Transactional accounts do exactly what they say, they assist clients with their daily transactional needs. From debit orders to stop orders, from incoming funds to payments, a transactional account does it all. Current accounts fall within this category and provide customers with more than just the possibility of a check book. The Deutsche Bank Current Accounts offer customers variety while still zeroing in on their needs. Plus, many of these accounts offer just that little bit extra to allow customers to do banking with ease. This review takes a closer look at the current account offerings, and how they compare with the competitors on a global scale.
Those who prefer to have a look at an award-winning current account can read more on the Discover Bank Online Checking review here.
A Brief History of Deutsche Bank
Before looking at a bank’s product offerings, it’s often necessary to see where the bank comes from and how they evolved to offer what they do. With Deutsche Bank, the role as the main banker for the German population came about with a strong start on the global scale.
The bank was founded in 1870 by a group of bankers in order to facilitate global trade. The bank started off with branches in Bremen, Yokohama, London, Shanghai, and Hamburg. The goal was to break the mold set by British banks and to encourage an easier flow of international business and currency.
Just before the 19th century, Germany was known for its focus on trade and industry and commerce. It had a strong focus on the electrical engineering, iron, and steel industries. This all came to a halt when WWI and WWII took place. The first crippled Germany economically and the second created a stigma and massive financial burden.
During the Third Reich, the bank was forced to act on behalf of the government and retain the wealth of the Jews. The board was under strict observation and deviations from this resulted in immediate dismissals, punishment, and in some cases even death. After the war, the bank was part of the rebuilding of Germany to try and recapture the pre-war glory.
The 1950s proved to be a difficult time for the bank as they had to face numerous inquiries about their conduct during WWII. Once this era came to a halt, the bank was able to solidify its position as a world player and continued its expansion into the other parts of the world. Successful mergers and a strong presence in the market allowed Deutsche Bank to recapture the public opinion.
Currently, the bank is looking towards growth and cutbacks are no longer on the cards. A new CFO and successful sales of shares allow the bank to reposition itself in the market. The bank looks forward to a new era of growth.
For a full review on Deutsche Bank, read here.
Characteristics of a Good Current Account
A savings account is a great option for those who wish to build their wealth, however, a current account provides customers with a base for their daily transactions.
A good current account offers customers great value for money. An account doesn’t have to be the cheapest on the market to meet the needs of customers. That being said, when an account levies a high fee, it’s important that customers are rewarded with benefits and services not available to them with cheaper or fee-free accounts.
A good current account allows customers different ways to access their accounts, such as online, mobile, or telephone banking. Furthermore, customers should be able to pay and receive funds. Access to cash in the account is usually through an ATM or debit card.
Customers who wish to build up their reputation within a banking structure but don’t necessarily want to incur any debt will look to a current account to do so. It doesn’t necessarily extend credit, but it does keep track of account management.
Finally, a good current account offers customers access to other accounts and services that may complement the account, such as savings, overdrafts, and even credit cards. Current accounts are often only opened for those who have a satisfactory credit record.
Customers who prefer to look at savings options can read here to see what Deutsche Bank has to offer.
Deutsche Bank Current Accounts Product Offerings
Customers who wish to have access to smart banking will find this one ideal. Furthermore, this is the ideal account for customers on the go.
- There is no monthly service fee on the account for the first 6 months. Thereafter, the fee is 4.99 euro per month.
- Also, customers can open their account online and use it immediately.
- The account provides customers with modern and convenient online and mobile banking.
- The Deutsche Bank Mobile app allows customers access to their profile with a fingerprint.
- Furthermore, the account allows worldwide free cash withdrawals.
- There is a 39 euros annual fee on the MasterCard.
- Finally, the account provides access to additional services and special features.
This account provides customers with amazing flexibility, anytime and anywhere. Furthermore, customers don’t pay a monthly fee for the first 12 months of opening the account. Thereafter, the fee is 9.99 euros per month.
- Customers can open the account online and it is available for use immediately.
- Furthermore, customers receive personal advice and customer service 24/7.
- Also, the account provides customers with worldwide travel service, which also includes additional services.
- Finally, customers have access to the Girocard and MasterCard Gold which is a formidable duo. The fee of these cards is included in the account’s monthly fee.
Customers who are under the age of 30 and wish to have a transactional account that suits their lifestyle, will find this a comfortable match. Furthermore, the account is free of charge.
- Customers can open the account online and it is available for use immediately.
- Also, the account is for pupils, apprentices, students, and volunteers up to the age of 30.
- Furthermore, customers have access to modern online and mobile banking.
- Finally, customers benefit from free worldwide cash withdrawals.
International Student Account
This account is ideal for those who are in Germany to study. The account is suitable for those who come from non-EU countries.
- Furthermore, this account satisfies the requirements for a visa application.
- It also provides official proof for embassies and authorities.
What We Like About Deutsche Bank Current Accounts
There are a number of options available to customers and there should be one to fill almost every gap. The accounts provide top of the line online banking facilities, and Deutsche Bank’s mobile banking is famed.
Furthermore, the monthly account fees are reasonable and provide account holders with access to unique service offerings and additional products. Customers who opt for the top of the line account will also benefit from additional card offerings.
There are options available to those who are just starting out their banking journeys as well as those who need a little more from their accounts. Furthermore, these accounts provide the necessary stepping stones to the rest of the products on Deutsche Bank’s book.
Finally, customers don’t need to set a foot inside the bank to open their accounts for the majority of the accounts. Also, once the accounts are opened, there is no waiting period in order to use it. These make it the ideal accounts to receive a salary and make all the required payments from it.
What We Don’t Like About the Deutsche Bank Current Accounts
Although there are accounts to cover almost every walk of life, there are still a few gaps that need to be filled. For instance, there is no mention of accounts that will suit those over the age of 55. Many of the other institutions make particular mention of this in their product offerings across the globe, and offering this to clients could open the door to some other transactions as well, such as savings and investments.
Furthermore, the Active Account and Smart Account have a very small difference in overall fees, however, the Smart Account definitely has the upper hand. It makes it tough to decide whether the Active Account is even worth opening at all, especially considering the fees for the MasterCard.
Critical Reviews Rating Deutsche Bank Current Accounts – 9 of 10
Deutsche Bank has a comfortable approach to its accounts. It offers customers exactly what they need to perform their daily functions. Customers have access to some neat features such as MasterCards and superior online and mobile banking. There is also the customer service that needs to be taken into account.
What the bank needs to focus on, is a line that focuses specifically on the age group of 55 and over. This is the group that is looking at retirement within the next few years, and there are more benefits to keep them on the books than not. For instance, the bank needs to consider pension funds and investments that could grow the bank’s liability book, which gives it the liquidity it needs to fund their lending.
The accounts provided by Deutsche Bank are high quality accounts and the costs levied on the accounts are reasonable and affordable.
We recently did a full review on the Financial Planning Suite offered by Deutsche Bank. Read more on that here.