). 

The advent of Neo Banks such as N26 has added to the technological advancement of the banks in Germany and more suitable to students and young users. Below is a detailed demarcation between the three types of banks:

1. Private Banks

There are approximately 200 private commercial banks in Germany. The biggest private German bank, which is highly active on a scale, is Deutsche Bank. Its headquarters are located in Frankfurt. Other significant private banks include Commerzbank and UniCredit Bank AG. Private banks primarily specialise in investment banking, asset management, private wealth management and commercial lending. Their main clients are corporations, institutional clients and high-net-worth individuals.

2. Public Banks

The second pillar of the German banking system consists of savings banks (Sparkassen) and state banks (Landesbanken). About 400 publicly owned savings banks are operated by municipalities and regulated by German states. These banks have a mandate to provide access to financial services for all citizens. Some of the largest savings German banks include Hamburger Sparkasse, Berliner Sparkasse, Frankfurter Sparkasse, and Sparkasse KölnBonn. Savings banks focus on retail and commercial banking services in their respective regions.

3. Cooperative Banks

The cooperative banking sector comprises more than 1,100 credit unions known as Volksbanken and Raiffeisenbanken. These banks, which their members own, have a structure. Focus on providing services to individuals, small businesses, and medium-sized enterprises within their local communities. The largest cooperative banking networks include Volksbanken Raiffeisenbanken and Sparda-Banken. These banks have gained market share in recent years and control over 20% of Germany's retail banking business. 

However, with so many great choices, it can be quite a job to figure out which works best. The blog will help you with a summary of the best banks in Germany, and you may choose your favorite one. So, shall we start looking at the list?

 15 Best Banks in Germany For International Students

There are many top banks in Germany that international students can choose from. Here, we have divided the best banks into public or state-owned and free or private banks. Some provide various services, including setting up a student bank account, and some even have no charges! We have curated a list of the 15 best banks in Germany to choose from! So, without further ado, let's dive right into it!

Top Private Banks In Germany

Private banks operate independently of state ownership and offer a variety of banking services, from personal and corporate banking to digital and investment banking. Let us see who tops the list of the best banks in Germany

1. Deutsche Bank

Operational HQ: Frankfurt
Net Worth: $81.90B

Deutsche Bank is regarded as one of the biggest banks in Germany and the world. It provides a wide range of services, such as personal banking, corporate banking, investment banking, and wealth management. It is also one of the most revered banks in Germany, with a history of 150 years. 

Plus, there are no charges! The bank offers investor compensation and deposit guarantee schemes. Two German protection schemes cover deposits with Deutsche Bank AG. One is Entschädigungseinrichtung deutscher Banken GmbH (EdB), which covers deposits up to €100,000 for individuals and some liabilities from securities transactions. Two is the German Deposit Guarantee Act (Einlagensicherungsgesetz), which protects deposits for a range of clients with varying coverage limits. Not all types of deposits are protected in this.

2. Commerzbank

Operational HQ: Frankfurt
Net Worth: $20.93 B

Commerzbank, one of the best banks in Germany, was founded in 1870 in Hamburg. It takes great pride in its customer-focused approach and wide range of banking solutions. Commerzbank offers fee-free accounts as long as you have monthly deposits of €700 or more. Otherwise, there is a charge of €9.90. 

Commerzbank stands out as one of the best German banks, ensuring that customers receive cutting-edge banking services while actively contributing towards a future

3. DZ Bank

Operational HQ: Frankfurt
Net Worth: $4.33 B

Next on our list of the best banks in Germany is DZ Bank! It is a cooperative financial institution that stands out as one of the top banks in Germany. With its cooperative network comprising more than 800 local cooperative banks, DZ Bank offers a wide range of services, including corporate banking, capital markets activities, and treasury services.

DZ Bank's collaborative approach and tailored financial solutions make it a preferred choice for students seeking a personalised and stable banking experience. 

DZ Bank grants several financing schemes in different forms, including low-interest loans with extended fixed terms, initial grace periods, and collateral alternatives, among others.

4. ING-DiBa

Operational HQ: Frankfurt
Net Worth: $57.89 B

ING-DiBa, a neo German bank, which brings a fresh perspective to the banking landscape. Known for its user-friendly interface and digital banking solutions, ING-DiBa offers a seamless banking experience that caters to the needs of tech-savvy students, especially GenZs, from online savings accounts to mobile banking apps to zero accounting charges, features that make it one of the best banks in Germany. 

Its commitment to transparency and competitive interest rates further solidifies its position among the best banks in Germany. The Deposit Guarantee Scheme protects deposits up to €100,000 (EU), €85,000 (UK), and CHF 100,000, bringing it to our list of top German banks. The coverage extends to private depositors, small businesses, and corporations.

5. HypoVereinsbank

Operational HQ: Munich

Net Worth: $10.84 B

HVB, or HypoVereinsbank, is a subsidiary of UniCredit Group that specialises in providing comprehensive banking services to both domestic and international clients. This feature makes it perfect for students who want a bank account with many benefits and student loan options. With its presence and expertise, it is considered one of the best banks in Germany and an excellent choice for customers. 

HVB offers a range of Girokonto accounts (accounts for internationals). They also have the HVB Plus Account, which is free for all customers for the first two years. HVB also provides an HVB active account and an HVB Exclusive Account, which have a monthly fee. These accounts come with a debit card and online banking, making it one of the best banks in Germany.

6. Postbank

Operational HQ: Bonn

Net Worth: $4.5 B

Postbank, a subsidiary of Deutsche Bank (One of the top banks in Germany), combines the familiarity of postal services with modern banking solutions. The bank is one of the best ones for students due to its extensive network of branches. 

Postbank provides convenient access to a wide range of financial services, including current accounts, savings accounts, and loans, making it one of the best German banks for stduents. 

Postbank's integration of traditional and digital banking channels ensures accessibility for customers, making it a popular choice among individuals seeking convenience and a reliable banking partner.

7. N26

Operational HQ: Berlin

Net Worth: $1.06 B

N26 is among the top German banks and is also a pioneer of the neo-banking system. Based in Berlin and founded recently in 2013, it has emerged as one of the top 20 banks in Germany. It has revolutionised the banking experience with its mobile-first approach. 

A branchless bank, N26 offers a seamless and user-friendly platform for managing finances on the go, making it one of the best banks in Germany for students. 

From opening accounts to making payments and tracking expenses, N26 provides a convenient and efficient digital banking solution. 

With its focus on technology and customer-centric design, N26 appeals to the digitally savvy generation seeking a modern banking experience.

State-Owned or Public Banks In Germany!

State-owned banks in Germany, including regional and federal institutions, play a crucial role in supporting economic development, sustainability initiatives, and local communities. Below is the list of the best banks in Germany, owned and operated by the German government and institutions:

1. KfW Bank

Operational HQ: Frankfurt
Net Worth: $19.85 B

KfW Bank is a prominent favorite and the best bank in Germany for most students. It helps with financing projects that contribute to environmental sustainability, infrastructure development, and small and medium-sized enterprises (SMEs). Since 1948, it has helped the country’s economy by supporting innovation and sustainable initiatives. KfW Bank reinforces its position as one of the best banks in Germany, fostering economic resilience and progress. 

2. DZ Bank

Operational HQ: Frankfurt
Net Worth: $4.33 B

Next on our list of the best banks in Germany is the DZ Bank! It is a cooperative financial institution that stands out as one of the top banks in Germany. With its cooperative network comprising more than 800 local cooperative banks, DZ Bank offers a wide range of services, including corporate banking, capital markets activities, and treasury services.

DZ Bank's collaborative approach and tailored financial solutions make it a preferred choice for students seeking a personalised and stable banking experience. 

DZ Bank grants several financing schemes in different forms, including low-interest loans with extended fixed terms, initial grace periods, and collateral alternatives, among others.

3. BayernLB

Operational HQ: Munich
Net Worth: $ 71.68 M

BayernLB is one of the best banks in Germany. It is a state-owned bank headquartered in Munich. Founded in 1972, it is one of the largest banks in Germany today. BayernLB focuses on supporting regional economic development and fostering growth. 

The German bank's dedication to sustainability and its wide array of services make it a dependable option for individuals in search of a banking partner within Germany. Consequently, it has gained recognition as one of the best banks in Germany. It is important to note that they do require a €15 fee for account maintenance purposes.

4. Landesbank Baden-Württemberg (LBBW)

Operational HQ: Stuttgart

Net Worth: $350 B

With more than 10,000 employees, LBBW is one of the largest banks in Germany. It is a state bank in Germany founded in 1999. Apart from being one of the best banks in Germany, it places great value on cultivating enduring connections, which is great for students. 

LBBW's range of services includes banking, asset management, and comprehensive international business assistance.

LBBW's deep understanding of the German market and its commitment to personalised customer service set it apart as a trusted banking partner for individuals and businesses alike; it also doesn't have account charges, making it one of the best banks in Germany.

5. Sparkassen

Operational HQ: Berlin
Net Worth: $1.2 Trillion

Without a doubt, apart from being one of the best banks in Germany, it is also among the richest. Sparkassen is a network of local savings banks that operates throughout Germany. With assets as huge as Sparkassen, it sparks trust in the eyes of offering personalised and community-oriented banking services. With its extensive branch network, Sparkassen is equivalent to convenience for university students. Each Sparkasse operates autonomously, tailoring its offerings to the needs of its specific region. 

They charge €9.30 per month for account management. Sparkassen's commitment to local communities and wide range of services make it an integral part of the German banking landscape. The bank's Institutional Protection Scheme consists of 13 guarantee funds, ensuring customer deposits remain secure, making it one of the best German banks!

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6. Deutsche Bundesbank

Operational HQ: Frankfurt 

Net Worth: $2.9 Trillion

The Deutsche Bundesbank serves as the bank in Germany for students, upholding monetary stability and protecting the trustworthiness of the financial system. Acting as the foundation of Germany's policy since 1957, the Bundesbank supervises payment systems, oversees foreign exchange reserves, and conducts research. 

The bank's protection scheme is governed by the Deposit Guarantee Act, which mandates that all credit institutions involved in deposit activities must be part of a statutory deposit guarantee scheme (DGS) to safeguard customers. It makes Bundesbank one of the best banks in Germany and the largest, too.

7. Hamburg Commercial Bank

Operational HQ: Hamburg 

Net Worth: $35.6 B

One of the largest German banks for maritime finance is the Hamburg Commercial Bank (HCOB). Previously known as HSH Nordbank, the bank is considered one of the largest providers of maritime finance! Its primary focus lies in transportation, shipping, real estate, and renewable energy. 

If you are a client of HCOB, you can expect to get high-level expertise in structuring your finance of commercial real estate projects. As a student, you can also seek individual financing solutions and focused corporate client business, making it one of the best banks in Germany.

8. Landesbank Hessen-Thüringen

Operational HQ: Frankfurt

Net Worth: $226 B

Landesbank Hessen-Thüringen, or HELABA for short, is a state-owned commercial bank that focuses on large customer businesses. It is one of the largest and best banks in Germany, and it is also a municipal bank for authorities and a savings bank! 

Founded in 1953, it has emerged as the best bank in Germany for students. With multiple branches starting from multiple areas of Frankfurt and branching out to the capital, Berlin, it is one of the top banks in Germany!

9. Norddeutsche Landesbank

Operational HQ: Hannover 

Net Worth: $125 B

Commercial at its best, Norddeutsche Landesbank is one of the largest and best banks in Germany for commercial purposes. It provides a range of financial services to corporate and public customers. Its goal is to help its German customers in their international business. It also serves as a central savings bank for various federal states, making it one of the top banks!

Digital Banking In Germany 

Germany is no exception to be swept by the digital age and revolution. Many top banks in Germany have started using the advantage of technology to its fullest potential for making banking more convenient and easier, in spite of its deep traditional approach to paperwork. 

1. For banking, many banks, like Deutsche Bank and Commerzbank, have started their operations online by providing services like making P2P payments, paying your dues, rent, etc.

2. As international students, you can also send money back home at a cheap international transfer & payment rate. For sending money to the European Union, Germany belongs to the SEPA agreement, which makes cross-border payments as cheaper and quicker as a local bank transfer. 

3. Outside the EU, there are plenty of ways to make a payment. Germany is part of SWIFT, a network that connects 190 countries around the world for financial transactions. You can transfer money using the safe and secure Swift network, which takes 1-4 working days. With Fintech booming, third-party payment transfer services like TransferWise charge lower fees and offer good exchange rates. 

4. There has also been a rise in online-service digital banks in Germany, which provide features like no-fee accounts, international transfers, and budgeting tools. 

How To Open A Bank Account In Germany

Each German bank has its process for opening an account, but each bank has some basic requirements and documents you need to present. To help you open an account in some of the best banks in Germany, here is a list of all the documents you will need!

1. A valid visa or residence permit

2. Address proof

3. A completed application form

4. If opening a student account, you need to provide a valid student ID.

When exploring the range of choices for banks in Germany, it's crucial to choose the best student bank that matches your financial goals and provides a complete range of services. If you are unsure of which bank to choose, our guide on how to choose the best student bank will surely help you. 

The best banks in Germany, such as Deutsche Bank, Commerzbank, KfW Bank, DZ Bank, and ING DiBa, aim to surpass customer expectations by delivering solutions, personalised encounters, and an unwavering dedication to superiority. Embrace financial stability and unlock a world of possibilities by choosing one of the best banks in Germany.